(FROM THE WALL STREET JOURNAL 5/16/15)
By Maria Armental and Rob Copeland
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, reduced 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.
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
Subscribe to WSJ: http://online.wsj.com?mod=djnwires