LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Big-name U.S. hedge funds shed healthcare stocks during the rally in second quarter

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Tue, Aug 15, 2017
01:15 am
Reuters
RELATED NEWS
Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi
RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here

Several big-name hedge fund investors trimmed their stakes in healthcare companies in the second quarter as the sector led the broad U.S. stock market higher, rallying amid a Republican effort to repeal and replace President Obama`s signature healthcare law.

Jana Partners sold all of its shares in nine healthcare companies, ranging from small-cap biotech company Acadia Pharmaceuticals Inc to health information company WebMD Health Corp to insurer Aetna Inc , according to quarterly filings released Monday.

Billionaire Daniel Loeb`s Third Point sold 175,000 shares, or about 18 percent of its stake, in health insurance company Humana Inc and 5 million shares of hospital products maker Baxter International Inc , or approximately 10 percent of its prior position. Shares of both companies are up more than 20 percent year to date.

Farallon Capital Management LLC, founded by Tom Steyer, dissolved its stakes in pharmaceuticals companies Eli Lilly and Co and Bristol-Myers Squibb Co , according to filings. The hedge fund also trimmed stakes in AstraZeneca Plc and Allergan Plc .

Healthcare stocks in the S&P 500 rose 6.7 percent in the second quarter, more than double the 2.6 percent gain in the broad S&P 500 index, after trailing the broad market following Donald Trump`s surprise victory in the Nov. 8 presidential election.

Senate Republicans delayed a vote on a healthcare overhaul bill on June 27 after it became clear that they did not have enough votes for it to pass. One month later, a scaled-down plan to replace Obama`s Affordable Care Act failed in the Senate.

Healthcare stocks have underperformed since the current quarter began on July 1, dipping 0.5 percent compared with a 1.9 percent gain by the broad S&P 500, suggesting that the move by hedge fund managers could signal the end of the rally.

"If sentiment from certain institutional investors weakens for healthcare it could negatively impact stocks" despite the sector`s strong fundamentals, said Todd Rosenbluth, director of mutual fund research at CFRA Research.

Quarterly disclosures of hedge fund managers` stock holdings, in what are known as 13F filings with the U.S. Securities and Exchange Commission, are one of the few public ways of tracking what the managers are selling and buying. But relying on the filings to develop an investment strategy comes with some risk because the disclosures come 45 days after the end of each quarter and may not reflect current positions.

Overall, hedge funds gained 1 percent in the second quarter, according to Chicago-based fund tracker Hedge Fund Research, less than half of the 2.5 percent gain in the first quarter.

There were few signs that hedge fund managers were attempting to call a bottom in energy stocks as the falling price of oil helped send the sector down 7 percent in the quarter. Third Point sold all of its stake in Rice Energy Inc , Halcon Resources Corp , Enerplus Corp , and Pioneer Natural Resources Co
.

Jana Partners sold all of its stake in Resolute Energy Corp , while Omega Advisors sold its entire stake in seven energy companies, including Cheniere Energy Inc , Eclipse Resources Corp , and Williams Partners LP .

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi
RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here

LATEST NEWS

Stocks to buy with Anil Singhvi: Sandeep Jain recommends Valiant Organics | Money-making tips

Asus ZenBook Duo (UX482) review: Decent dual-screen laptop, good performer

Avenue Supermarts (DMART) share price: IDBI Capital pegs target price at Rs 3699

Happiest Mind Technologies share price multiplies 4 times in less than 7 months

Expert says Escorts share price consolidating in Rs 1200-Rs 1400 range, breakout above Rs 1400

SBI stock still under spotlight, expert says BUY with target price of Rs 368

Stocks in Focus on April 15: Infosys, Tata Metaliks, NFL, AB Capital to Bharti Airtel; here are the 5 Newsmakers of the Day

Gold Price today 15-04-2021: Expert says buy for a target of Rs 48600 - money making tip

CBSE Board Exam 2021: Important DAY for Students! CBSE board exam class 10 class 12 decision TODAY? PM Modi to meet with Education Minister Pokhriyal; latest news here

Gold Price today 15-04-2021: Rs 50,000! What should you do as Corona pandemic rages; expert REVEALS

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved