Lansdowne Partners LP, the biggest European hedge fund focused on stock picking, added a new position in Morgan Stanley during the third quarter and boosted its stake in JPMorgan Chase & Co.
The fund purchased 3.8 million shares of New York-based Morgan Stanley valued at $63 million as of Sept. 30, according to a filing today with the U.S. Securities and Exchange Commission. London-based Lansdowne added 74,598 shares of JPMorgan Chase, bringing the firm’s stake to 18.3 million shares worth $744 million, according to the filing.
Lansdowne, founded in 1998 by Paul Ruddock and Steven Heinz, bought Morgan Stanley after the investment bank slumped 26 percent in the second quarter. Morgan Stanley gained 15 percent in the three months through September, according to data compiled by Bloomberg.
Lansdowne holds the Morgan Stanley stake in its Global Financials fund. The firm holds JPMorgan shares, its largest U.S. stock position by market value, in the Developed Markets fund, the Global Financials fund and the UK Strategic Investment fund, according to the filing.
The hedge fund also purchased 3.1 million shares of Comcast Corp. valued at $111 million and doubled its investment in Colgate-Palmolive Co. by 1.5 million shares to 3 million shares, for a stake worth $166 million, according to the filing.