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GM Loses Hedge Funds as Ackman Sees Soros in Selling Spree: Cars

General Motors Co., one of the 10 most popular stocks for hedge funds at the end of last year, fell out of favor in the first quarter as slower growth in China and discounts in the U.S. dimmed the automaker’s prospects.

Bill Ackman’s Pershing Square Capital Management LP, Barry Rosenstein’s Jana Partners LLC and David Tepper’s Appaloosa Management LP were among the 49 hedge funds who sold their entire GM stakes as of March 31, according to regulatory filings compiled by Bloomberg. In total, 81 hedge funds sold GM in the quarter, including Daniel Och’s Och-Ziff Capital Management Group LLC and George Soros’s Soros Fund Management LLC.