By Maria Armental And Rob Copeland
Simon Dawson/Bloomberg News Daniel Loeb's Third Point LLC
shifted out of its Alibaba holdings in the first quarter.
responsive layout header Daniel Loeb's Third Point LLC sold its
entire $1 billion stake in online retailer Alibaba Group Holding
Ltd. in the first three months of this year, according to a filing
Friday.
Alibaba's shares surged following a September initial public
offering, but they have faltered since peaking in November.
Alibaba's stock is down 15% this year, though it jumped earlier
this month after the e-commerce company introduced a new chief
executive.
The disclosures were made in a regulatory filing required of
investors who manage more than $100 million.
While only updated through the end of the most recent
quarter--in this case, March 31-- what are known as 13F filings are
the nearest approximations of how well-known managers change their
portfolios.
Since the precise timing of the purchases and sales isn't known,
it couldn't be determined whether Third Point's Alibaba bet was a
winner.
Hedge-fund manager John Paulson disclosed his increased interest
in Valeant Pharmaceuticals Inc., boosting his stake by nearly 300%
in the first quarter.
Valeant has been closely watched among hedge-fund managers since
it teamed with investor William Ackman last year in a bid for
Botox-maker Allergan Inc. Mr. Ackman, of Pershing Square Capital
Management, acquired a $3 billion stake in Valeant in March.
Mr. Paulson's Paulson & Co. owned as of March 31 more than
$400 million of shares of Valeant, up from under $100 million
heading into the year. Paulson also owned multibillion-dollar
positions in pharmaceutical companies Shire PLC, Actavis PLC and
Mallinckrodt.
Mr. Ackman, meanwhile, slashed his stake in the combination of
Actavis and Allergan as that deal closed, his filing showed.
Warren Buffett's Berkshire Hathaway Inc. reduced its stake in
several media companies in the first quarter.
The Omaha, Neb.-based conglomerate sold $121.8 million worth of
shares in Charter Communications Inc., which has been pushing a
merger with fellow cable operator Time Warner Cable Inc., after the
latter company's merger with Comcast Corp. fell through last month.
Berkshire also sold about $85.2 million in Viacom Inc. and $10.6
million in Liberty Global PLC.
Berkshire added $28.4 million worth of shares in 21st Century
Fox, after having purchased $182 million in the prior quarter.
21st Century Fox was formed in 2013 after splitting from News
Corp, which owns publishing assets including The Wall Street
Journal.
Berkshire also sold $246 million worth of shares in National
Oilwell Varco, in a move away from the energy companies that have
been hurt by the collapse in oil prices.
Berkshire didn't initiate any new stakes or completely sell any
stakes.
David Einhorn's hedge-fund firm, Greenlight Capital Inc., bought
a $355 million stake in General Motors Co. in the first quarter,
making the auto maker one of the firm's five largest "long," or
bullish, positions.
Greenlight was among several firms active in the auto maker's
stock for the period. Also increasing their positions in GM were
George Soros's Soros Fund Management and David Tepper's Appaloosa
Management LP.
Mr. Einhorn, who manages about $12 billion in total, wrote to
investors last month that he had "decided to take another drive"
into General Motors, after holding an earlier stake for three years
that he sold in early 2014. He said he is sanguine on the company's
chances in Europe and believes low gas prices could stimulate
demand for its sports-utility vehicles and trucks.
Soros shed more than half of its stake in American Airlines
Group Inc. in the first quarter, while increasing its position in
United Continental Holdings Inc.
The firm exited from its stake in Citigroup Inc. and reduced its
holdings in Yahoo Inc. Soros added to its stake in eBay Inc.
The fund, which invests for George Soros and his family,
disclosed in 2011 it would return cash to outside investors.
Representative for the firms either declined to comment or
didn't respond to requests seeking comment.
Access Investor Kit for Valeant Pharmaceuticals International,
Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=CA91911K1021
Access Investor Kit for Berkshire Hathaway, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US0846701086
Access Investor Kit for Berkshire Hathaway, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US0846707026
Access Investor Kit for Charter Communications, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US16117M3051
Access Investor Kit for Citigroup, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US1729674242
Access Investor Kit for Comcast Corp.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US20030N1019
Access Investor Kit for Comcast Corp.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US20030N2009
Access Investor Kit for eBay, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US2786421030
Access Investor Kit for Exxon Mobil Corporation
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US30231G1022
Access Investor Kit for General Motors Co.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US37045V1008
Access Investor Kit for National Oilwell Varco, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US6370711011
Access Investor Kit for Time Warner Cable, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US88732J2078
Access Investor Kit for 21st Century Fox, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US90130A1016
Access Investor Kit for 21st Century Fox, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US90130A2006
Access Investor Kit for United Continental Holdings, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US9100471096
Access Investor Kit for Viacom, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US92553P1021
Access Investor Kit for Viacom, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US92553P2011
Subscribe to WSJ: http://online.wsj.com?mod=djnwires