Steadfast Capital’s Stake in YY Inc (ADR) (YY) Surges
In the hedge fund universe there are passive investors, who even though are not so widely discussed, still should be covered. A move made just now by Robert Pitts' hedge fund Steadfast Capital involved his position in YY Inc (ADR) (NASDAQ:YY). The hedgie added over 7.5 million shares to its 912,700 share position in the company, and the stake sizes up to 8.4 million shares, worth $405 million at current levels.
Steadfast Capital has been bullish on YY Inc (ADR) (NASDAQ:YY) since the first purchase it made in the last quarter of 2012, which involved 1.3 million shares; it added around 227,000 shares two quarters later, and with the most recent purchase, Steadfast owns about 4.7% of the company.
Some other hedge funds that have been bullish on YY Inc (ADR) (NASDAQ:YY) are Tiger Global Management, Scott Sinclair and Laurence Chang, managers of Cascabel Management, and Richard Driehaus of Driehaus Capital.