Third Point Added New Stake in Alibaba in Second Quarter
The firm sees Alibaba 'at a positive inflection point.'
Daniel Loeb's Third Point added new stakes in Alibaba (BABA) - Get Alibaba Group Holding Ltd. Report and BlackRock (BLK) - Get BlackRock, Inc. Report during the second quarter, the hedge fund said in a letter to investors Wednesday, CNBC noted.
Third Point told investors that it saw returns despite the unpredictable environment. The fund was up 4.65 in the second quarter and 10.7% this year.
The firm sees Alibaba "at a positive inflection point," the letter said. Third Point also called BlackRock a "misunderstood franchise."
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Shares of Alibaba were higher by 1.63% to $154.92 on Wednesday morning. Shares of BlackRock were up by 0.54% to $433.66.
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