Daniel Loeb's Third Point added new stakes in Alibaba (BABA) and BlackRock (BLK) 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."

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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