Billionaire hedge fund manager Daniel Loeb made a big bet on Alibaba (BABA)

daniel loeb third pointREUTERS/Phil McCarten

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.

Click here to watch Alibaba’s stock price in real time…

alibaba stock priceMarkets Insider

NOW WATCH: Wells Fargo Funds equity chief: Shorting anything is ‘playing with fire’

Feedburner

Post Author: martin

Avatar
Martin is an enthusiastic programmer, a webdeveloper and a young entrepreneur. He is intereted into computers for a long time. In the age of 10 he has programmed his first website and since then he has been working on web technologies until now. He is the Founder and Editor-in-Chief of BriefNews.eu and PCHealthBoost.info Online Magazines. His colleagues appreciate him as a passionate workhorse, a fan of new technologies, an eternal optimist and a dreamer, but especially the soul of the team for whom he can do anything in the world.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.