Symantec (SYMC), Alibaba Group Holding Ltd (BABA): Should You Follow This Hedge Fund Into Its Top Picks?

Alta Park Capital increased its holding in Symantec Corporation (NASDAQ:SYMC) by 77% in the second quarter, concluding the period with 221,300 shares of the company, with a total worth of over $4.55 million. This was another well timed move, as the stock returned 22.6% during the third quarter.

A total of 38 of the hedge funds tracked by Insider Monkey held long positions in the stock on June 30, 15% more than one quarter earlier. Elliott Management, led by Paul Singer, holds the most valuable position in Symantec Corporation (NASDAQ:SYMC) out of those funds, having a $236.8 million position in the stock. The second most bullish fund manager is Slate Path Capital, managed by David Greenspan, which holds a $113.1 million position; 8.8% of its 13F portfolio is allocated to the stock. Other members of the smart money that hold long positions contain D E Shaw, William B. Gray’s Orbis Investment Management, and Alex Sacerdote’s Whale Rock Capital Management.

Lastly is Dolby Laboratories, Inc. (NYSE:DLB), a new addition to Alta Park’s portfolio in the second quarter, as the fund bought 70,000 shares of the company. The total value of the new stake stood at $3.35 million at the end of June. This move was another one thatproved to be fruitful for the fund, as the stock returned 13.7% during the third quarter.

At Q2’s end, a total of 24 of the hedge funds tracked by Insider Monkey held long positions in Dolby, up by 33% from the end of the first quarter of 2016. The largest stake in Dolby Laboratories, Inc. (NYSE:DLB) was held by MFP Investors, which reported holding $48.6 million worth of stock as of the end of June. It was followed by Nantahala Capital Management with a $39.1 million position. Other investors bullish on the company included Renaissance Technologies, Columbus Circle Investors, and Polar Capital.

Disclosure: None