Some big U.S. hedge funds loaded up on SPACS, value stocks during first quarter
By David Randall
Reuters
NEW YORK (Reuters) - A number of well-known U.S. hedge funds bought value stocks and blank-check acquisition companies, selling some winners from the technology-led stock rally as bond yields rose during the first quarter, filings released on Monday showed.
Special-purpose acquisition companies, known as SPACs, proved popular among hedge fund managers, with funds such as Third Point and Saschem Head adding shares of SPACs, including FinTech Acquisition Corp V and healthcare company Orion Acquisition Corp to their portfolios.
Tiger Global added shares of Revolution Healthcare Acquisition Corp and Soaring Eagle Acquistion Corp and trimmed its position in Facebook Inc.