Top Hedge Funds Stocked Up On AbbVie, Actavis, Alibaba In Q3

Nov 19 2014 | 11:54am ET

It's like top hedge funds approached investing alphabetically in Q3: AbbVie, Actavis and Alibaba were all top buys, according to S&P Capital IQ.

S&P Capital's findings, based on the 13F filings of 10 leading hedge funds, show they poured $1.9 billion into AbbVie, whose failed merger with Shire Plc bruised a number of investors in Q3; dumped $1.5 billion into Activis,which has agreed to buy Botox-maker Allergan, staving off a hostile takeover by Valeant Pharmaceuticals International and Pershing Square Capital Management; and put $1.4 billion into Alibaba, the Chinese online marketplace operator which staged its initial public offering in September.

Citadel and Millennium were the top two hedge funds in terms of total equity holdings, followed by Renaissance Technologies which beat Icahn Capital to third spot this quarter. Over the course of Q3, Icahn only added one new position with 25 stocks held in total.

The fastest rising stock in Q3 was Mohawk Industries, a floor covering specialist, that now ranks 17th among the top hedge funds' 100 largest holdings, up from 78th last quarter.

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