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

Daniel Loeb's hedge fund Third Point LLC dumped its $1 billion stake in Alibaba Holdings LLC (NYSE: BABA) in the first quarter and picked up shares of Yum! Brands Inc. (NYSE: 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. (NYSE: WMB) and Hertz Global Holdings Inc. (NYSE: HTZ) during the first quarter, and boosted his stake in Cobalt International Energy Inc. (NYSE: CIE) to 80 million shares, from 32 million.The fund also opened a small new position in McKesson Corp. (NYSE: 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.