Dan Loeb’s Third Point plows into Alibaba again

𝕴Dan Loeb’s on and off love affair ൲with Alibaba is back on.

The 💎hedgie behind Th꧅ird Point added the China-based e-commerce giant to its portfolio in the second quarter, according to a letter sent to investors Wednesday. It also added asset-management behemoth BlackRock.

Third Point has been invested in Alibaba intermittently over the last six 🔯years and was recently impressed with moves ജit made into advertising — namely the launch of personalized advertising.

“We view these chꦇanﷺges as an important catalyst for meaningful revenue acceleration over the next few years. Combined with an attractive multiple, we believe now is the time to own Alibaba again,” Loeb wrote.

The hedge fund gained 4.6 percent in the second quarteℱr, due to what said was “good stock picking in an environment that has proven unpredictable.”

While the size and exact timing of Third Point’s purchases of Alibaba stock were not disclosed, shares of the e-commerce company rose more than 30 percent in the sec꧙ond quarter.

Alibaba shares gained 1.6 percent to tradeಞ at $154.86 oꦉn Wednesday afternoon.

Meanwhile, Third Point’s investment in BlackRock is somewhat of an ironic one as the low-fee ETF’s BlackRock offe🙈rs have attracted money from investors tired of paying higher fees associated with active managers such as hedge funds.

“We🍬 think this acceleration in ETFs is just getting started, as regulatory change globally pushes lower-cost, transparent investment products, and institutional investors use ETFs as investment solutions,” Loeb wrote.

So far this year Third Point has been 🦄somewhat of an outlier amid a challenging environment for hedge funds as it jumped 10.7 percent in the first half while the S&P 500 gained 8.2 percent over the same period.

Third Point is also bullish on BlackR♔ock’🌌s data and analytics product, Aladdin, which used by asset managers outside of BlackRock.

“As with other data and analytics providers in which we have made investments, these servicꦇes become sticky, must-have products for users, with upside from ancillary fees,” Loeb wrote.