NY Post : Ackman won’t reveal new mystery stake in Pershing Square

Bill Ackman has a big, new investment that he doesn’t want anyone to know about — yet.

Ackman teased the new position, which accounts for roughly 10 percent of his Pershing Square hedge fund’s portfolio, in a call with investors Wednesday.

“We’re not yet ready to disclose the company, but it certainly meets our standards,” Ackman said, noting that the mystery investment is “quite undervalued” and has “lots of opportunity for improvement.”

Ackman could use some upside.

Although his fund is up 13.6 percent this year, it’s coming off a low base. Assets stand at roughly $8 billion, down from a peak of $20 billion in July 2015, slammed by a disastrous bet on scandal-plagued pharma giant Valeant and an ill-fated, $1 billion short position on Herbalife.

Fleeing investors forced Pershing Square to sell down some of its winning position in Automatic Data Processing, Ackman said.

We “are not saying we don’t like the investment. In fact, we like it a lot, but we do need to manage the portfolio overall,” he said.

ADP shares are up nearly 27 percent since Pershing Square revealed its stake in the company via regulatory filings last August. Ackman was unsuccessful in winning seats on the board in November but said he is “pleased” with his conversations with management since then.

NY Post : Whistleblower makes shocking IRS, insider trading allegations

A whistleblower made this shocking allegation to me last week: the IRS was tipping off members of Congress to corporate takeovers so the elected officials could profit from insider trading.

My snitch also charged that higher-level employees of the IRS also used that information to enrich themselves.

This may sound crazy but remember: Up until a few years ago members of Congress were allowed to trade stock based on information they got while performing their public duties.

It wasn’t until 2012, during President Obama’s tenure, that the practice was banned.

But the difference between what had been going on legally until 2012 and what my whistleblower is contending is enormous.

Everyone assumed that members of Congress were just profiting from things they happened to learn while working on their committees — that a drug was going to get turned down by the FDA, for instance, or that a company was sniffing around to see how regulators would feel about a merger.

That was bad enough!

What the whistleblower alleges goes well beyond that and is, quite frankly, freakin’ mind-boggling.

Why didn’t I bring these allegations to the proper authorities to investigate? I did and was essentially told to get lost. But more on that after you hear a little more of what the whistleblower had to say in his own words.
“Back in 2003-5 a memo was created within the IRS noting who was permitted to participate in ‘insider trading’,” says this whistleblower. “The memo noted that all IRS employees in the executive branch and those one step below (territory managers, etc.) were permitted to participate.”

Just so you know, I spoke with this whistleblower a couple times by phone and he sounds credible. Plus I was able to confirm that he was with the IRS, in the position he says, during the time this was alleged to be happening.

That’s all I can check without subpoena power and without working with authorities, which I tried to do.

“I was below that rank by one step,” says the whistleblower, who adds he was what they call a “large case manager” at the IRS. “However,” he added “as my evaluation showed I was expected to inform my manager of any and all mergers.”

In fact, Mr. Whistleblower says he was fired for not doing so and was later retaliated against.

That was a lot of years ago. And the only people who could properly look into something like this — and hopefully determine that it couldn’t possibly be true — are in the Inspector General’s Office of the IRS.

That’s who is supposed to investigate allegations of wrongdoing. So I called the IRS Inspector General’s media contact, figuring I’d work out a deal. I’d give them the information, maybe convince the whistleblower to come forward or give more details in exchange for an exclusive on the story if the allegations panned out.

I got a much different response from the IG’s spokeswoman when I asked to speak with someone.

“Concerning..?” an IG spokeswoman wrote, as if she was already exerting too much energy.

“A tip from a reader of mine about IRS wrongdoing,” I wrote back, not wanted to say too much until I got her on the phone.

“We get those on a regular basis,” she countered. She wanted the tipster to contact the IRS hotline, something he doesn’t want to do. “All complaints are taken very seriously.”

Huh! So I asked, to stir up some interest: “Is there an insider trading exemption for officials in the IRS?”

She still wouldn’t talk with me. She said there wasn’t such an exemption and sent me a brochure. “Once again, thank you for contacting us. Let me know if we can help further,” she wrote.

She hadn’t helped at all and I told her so.

“I’m amazed at the lack of cooperation I am getting from you,” I wrote, criticizing her laziness before finishing with “have a nice weekend.”

“On background, sorry feel that way. We are not lazy…just careful,” she came back, finishing with one of those stupid smiley faces.

Careful? About what? About talking with the press? About doing her job?

Now I’m ready to give you the rest of this whistleblower’s accusations.

Here’s the juicier part of the story: “So the one day I was informed of a merger between (two big companies.) I was the case manager on that audit. I refused to inform my manager.”
The whistleblower gave me the names of the companies. I took them out of the above quote to protect his identity.

“Well that was a sad day for my career. He (the manager) first produced a memo and then suspended me for failing to inform him of the merger so he could tell his supervisor,” the whistleblower said.

“It seemed that the supervisor had planned on paying off his home mortgage with the merger information to the tune of $1 million plus,” my snitch said.

There’s something you need to understand. The IRS places its workers permanently inside many companies where they continually receive privileged information while doing audits. So there’s plenty of money-making tips to go around.

The whistleblower said a lot of people got rich from the scheme he was describing.

“In addition my supervisor had planned on informing his manager who then could contact members of Congress so they could invest and profit from this information,” he said. “It was a way of securing a comfortable job on one of the boards like the Smithsonian once they retired.”

Just consider how many individuals could have had access to this information and profited while the average American is told that it is “illegal.”

The whistleblower says he was pushed out of the IRS in 2004 and charges — trumped-up ones, he says — were brought against him. But he wouldn’t be surprised if this insider trading continued.
“Unfortunately I doubt that this has stopped. One cannot allow this to take place and then suddenly end it,” he says.

“These individuals had planned and budgeted for these events to fund their lifestyle. That type of income generator just does not end,” he said.

It’s always hard to take away perks from employees. Just try stopping the free coffee at your office.

Here’s one more tip that the IRS’ Inspector General can follow if he isn’t as lazy as his press spokeswoman.

“On a final note, which you may find of interest, my previous manager had assigned another manager to [a highly prized international] office for two years because she gave him numerous inside information tips,” the whistleblower said.

As I said, the Inspector General’s office was too “careful” to get this story directly from me. So now everyone gets to read about what could be — could be, I emphasize — a scandal before he does.

>>> What to look at today - 16th of August 2018

U.S. equity futures climbed alongside Treasury yields and the yuan rose after China said its vice commerce minister will visit America for trade talks in late August. The dollar slipped against most major peers.
S&P 500 Index futures rose and the greenback, which has seen recent strength on its role of a haven, fell for the first time in six days. Equities stayed lower in most Asian markets though trimmed declines as news broke of the proposed meeting. Oil pared gains following a report that showed an increase in American stockpiles. The Australian dollar jumped as hopes on trade outweighed a decline in June employment. Emerging-market shares slipped, with the intraday drop from their January high reaching 20 percent.

Nikkei -0.09% Hang Seng -0.37% CSI +0.56% Shanghai +0.22% Shenzen +0.12%

Eur$1.1391 CNH 6.8793 CNY 6.8871 JPY 110.88 GBP1.2725CHF 66.9270 RUB 66.9484 TRY 5.9015

S&P +0.38% EuroStox +0.72% Dax +0.72% SMI +0.61% FTSE +0.835

Macro :
- Trump Is Said Preparing to Expand ‘Buy American’ Rules: CNBC
- China-U.S. to Resume Low-Level Talks in Bid to Resolve Trade War

Keep an eye on :
- AGN NA : Aegon First Half Underlying Pretax Profit 5.0% Above Estimates
- AGN NA : Aegon Sells Businesses in Czech Republic and Slovakia for EU155m
- ARCUS NO : Arcus Second Quarter Net Income Beats Highest Estimate
- ARYN SW : Millennial Latte, Goat Cheese Beat Pastries for Two Swiss Stocks
- ATL IM : Italy to Start Procedure to Withdraw Autostrade License: Conte
- ATL IM : Autostrade Confident It Fulfilled Conditions of Road License
- BELL SW : Bell First Half Ebitda CHF136.6 Mln
- BMW GY : Toyota to Revise Mazda, BMW Powertrain Alliances: Nikkan Kogyo
- BOKA NA : Boskalis First Half Order Book EU3.9 Bln
- CHERB SS : Cherry Second Quarter Revenue Beats Highest Estimate
- DFDS DC : DFDS Second Quarter Revenue 2.9% Above Estimates
- DHER GY : Foodora to End Dutch Ops as Delivery Hero Didn’t Find Buyer: FD
- CARLB DC : Carlsberg First Half Sales 1.2% Above Estimates; Outlook Raised
- COTN SW : Comet First Half Sales Meet Estimates
- EMMN SW : Millennial Latte, Goat Cheese Beat Pastries for Two Swiss Stocks
- ENGI FP : Engie North America Gets Financing for Live Oak Wind Project
- ERICB SS : Watch Ericsson, Nokia After Cisco’s Bullish Revenue Forecast
- FFARM NA : ForFarmers First Half Revenue EU1.14 Bln
- FRU GY : Ferratum First Half Revenue EU124.2 Mln
- HEN3 GY : Henkel 2Q Profit Misses, Co. Lowers 2018 Adj. EPS Outlook
- ICA SS : ICA Takes ‘Corrective Measures’ to Restore Swedish Profitability
- ISS DC :
- DEC FP : JCDecaux Up to Buy; Google an Opportunity, Not Threat: Berenberg
- KUD SW : Kudelski Hopes for Profit by 2019, CEO Tells Le Temps
- MMB FP : Lagardere Travel Retail to Buy Hojeij for $330m in Cash
- MBTN SW : Meyer Burger Cuts Full Year Sales Forecast
- MGNK GY : Mologen, Oncologie to Co-Develop the Lead Compound Lefitolimod
- NN NA : NN 2Q Adjusted Operating Profit Beats Highest Est.
- NOKIA SW : Watch Ericsson, Nokia After Cisco’s Bullish Revenue Forecast
- ONCO SS : Oncopeptides Holder Stiftelsen Industrifonden to Offer Shares
- RNK LN : Rank Group FY Adj. Ebitda Misses Est., Comp Sales Fall 2.3%
- RYA LN : Ryanair Adjourns Round of Talks With Irish Pilots Early Thursday
- SCMN SW : Swisscom First Half Ebitda CHF2.14 Bln
- SCOR US : ComScore Gains; 13Fs Reveal New Stakes From PE Firm, Activist
- SIP BB : Sipef First Half Revenue $140.0 Mln Vs. $157 Mln Y/Y
- STCBV FH : Stockmann Second Quarter Adjusted Ebit Beats Highest Estimate
- TEF SM : Vodafone Files Complaint Against Movistar Over Soccer: Expansion
- TKA GY : Cevian Seeking Second Seat on Thyssenkrupp Spvy Board: BZ
- TECN SW : Tecan First Half Ebitda CHF48.1 Mln
- VEI NO : Veidekke Second Quarter Revenue Beats Highest Estimate
- VOD LN : Vodafone Files Complaint Against Movistar Over Soccer: Expansion
- WDI GY : Wirecard Boosts Full Year Ebitda Forecast

>>> Europe : Brokers Upgrades & Downgrades - 16th of august 2018

>>> Up
* Axa Upgraded to Buy at Bankhaus Lampe
* Embraer ADRs Upgraded to Overweight at Morgan Stanley
* Hamburger Hafen Upgraded to Buy at HSBC; PT 23 Euros
* JCDecaux Upgraded to Buy at Berenberg
* Saipem Upgraded to Hold at Jefferies
* Selvaag Bolig Upgraded to Hold at DNB Markets; PT 44 Kroner
* SMT Scharf Upgraded to Buy at Montega; PT 19 Euros
* Subsea 7 Upgraded to Buy at Jefferies; PT 140 Kroner
* TechnipFMC Upgraded to Buy at Jefferies

>>> Down
* AstraZeneca Downgraded to Hold at Jefferies; PT 62 Pounds
* DNA Upgraded to Buy at SEB Equities; Price Target 19.50 Euros
* Gesco Downgraded to Neutral at Oddo BHF; Price Target 34 Euros
* Hannover Re Downgraded to Hold at Bankhaus Lampe
* Informa Cut to Equal-weight at Morgan Stanley; PT 8.50 Pounds
* Leoni Downgraded to Hold at Quirin Privatbank AG; PT 36 Euros
* Leoni Downgraded to Neutral at Oddo BHF; PT 43 Euros
* Petrofac Downgraded to Hold at Jefferies

>>> Initiation


>>> Call

>>> Aidan Update

Asia Market Update: China and the US to hold trade talks later in Aug, markets pare losses and the yuan rallies; Australia unemployment rate unexpectedly hits multi-year low

General Trend:
-MSCI Emerging Markets equity index trades into bear market territory, later pared decline
-Tencent declines post earnings
-Australian telecom Telstra rises over 5%, FY18 profits above ests
-South Korean chipmakers track declines in US semiconductor companies
-Australia July labor data mixed , unemployment rate unexpectedly declined
-China PBoC conducts first daily open market operation in 20 sessions
-Japan reports unexpected adj trade deficit in July, exports to the US again decline


***Headlines/Economic Data***
Australia/New Zealand
-ASX 200 opened -0.3%
- ASX 200 Resources index -2.1%, Energy -1.7%; Telecom +5.1%, Financials +0.2%
-(AU) AUSTRALIA JULY EMPLOYMENT CHANGE: -3.9K V +15.0KE; UNEMPLOYMENT RATE: 5.3% V 5.4%E (close to 6-year low)
- (AU) Australia Aug Consumer Inflation Expectation: 4.0% v 3.9% prior
- (NZ) New Zealand sells NZ$150M v NZ$150M in April 2037 bonds, bid to cover: 2.47x, avg yield: 2.8887%

China/Hong Kong
Shanghai Composite opened -1.2%, Hang Seng -1.7%
- Hang Seng Info Tech index -2.3%, Energy -1%, Industrial Goods -0.7%, Financials -0.5%; Telecom +1.2%, Consumer Goods +1%, Services +1%, Property/Construction index +0.9%
- (CN) Shanghai Composite trades below 2,681 (lowest level in ~2.5 years)
- (CN) China Commerce Ministry (MOFCOM): China Vice Commerce Min to visit the US for trade talks in late Aug, to meet with US Treasury Undersecretary Malpass
- (CN) China PBoC Open Market Operation (OMO): To inject CNY40B in 7-day reverse repos; Net: CNY40B injection
- (CN) CHINA PBOC SETS YUAN REFERENCE RATE: 6.8946 V 6.8856 PRIOR
- (CN) China NDRC: Reiterates China consumer prices to be reasonable range; Bankruptcy filings by Chinese companies are rising in 2018
- (CN) China should be cautious about the rapid rise in mortgages – Chinese Press
- (CN) China faces risk in the rising exposures of banks to the property market - Chinese Press
- (CN) China said to tell bad debt managers to resolve P2P risks - financial press
-HSBC: Said to lower HKD and Yuan deposit rates in Hong Kong - HK Press

Japan
Nikkei 225 opened -1%
- TOPIX Retail Trade index -1.2%, Iron & Steel -1.2%, Marine Transportation -1%, Electric Appliances -1%, Info & Communication -1%, Real Estate -0.9%; Securities +0.2%
-(JP) JAPAN JUL TRADE BALANCE: -¥231.2B V -¥41.2BE; ADJ TRADE BALANCE: -¥45.6B V +¥20.7BE
-(JP) Japan MOF sells ¥2.0T v ¥2.0T indicated in 0.10% 5-yr JGB: avg yield: -0.0760% v -0.107% prior, bid to cover: 3.95x x v 4.87x prior

Korea
-Kospi opened -1.1%
-(KR) Bank of Korea (BoK) sells 2-year monetary stabilization bonds (MSBs); yield 2.000%

Other
-(TW) Taiwan FSC to begin stress tests on commercial banks - Local Press

North America
-US equity markets ended lower: Dow -0.5%, S&P500 -0.8%, Nasdaq -1.2%, Russell 2000 -1.3%
-S&P500 Energy -3.5%, Materials -1.6%
-(US) DOE CRUDE: +6.8M V -2.5ME;

Europe
-(TR) IMF Official: Has not received any indication from Turkey authorities that they are considering a request for IMF financial assistance



***Levels as of 01:30ET***
- Nikkei 225, -0.1%, ASX 200 -0.1%, Hang Seng -0.4%%; Shanghai Composite flat; Kospi -0.9%
- Equity Futures: S&P500 +0.3%; Nasdaq100 +0.4%, Dax +0.4%; FTSE100 +0.3%
- EUR 1.1391-1.1335 ; JPY 110.95-110.46 ; AUD 0.7276-0.7214 ;NZD 0.6586-0.6555
- Aug Gold -0.5% at $1,179/oz; Sept Crude Oil flat at $65.03/brl; Sept Copper +0.3% at $2.591 /lb

>>> US After Hours Summary: SPTN -17.1%, BGG +8.9%, CSCO +7%, NTAP +3%


After Hours Summary: SPTN -17.1%, BGG +8.9%, CSCO +7%, NTAP +3% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: BGG +8.9%, CSCO +7%, LFVN +6%, NTAP +3%

Companies trading higher in after hours in reaction to news: MOV +1.8% (to acquire MVMT Watches for initial payment of approx. $100 mln), M +1.6% (after closing 16% lower following earnings), ELF +0.9% (ticking higher after the CEO disclosed the purchase of ~66K shares), AMAT +0.6% (ahead of earnings tomorrow after the close), BBY +0.5% (to acquire GreatCall for $800 mln in cash)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: SPTN -17.1%

Companies trading lower in after hours in reaction to news: GNL -4.7% (announces offering of 4.0 mln shares of common stock), SBBP -3% (continued weakness), ILMN -1% ( to offer approx. $650 mln aggregate principal amount of convertible senior notes due 2023)

>>> Cisco Systems beats by $0.01, reports revs in-line; guides


Cisco Systems beats by $0.01, reports revs in-line; guides Q1 EPS above consensus, revs above consensus (43.86   -0.14)

  • Reports Q4 (Jul) earnings of $0.70 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.69; revenues rose 5.9% year/year to $12.84 bln vs the $12.76 bln Capital IQ Consensus, with product revenue up 7% and service revenue up 3%; gross margin 62.9% vs. 63-64% guidance.
  • Recurring revenue as a percentage of total revenue was 32%, up 1 point year over year. Revenue by geographic segment was: Americas up 5%, EMEA up 8%, and APJC up 6%. Product revenue performance was generally broad based with growth in Security, up 12%, Applications, up 10%, and Infrastructure Platforms, up 7%.
  • Co issues upside guidance for Q1, sees EPS of $0.70-0.72, excluding non-recurring items, vs. $0.69 Capital IQ Consensus; revs +5-7% to ~$12.74-13.0 bln vs. $12.58 bln Capital IQ Consensus Estimate; gross margin 63-64%; operating margin 30-31%. The guidance includes the SPVSS business that is being divested and excludes the Duo Security acquisition since both transactions have not closed

>>> US Close Dow -0.54% S&P -0.76% Nasdaq -1.23% Russell -1.29%


Closing Market Summary: Bears Regain Control Following Tuesday Rebound

Stocks dropped for the fifth time in six sessions on Wednesday as tensions between the U.S. and Turkey tightened and as oil prices tumbled to a two-month low, weighing on energy shares. The S&P 500 finished lower by 0.8% after being down as much as 1.3% intraday. The Dow and the Nasdaq lost 0.5% and 1.2%, respectively.

Turkey was in focus once again after the country doubled tariffs on some U.S. imports -- including cars, alcohol, and tobacco. The U.S. and Turkey are feuding over the detainment of American pastor Andrew Brunson, who is accused of supporting a group blamed for an attempted coup in 2016.

The Turkish lira extended Tuesday's rebound though, adding 6.8% against the U.S. dollar, after plunging around 25% against the greenback on Friday and Monday combined. The U.S. Dollar Index, which measures the dollar's strength against a basket of other currencies, finished flat, keeping near a more than one-year high.

Late-afternoon reports that Turkey is now ready to discuss its issues with the United States helped Wall Street pare losses before the closing bell.

Meanwhile, West Texas Intermediate crude futures dropped 3.0% to $65.07/bbl after the Energy Information Administration's weekly inventory report showed an unexpected build of 6.8 million barrels. The drop in oil prices weighed on the energy sector (-3.5%), which finished well behind the 10 other S&P groups.

Cyclical sectors -- including energy -- underperformed in general, with consumer discretionary (-1.2%), materials (-1.6%), and technology (-1.1%) all losing more than the S&P 500. Conversely, the countercyclical consumer staples (+0.4%), utilities (+0.8%), and telecom (+0.7%) sectors finished in the green, and real estate (+0.9%) also outperformed.

In earnings news, Macy's (M 35.15, -6.67) plunged 16.0% after concerns over its overall sales activity outweighed better-than-expected second quarter earnings and above-consensus guidance for the fiscal year. The sell off extended to other retailers, sending the SPDR S&P Retail ETF (XRT 50.45, -1.41) lower by 2.7%.

Elsewhere, U.S. Treasuries rallied amid the risk-off sentiment, sending yields lower across the curve. The yield on the 2-yr note slipped two basis points to 2.61%, and the yield on the benchmark 10-yr note gave up five basis points, falling to 2.85%. Meanwhile, the CBOE Volatility Index spiked 11.6% to 14.85, a fresh six-week high.

Reviewing Wednesday's big batch of economic data, which included July Retail Sales, the preliminary reading for Q2 Productivity and Unit Labor Costs, the Empire Manufacturing Index for August, Industrial Production and Capacity Utilization for July, Business Inventories for June, the NAHB Housing Market Index for August, and the weekly MBA Mortgage Applications Index:

  • July retail sales rose 0.5% ( consensus +0.1%), while the June increase was revised to 0.2% from 0.5%. Excluding autos, retail sales increased 0.6% in July (consensus +0.3%), and the June increase was revised to 0.2% from 0.4%.
    • The key takeaway from the report is that the downward revisions to June mitigated the July headline surprise. That point notwithstanding, core retail sales, which exclude autos, gasoline station, building materials, and food services sales, were up 0.5%, which is a positive input for Q3 GDP forecasts.
  • The preliminary unit labor costs declined 0.9% during the second quarter, while the Briefing.com consensus expected an increase of 0.5%. The preliminary productivity reading showed an increase of 2.9%, while the Briefing.com consensus expected an increase of 2.0%.
    • The key takeaway from the report is that labor costs look to be in check, which will facilitate a gradual tightening path for the Federal Reserve.
  • The Empire Manufacturing Survey for August rose to 25.6 (consensus 20.0) from the prior month's unrevised reading of 22.6.
  • Industrial Production rose 0.1% in July (consensus +0.4%), while the June increase was revised to 1.0% (from +0.6%). Meanwhile, Capacity Utilization stayed at 78.1% (consensus 78.3%), unchanged from a revised reading of 78.1% in June (from 78.0%).
    • The key takeaway from the report is that it showed continued strength in manufacturing output, which offset declines in mining and utilities production.
  • Business Inventories rose 0.1% in June (consensus +0.1%). The May reading was revised to +0.3% from +0.4%.
    • The key takeaway from the report is that business sales continued to outpace inventory growth, which is a favorable trend that carries the potential to lead to a better pricing environment for businesses.
  • The NAHB Housing Market Index for August came in at 67 (consensus 67), down from 68 in July.
  • The weekly MBA Mortgage Applications Index decreased 2.0% to follow last week's drop of 3.0%.

Looking ahead, investors will receive July Housing Starts and Building Permits, weekly Initial Claims, and the Philadelphia Fed Index for August on Thursday.

  • Nasdaq Composite +12.6% YTD
  • Russell 2000 +8.8% YTD
  • S&P 500 +5.4% YTD
  • Dow Jones Industrial Average +1.8% YTD

>>> Tiger Global discloses updated portfolio positions in 13F filing

Tiger Global discloses updated portfolio positions in 13F filing: New UXIN SPOT GDS positions, Closed EHIC, SINA, UAL

Highlights from 2018 Q2 filing as compared to 2018 Q1 filing:
  • New positions in: UXIN (~24.91 mln shares), SPOT (~12.8 mln), GDS (~1.55 mln), COUP (~1.42 mln), PVTL (~1.3 mln), HUYA (~1.11 mln), NEW (~0.7 mln), DOCU (~0.3 mln), ADBE (~0.29 mln), CDAY (~0.17 mln)
  • Increased positions in: RUN (to ~13.94 mln shares from ~5.74 mln shares), SE (to ~8.15 mln from ~2.33 mln), TWTR (to ~11.71 mln from ~9.46 mln), NOW (to ~1.52 mln from ~0.36 mln), MELI (to ~1.49 mln from ~0.8 mln) BABA (to ~4.45 mln from ~3.83 mln), BEDU (to ~2.02 mln from ~1.58 mln) VXX (to ~0.88 mln from ~0.52 mln),
  • Maintained positions in: JD (~40.78 mln shares), APO (~34.42 mln shares), DESP (~30.2 mln shares), MSFT (~13.15 mln shares), FB (~5.28 mln shares), NFLX (~2.16 mln shares), DPZ (~2.11 mln shares), AMZN (~1.2 mln shares), BKNG (~0.66 mln shares),
  • Closed positions in: EHIC (from ~5.26 mln shares), ARCC (from ~0.72 mln), SINA (from ~0.14 mln), UAL (from ~0.02 mln)
  • Decreased positions in: RDFN (to ~2.35 mln shares from ~7.69 mln shares), TDG (to ~2.43 mln from ~2.77 mln)