Bloomberg – Myriad Asset Management Ltd., the Hong Kong-based hedge fund led by a former Asia head of Highbridge Capital Management LLC, raised its stake in Herbalife Ltd. (HLF) in the second quarter, according to a filing.
Myriad bought 17,200 Herbalife shares, boosting its total holdings by 36 percent, according to data compiled by Bloomberg from quarterly 13F filings with the U.S. Securities and Exchange Commission. Its stake in the nutrition company was valued at $4.2 million at the end of June.
Herbalife is facing probes in the U.S. spurred by allegations of a pyramid scheme by billionaire hedge-fund manager Bill Ackman. Its share price has fallen 23 percent since July 28 when it announced second-quarter profit that trailed analysts’ estimates.
Myriad added Herbalife shares during the three months when the market value of its 13F holdings fell 40 percent to $284.4 million at the end of June, according to the filings.