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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