'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 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.
's 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.
'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 '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.
Write to Maria Armental at maria.armental@wsj.com and Rob
Copeland at rob.copeland@wsj.com
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