This Billionaire Hedge Fund Manager Just Sold Off Shopify Inc (SHOP) and 4 Other Stocks

4. KE Holdings Inc. (NYSE:BEKE)

Former Value of D1 Capital Partners‘ 13F Position: $342 million

Number of Hedge Fund Shareholders: 34

D1 Capital increased the size of its KE Holdings Inc. (NYSE:BEKE) more than four-fold during the fourth quarter to just over 17 million shares. The fund sold off its entire position in the Chinese real estate holding company during the first quarter however, one of several China-based stocks that it unloaded during the quarter.

Unlike many of the stocks on this list, KE Holdings Inc. (NYSE:BEKE) shares have actually beaten the market this year, losing “only” 9% of their value. The first quarter was a rough one for the stock however, as it lost 37% of its value on weak Q4 results and concerns about the rampant lockdowns in China, which have stunted the country’s GDP.

KE Holdings Inc. (NYSE:BEKE) has bounced back in Q2 however, delivering a much more promising Q1 earnings report in which it handily beat estimates, pulling in Adjusted earnings of $0.08 per American depositary share and revenue of $1.98 billion. The Chinese government has also begun relaxing its lockdown measures, in addition to taking a more supportive stance on property policy following an April meeting of the Politburo.