By Ashley Lau
NEW YORK (Reuters) - Hedge fund manager Daniel Loeb's Third Point LLC exited its position in Alibaba Group Holding Ltd
Third Point's decision to slash its 10 million-share stake in Alibaba comes after the hedge fund had been steadily building its position in the company. Third Point, along with John Paulson's Paulson & Co, had been among the few big hedge funds to increase their stakes in Alibaba at the end of last year, even as others cut or dissolved their positions.
Alibaba shares are down about 14.8 percent year-to-date, after the stock plummeted following the revenue miss in January. The stock has rebounded in May, up 9 percent since the end of April, boosted by a stronger earnings report earlier this month.
Third Point is among the first of the big hedge fund firms to report positions as of the end of March. U.S. regulators require large investors to disclose their stock holdings every quarter, providing a window into the strategies of some of the biggest managers. The disclosures, known as 13F filings, are due Friday.
Among the firms that have taken a position in Alibaba are Tiger Management, which raised its stake by 11 percent to 636,878 shares, and Farallon Capital, which listed the Chinese company as a new position with 221,000 shares valued at $18.4 million.
(Reporting by Ashley Lau in New York. Editing by Jennifer Ablan and Andre Grenon)
