Stanley Druckenmiller’s Duquesne Capital bought Chinese consumer and tech stocks in the second quarter, according to a filing Monday.
The billionaire’s hedge fund took a stake in Chinese e-commerce giant Alibaba of 710,000 shares, according to a required 13-F filing with the Securities and Exchange Commission Monday. The hedge fund also took a 597,000-share stake in Yum China.
The firm increased its stake in Alibaba rival JD.com by 721,000 shares to 1.36 million shares, and added 500,000 shares of Chinese travel services company Ctrip for a 1.41 million share stake, the filing showed.
Duquesne also added 1.3 million shares of Comcast for a stake of nearly 2 million shares, according to the filing.
In the second quarter, Druckenmiller’s fund increased its stake in Microsoft by 1 million shares and added 677,000 shares of Facebook. The fund bought 74,000 more shares of Google parent Alphabet and bought 49,000 more shares of Amazon.com.
Shares of Alibaba and JD.com have climbed nearly 10 percent and 13 percent, respectively, so far this quarter. That’s better than Google-parent Alphabet’s 0.99 percent rise and Microsoft’s nearly 7 percent climb over that time, but short of Facebook’s 13.1 percent gain.
Ctrip and Yum China shares are both down this quarter.
The firm dissolved its stake in the iShares MSCI Emerging Markets ETF (EEM), Bank of America and gold miners Agnico Eagle Mines and Barrick Gold, the filing showed.
Disclosure: Comcast is the owner of NBCUniversal, the parent company of CNBC and CNBC.com.
Source: Investment Cnbc
Billionaire hedge fund manager Stanley Druckenmiller is betting big on the Chinese consumer