Tiger Cubs Dumped Baidu Before Stock Slumped; Soros Cut Alibaba
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Lone Pine Capital, Coatue Management and Viking Global Investors, firms run by protegees of Julian Robertson, cut their stakes in American depositary receipts of China’s largest search engine Baidu Inc. in the second quarter before the stock slumped.
Lone Pine, the hedge fund firm led by Stephen Mandel, sold its entire position, valued at $1.1 billion at the end of March. Philippe Laffont’s Coatue sold about three quarters of its holdings in Baidu during the second quarter, leaving it with a stake of $156 million. Andreas Halvorsen’s Viking almost halved its investment in the internet firm during the period to $256 million as of June 30.