Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Hedge Funds Sell Pharmaceuticals, Financial Stocks in 3rd Quarter

Some of the biggest names in the hedge fund industry revamped their portfolios in the third quarter. Among the highlights, several funds sold their positions in pharmaceutical companies and financial companies.

APPALOOSA MANAGEMENT LP

Hedge Fund Investment in Pharmaceutical Companies

Pfizer (PFE) didn’t fair well during the third quarter. David Tepper’s Appaloosa sold out of the company, so did Joel Greenblatt’s Gotham Asset Management and David Einhorn’s Greenlight Capital. Even Jim Cramer spoke out against PFE, saying it was overpriced (read about it here). Of course, not all fund managers were of the same opinion about PFE. Thomas Bailard of Bailard Inc upped his position in PFE by 489%. He was more optimistic on another pharmaceutical company.  Thomas Bailard sold out of Eli Lilly & Co (LLY) (read about it here). Bruce Berkowitz’s Fairholme Fund sold out of LLY as well. LLY wasn’t the only pharmaceutical stock that got the cold shoulder during the third quarter.

Hedge Fund Investment in Financial Stocks

John Paulson, Paulson & Co sold out of its JP Morgan Chase (JPM) stock, selling all 4,700,000 of his shares in the company (check out Paulson’s third quarter portfolio here). Andreas Halvorsen also sold out of his position in the company. His Viking Global had had 9,539,400 shares in the company before Halvorsen sold out in the third quarter. Other hedge fund managers, like David Tepper, were equally bearish on financials. Tepper’s Appaloosa Management sold out 10,000,000 shares in the third quarter. Several fund managers sold out of Citigroup (C) as well. Ken Fisher’s Fisher Asset Management sold its entire position of 5,247 shares. Richard Perry’s Perry Capital also sold out his position in Citigroup, all 1,970,000 shares.

Loading...