Daniel Loeb's Third Point Fund Dumps Alibaba And Hertz Stakes, Adds Yum Brands

Billionaire investor Daniel Loeb's hedge fund, Third Point LLC, sold off all of its 10 million share investment in Alibaba Inc. during the first quarter, according to the latest regulatory filings. The Chinese e-commerce giant's stock dropped 20% during the quarter. Among Third Point's other moves, it sold off its 4.25-million-share holding of Hertz Global Holdings , more than doubled its investment in Cobalt International Energy , closed out its 4-million-share position in Williams Companies while adding a new 3.3-million-share stake in Yum Brands . Overall, the hedge fund reduced the value of its equity holdings by 1.2% to $10.95 billion during the quarter.