Funds Are Running From Baidu, Valeant, Mondelez And Time Warner
Baidu Inc (ADR) (NASDAQ: BIDU) was one of the most unpopular stocks of the second quarter. According to an analysis of top hedge funds’ aggregate holdings and top purchases and sales from S&P Capital IQ, the Chinese-language Internet search provider was the stock institutional investors sold the most in the second quarter, trailed by Valeant Pharmaceuticals Intl Inc (NYSE: VRX) and Mondelez International Inc (NASDAQ: MDLZ).
Related Link: 13F Recap: The Most Popular (And Unpopular) Stocks Of Q2
Ten hedge funds were included in this analysis:
Icahn Capital LP
Viking Global Investors L.P.
Lone Pine Capital LLC
Glenview Capital Management, LLC
Paulson & Co. Inc.
ValueAct Capital, LLC
Tiger Global Management LLC
Pershing Square Capital Management, L.P.
Third Point LLC
Highfields Capital Management, LP
Between April and June, inclusive, two hedge funds (Lone Pine and Viking Global) disposed of 6,429,949 shares of Baidu, worth roughly $1.3166 billion. Lone Pine was the most bearish, closing its stake, which comprised 5,281,484 shares as of the end of the first quarter of the year. This was the most valuable sale of the quarter.
Other very sold stocks include:
Valeant, which saw ValueAct and Lone Pine sell an aggregate of 4,648,933 shares, worth more than $1 billion.
Mondelez, which witnessed the closing of Viking Global’s stake, which comprised 23,969,688 shares.
Time Warner Cable Inc (NYSE: TWC), to which two funds reduced exposure and in which one closed out its stake; the total amount of shares sold reaches 4,539,747, valued at roughly ¾ of a billion dollars.
Apple Inc. (NASDAQ: AAPL), where Lone Pine is no longer an investor, after selling all of its 6,838,522 shares, worth roughly $874.5 million.
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