Dan Gold’s QVT Financial Reduces Stake in LSE-listed Pacific Alliance China Land Limited (PACL)

A new filing revealed Daniel Gold‘s QVT Financial reducing its position in London Stock Exchange’s AIM-listed company Pacific Alliance China Land Limited (LON:PACL). QVT has cut its stake to some 4.58 million shares, from 6.58 million held previously. The new stake amasses 3.52% of the company’s voting rights.

QVT Financial

Pacific Alliance China Land Limited is a closed-end investment fund. Its main objective is to provide shareholders with a steady capital growth and level of income from investments in different projects such as properties, new developments and real estate companies in China. Earlier this month, the company stated that at the end of February, the net asset value of the fund amounted to slightly above $2.42 per share. The stock of Pacific China Land Limited edged up by around 2% since March 2012, and trails a P/E of around 11.xx.

QVT Financial was one of the largest shareholders of Pacific Alliance China Land Limited, previously holding a stake equal to almost 5.1% of the company’s voting rights. Another shareholder is Israel Englander‘s Millenium International Management, which at the end of January held 11.53 million shares of the company, equal to 8.9% of the company’s voting rights.

Daniel Gold through QVT Financial manager around $5.0 billion in assets under management. The fund uses fundamental and quantitatively-oriented strategies in order to generate solid returns. In its latest 13F, the fund disclosed an $1.71 billion equity portfolio, focused among several sectors, with Financial and Healthcare amassing the largest portions. Tenet Healthcare Corp (NYSE:THC) represents the most valuable long position of the fund, containing 1.57 million shares, worth $66.16 million.

Earlier this month, QVT Financial disclosed raising its exposure to China Zenix Auto International Ltd (NYSE:ZX), to 24.3 million shares, from 14.2 million, the new stake amassing 11.8% of the stock.

Disclosure: none

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