Loeb's 13F Shows Alibaba Holdings Swapped For Yum! Brands Inc.

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Daniel Loeb's hedge fund Third Point LLC dumped its $1 billion stake in Alibaba Holdings LLC
BABA
in the first quarter and picked up shares of Yum! Brands Inc.
YUM
. Third Point's total portfolio value sank to $10.95 billion as of March 31, from $11.09 billion Dec. 31. Loeb's fund also exited 4-million share positions in both Williams Cos.
WMB
and Hertz Global Holdings Inc.
HTZ
during the first quarter, and boosted his stake in Cobalt International Energy Inc.
CIE
to 80 million shares, from 32 million. The fund also opened a small new position in McKesson Corp.
MCK
during the period ended March 31, with a stake of 625,000 shares valued at about $141,000. Alibaba shares are off nearly 15 percent since Jan. 1, trading recently at $88.61, up $0.21 cents. Loeb disclosed a position in Yum in a letter to shareholders earlier this month, valuing the investment at about $1 billion. His fund's 13F filing on Friday showed a stake amounting to about 3.3 million shares as of March 31, valued at about $260 million. Yum shares have jumped more than 18 percent since the end of March, and changed hands recently at $93.31 up more than 3 percent. The energy infrastructure concern Wiliams Cos. is up more than 20 percent in the year to date, trading recently at $54.01, up $0.78 cents. Hertz is off nearly 18 percent this year, but rose nearly 5 percent Friday to $20.51. McKesson, a drug technology company, has increased about 15 percent since Dec. 31, trading recently at $239.39, down $0.09 cents.
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