Daniel Loeb’s hedge fund, Third Point, took a large stake in Alibaba in the second quarter, according to SEC filings.
The fund bought 4.5 million shares of the Chinese e-commerce giant which are worth about $ 634.1 million. Loeb also bought a large $ 654.7 million stake in BlackRock in the period.
Jack Ma, CEO of Alibaba, came to the US in June and told Detroit business owners that his e-commerce platform could be a way for small, US businesses to access the large Chinese market. The company is also offering Chinese customers easier access to the global economy with a partnership with Marriott. The strategy seems to be popular with investors, as Alibaba is up 70.99% this year and popped after the Marriott deal.
The SEC filings represent second quarter holdings by Third Point, so the firm’s positions could have changed since the end of the quarter. The firm’s largest holdings disclosed in the filing were in Baxter International and Dow Chemical. BlackRock, a position the firm took in the second quarter, is the third largest holding.