Hedge Funds Stuff Pockets With Citi
Tuesday, February 23, 2010 : PermalinkTickerSpy – Some of the world’s most prominent investors were adding to Citigroup (C) positions during the fourth quarter.
After distressed shares of Citigroup helped David Tepper deliver investors gains in excess of 100% during 2009, few would have been surprised to see his Appaloosa Management hedge fund do some profit-taking towards the end of the year. Given the bank’s uncertain future, the near-impossible valuation, and the increasingly harsh political climate, some would argue that paring stakes in the struggling bank would have been the smart thing to do. However, Tepper did just the opposite, increasing his Citi stake by 73% during Q4, and he was just one of more than 100 Pros holding Citi shares among their top-15 U.S.-listed equity holdings at the start of 2010.
