By Svea Herbst-Bayliss and Sam Forgione
(Reuters) - Top U.S. hedge fund managers did some shopping for shares of discount retailer Dollar General Corp
Daniel Loeb's Third Point added 1 million shares of Dollar General, raising his stake by 33 percent, while Blue Ridge Capital, founded by Tiger Cub John Griffin, nearly doubled its stake in Walgreen when it bought 2.8 million shares. That translated into 4.57 percent of the fund's portfolio.
Other fans of Walgreen included Andreas Halvorsen's Viking Global Investors, which still held more than 20 million shares as of June 30, albeit down from roughly 24 million shares the previous quarter. Aaron Cowen's Suvretta Capital Management had a 312,000 share stake.
Walgreen, which purchased a controlling stake in Britain's Alliance Boots, earlier this month decided not to relocate its corporate headquarters to Europe to save on taxes, a strategy known as inversion. It faced complications in pulling off the transaction, as well as heavy political pressure in the United States not to move.
On Aug. 5, the day before the company said it would not reincorporate in Europe, Walgreen shares traded as high as $72.76. On Thursday, the shares ended regular trading at $62.25.
Billionaire activist investor Carl Icahn, Family Dollar Stores'
Meanwhile, David Einhorn's Greenlight Capital reduced its Apple Inc
Apple long has been one of Einhorn's largest holdings and in a recent conference call, Einhorn said Apple was still "cheap on an absolute basis."
Blue Ridge Capital sold its entire stake, getting rid of 2.2 million shares.
But Leon Cooperman's Omega Advisors took a new stake in Apple of 1.3 million shares, while Soros Fund Management held 1.8 million shares at the end of the second quarter, up from 88,670 shares the previous quarter.
The quarterly disclosures of manager stock holdings, in what are known as 13F filings with the U.S. Securities and Exchange Commission, are always intriguing to investors trying to divine a pattern in what savvy traders are selling and buying.
But relying on the filings to develop an investment strategy comes with some peril because the disclosures are backward looking and come out 45 days after the end of each quarter.
Still, the filings offer a glimpse into what hedge fund managers saw as opportunities to make money on the long side.
The filings do not disclose short positions, bets that a stock will fall in price. As a result, the public filings do not always present a complete picture of a manager's stock holdings.
The following are some of the hot stocks and sectors in which hedge fund managers either took new positions or exited existing positions in the second quarter.
John Paulson's Paulson & Co took a new 2 million share stake in Ally Financial
Farallon opened a new position, buying 2.2 million shares.
DOLLAR GENERAL CORP
While Loeb's Third Point increased its stake in Dollar General, Farallon closed out its position, selling 3.2 million shares, and Omega Advisors sold its entire stake of 1.7 million shares. Tiger Consumer also liquidated its 814,723-share position, which had made up 2 percent of its portfolio.
DOW CHEMICAL CO
Third Point, already a big investor in Dow
Barry Rosenstein's Jana Partners cut its stake in eBay
Putnam Investments raised its holding in Facebook
GENERAL MOTORS CO
Tepper's Appaloosa Management increased its stake in GM by 64.7 percent to 13 million shares as of the end of June 30. Putnam Investments increased its stake in GM
SIRIUS XM HOLDINGS INC
Jana Partners and Eric Mindich's Eton Park Capital Management sold their entire stakes in Sirius
Omega Advisors cut its stake by 4 million shares to 82 million shares.
SEAWORLD ENTERTAINMENT INC.
Cooperman's Omega Advisors took a new stake of 1.1 million shares in SeaWorld
Jana Partners, meanwhile, took a new stake of 75,000 shares, while Mindich's Eton Park Capital Management took a new stake of 1.5 million shares.
Stanley Druckenmiller's Duquesne Family Office held its stake in Walgreen's steady at 1.2 million shares, ranking it as the portfolio's third-largest position.
Jana Partners cut its stake by 1 million shares to 11.1 million shares. Third Point added a new position, buying 700,000 shares.
Patrick McCormack's Tiger Consumer Management added a new position in Zynga
(Compiled By Jennifer Ablan; Editing by Steve Orlofsky)