Billionaire Louis Bacon’s Moore Capital Management added shares of Alibaba Group Holding Ltd. in the quarter, sold stock in Baidu Inc. and exited the SPDR S&P Retail ETF.
The hedge fund added 1.99 million shares of Alibaba and the value of its stake increased by $162.5 million to $176.9 million as of March 31, the biggest gain among previously disclosed holdings, according to a quarterly filing with the Securities and Exchange Commission. It also added 2.8 million shares in the iShares China Large-Cap ETF taking the position to 4 million shares worth $178.5 million.
Moore cut its investment in Baidu by 136,496 shares, leaving 319,689 valued at $66.6 million, a decline of 36 percent.
The firm liquidated its $105.1 million investment in SPDR S&P Retail, selling 1.1 million shares.
Moore’s disclosed equity holdings rose in value by 24 percent to $2.8 billion during the quarter, a period when the Standard & Poor’s 500 Index of U.S. equities rose 0.4 percent.
The firm owned shares in 338 companies at the end of the quarter and 162 of them were newly reported, led by a $34.7 million stake in Signet Jewelers Ltd. and a $34.3 million holding in Amazon.com Inc..
Money managers who oversee more than $100 million in equities in the U.S. must file a Form 13F within 45 days of each quarter’s end to list those stocks as well as options and convertible bonds. The filings don’t show non-U.S. securities, holdings that aren’t publicly traded, or cash.