Home Economy Some big U.S. hedge funds bought value stocks, SPACs during first quarter

Some big U.S. hedge funds bought value stocks, SPACs during first quarter

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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.

FILE PHOTO: People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. REUTERS/Brendan McDermid

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. Over 400 SPACs have listed their shares since the start of 2021, though the majority are underperforming the broad stock market, a Reuters analysis here.

At the same time, several hedge funds added to financial, energy and consumer companies. Third Point added a new position in…

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