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Ctrip.com International (CTRP): JAT Capital’s Bullish Stance Starts to Pay Off as Shares Soar

Yahoo! Inc. (NASDAQ:YHOO) was also among JAT Capital’s top picks last quarter, with a stake of 6.83 million shares, valued at $345.10 million. Despite reducing its exposure to the stock by 2.02 million shares by the end of 2014, Mr. Thaler’s firm is still betting big on the company. During the last two quarter, Yahoo! Inc. (NASDAQ:YHOO) has been gaining traction among hedge funds, especially due to its large investment in Alibaba Group Holding Ltd (NYSE:BABA), which went public in September. Christian Leone’s Luxor Capital Group for example entered a new position in the company with the purchase of 9.22 million shares, valued at $465.60 million, and representing 9.38% of its equity portfolio. Daniel S. Och’s OZ Management was also bullish on this stock, acquiring a new holding of 8.99 million shares last quarter.

Although The Madison Square Garden Co (NASDAQ:MSG) ranked as its top pick last quarter, JAT Capital reduced its stake in the company from 5.96 million shares, to 2.81 million shares at the beginning of the year. Mr. Thaler’s firm entered a position in the company at the end of 2012, when it acquired 733,700 shares, and had been increasing its exposure to the stock gradually over the years. Furthermore, the hedge fund went activist on The Madison Square Garden Co (NASDAQ:MSG) last year, claiming it intended to engage in constructive conversations with its board of directors, in order to augment shareholder value. Kenneth Mario Garschina’s Mason Capital Management also holds a considerable stake in the company, amounting to 4.38 million shares, which were valued at $329.98 million at the end of 2014.

Tracking the activity of hedge funds, such as JAT Capital, is a great way to identify profitable investment opportunities that will help you beat the market. Their small-cap picks are particularly attractive, since large-cap stocks tend to be more efficiently priced, meaning potential returns are far lower. Here at Insider Monkey, we gather information regarding stock picks made by hedge funds and analyze their equity portfolios, seeking out the best investment opportunities. Through this method, our small-cap strategy was able to outperform the market by more than 75 percentage points over the last 2.5 years ago.
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