How are hedge funds trading YY Inc (ADR) (NASDAQ:YY), Qunar Cayman Islands Ltd (NASDAQ:QUNR) and Cheetah Mobile Inc (ADR) (NYSE:CMCM)?
At the end of the first quarter, a total of 15 of the hedge funds tracked by Insider Monkey were long in YY Inc, a 21% slump from one quarter earlier. Hedge funds also reduced their holdings by 30.15% to $121.72 million by March 31, down from $174.26 million on December 31. Of the funds tracked by Insider Monkey, Jericho Capital Asset Management, helmed by Josh Resnick, holds the most valuable position in YY Inc (ADR) (NASDAQ:YY). Jericho Capital Asset Management has a $40.1 million position in the stock made up of 735,666 shares, comprising 2.7% of its 13F portfolio. Coming in second is Light Street Capital, led by Glen Kacher, holding a $34.9 million position of 640,000 shares; 5.5% of its 13F portfolio is allocated to the company. Some other hedgies that hold long positions include Brian Taylor’s Pine River Capital Management, Fang Zheng’s Keywise Capital Management, and Paul Marshall and Ian Wace’s Marshall Wace LLP.
Things are different, nonetheless, for Qunar Cayman Islands. Also at the end of the first quarter, a total of 30 of the hedge funds tracked by Insider Monkey held long positions in this stock, a 76% jump from the fourth quarter. Holdings value also spiked 128.50% to $891.62 million during the first quarter. The stock jumped 43.91% over the first three months of the year. Of the funds tracked by Insider Monkey, Lei Zhang‘s Hillhouse Capital Management had the largest position in Qunar Cayman Islands Ltd (NASDAQ:QUNR), 5.72 million shares worth close to $236 million, amounting to 4.3% of its total 13F portfolio. The second-most bullish hedge fund manager was OZ Management, led by Daniel S. Och, holding a $107.2 million position of 2.6 million shares; the fund had 0.3% of its 13F portfolio invested in the stock. Other hedge funds with similar optimism comprise Paul Reeder and Edward Shapiro’s PAR Capital Management, Kerr Neilson’s Platinum Asset Management, and Robert Karr’s Joho Capital.
As with Qunar Cayman Islands, hedge funds have become very interested in Cheetah Mobile. Also by the end of March, a total of six of the hedge funds tracked by Insider Monkey held long positions in Cheetah Mobile, a 20% increase from the fourth quarter. More noteworthy is the massive 505.91% increase in the value of funds’ total holdings, to $15.37 million during the first quarter. This is massive considering the stock jumped just 13.03% in value in the first quarter. When looking at the hedgies followed by Insider Monkey, Bloom Tree Partners, managed by Alok Agrawal, holds the largest position in Cheetah Mobile Inc (ADR) (NYSE:CMCM). Bloom Tree Partners has a $12.6 million position in the stock consisting of 740,000 shares, which it bought in the first quarter, comprising 1.4% of its 13F portfolio. Coming in second is Steve Cohen of Point72 Asset Management, with a $1.6 million position. The fund has less than 0.1% of its 13F portfolio invested in the stock, which it bought within the first quarter as well. Some other hedge funds with similar optimism include Guru Ramakrishnan’s Meru Capital, Israel Englander’s Millennium Management, and David E. Shaw’s D.E. Shaw & Co., L.P.
Disclosure: None
