Hedge Funds Reveal Second-Quarter Activity

Aug 15 2014 | 3:09pm ET

Prominent mergers—accepted or otherwise—played a major role as hedge funds built their portfolios in the second quarter, according to regulatory filings.

Pershing Square Capital Management announced a major stake in Botox-maker Allergan Inc. in April, backing Valeant Pharmaceuticals International’s bid for the company. But it wasn’t alone, with Paulson & Co. also taking a large stake. Viking Global Investors, meanwhile, bought up Valeant shares—but Third Point sold them.

Another healthcare concern, Covidien, attracted Paulson and Farallon Capital Management. Covidien, which is based in Ireland, is being acquired by Medtronic Inc., as part of a controversial tax inversion.

Drugstore chain Walgreen Co. also saw action, bought by Blue Ridge Capital and Suvretta Capital, but sold by Jana Partners and Viking. Paulson also bought shares of Questcor Pharmaceuticals and Third Point announced a major stake in AstraZeneca.

Technology was actively traded in the quarter. Soros Fund Management—which sold its shares in a large number of tech. companies—bought Apple Inc. shares, as did Greenlight Capital and Omega Management. Blue Ridge, on the other hand, sold Apple.

Sirius XM Holdings was a pure sell among prominent hedge funds, with Point72 Asset Management, Omega and Jana all offloading shares. Point72 also sold its stake in BlackBerry.


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