Third Point buys 4.5 million shares of stock in Alibaba

Updated 2017-08-13 14:30:36 CGTN

Dan Loeb's Third Point hedge fund took a large stake in Alibaba Group Holding, according to regulatory filings late on Friday.

Third Point bought 4.5 million shares of Alibaba during the second quarter that ended on June 30.

Third Point, which earned 4.6 percent in its Offshore Fund during the second quarter, bringing total returns for the year to 10.7 percent. The firm has owned Alibaba shares directly and via its positions in Yahoo and Softbank over the past six years.

In its second quarter letter, Third Point said Alibaba has consistently surpassed its growth estimates for gross merchandise value, revenue, and earnings and currently, the company has achieved scale.

"Alibaba is currently at a positive inflection point after rolling out significant changes over the past year to its advertising platform, which currently generates the majority of the company's revenue," Third Point said.

"We view these changes as an important catalyst for meaningful revenue acceleration over the next few years. Combined with an attractive multiple, we believe now is the time to own Alibaba again."

During the second quarter, Third Point also dissolved its share stake in BlackRock Inc, Snap Inc, Salesforce.com Inc and Qualcomm Inc.

According to Reuters, the quarterly disclosures of asset manager stock holdings, in what are known as 13F filings with the US Securities and Exchange Commission, offer clues on what big investors are selling and buying, but given no indication of their current stakes.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58December 13 2017 02:08:08

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16December 13 2017 02:08:08

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18December 13 2017 02:08:08

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords