Bridgewater, World’s Largest Hedge Fund, Sold $1 Billion in Chinese Stocks (Barron’s)
Bridgewater Associates, the hedge fund founded by Ray Dalio, has sold many of its holdings in China, as the world’s second-biggest economy shows signs of cooling. Bridgewater no longer owned stock in Alibaba Group Holding (BABA), Bilibili (BILI), JD.com (JD), NetEase (NTES), and DiDi Global (DIDI) as of June 30, according to a regulatory filing dated Aug 11. The firm held shares in the five companies at the end of the first quarter, or as of March 31, a different SEC filing, dated May 13, said.
Buffett Made Occidental the Kind of Company He Can Love (Bloomberg)
One of the benefits of being Warren Buffett is that you make things happen just by showing up. If he so much as gestures at a stock, it is liable to pop immediately, providing a nice self-fulfilling gain. When it comes to Occidental Petroleum Corp., the Buffett effect runs far deeper than that, and yet it is less pronounced — which says a lot about the US oil sector in 2022. Berkshire Hathaway Inc.’s latest quarterly holdings filing, which dropped late Monday, showed a 17% stake in Oxy, as it is known, as of June. In reality, other filings put the stake above 20% now.
Elliott’s SoftBank Exit could be Premature (Reuters)
Masayoshi Son no longer has an activist at the gates of his $74 billion technology empire. Elliott Management, Paul Singer’s uppity hedge fund, earlier this year sold down most of its remaining stake in Son’s SoftBank Group (9984.T), according to the Financial Times. It marks the end of a more than two-year bet, originally worth $2.5 billion, which was premised on the Vision Fund and Arm owner narrowing the discount to the sum of its parts by selling off assets and buying back shares.
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Dan Loeb’s Third Point Calls for Disney to Spin Off ESPN, Refresh Board (The Wall Street Journal)
Activist investor Dan Loeb’s Third Point LLC has bought a new stake in Walt Disney Co. (DIS) and is calling on the media company to buy the rest of Hulu, explore spinning off ESPN and refresh its board. Mr. Loeb on Monday said his firm, which liquidated a large Disney stake earlier this year, has repurchased a “significant stake” in the company and sent a letter to Disney Chief Executive Bob Chapek urging the company to engage with Third Point on a number of issues.
Tiger Global has Whittled its Exposure to Stocks After a Brutal Start to the Year – But its Betting on a Potato Producer Committed to ‘Potatovation’, Filings Show (Business Insider)
Hedge fund giant Tiger Global has slashed its stock portfolio amid a brutal start to the year for the market – but it’s placed a new bet on an unusual venture: Lamb Weston, an Idaho-based producer of potato products. Tiger Global opened up a $12.8 million position in shares of the potato and frozen-goods maker according to filings on Monday – an unexpected investment for a fund that’s historically been laser-focused on innovative, high-growth tech names.
