Dan Loeb's 13F Shows Alibaba Swapped For Yum! Brands

Dan Loeb's hedge fund Third Point LLC dumped its $1 billion stake in Alibaba Group Holdings Ltd (NYSE: BABA) in the first quarter and picked up shares of Yum! Brands, Inc. (NYSE: YUM).

Third Point's total portfolio value sank to $10.95 billion as of March 31, from $11.09 billion December 31.

Loeb's fund also exited 4-million share positions in both Williams Companies Inc (NYSE: WMB) and Hertz Global Holdings Inc (NYSE: HTZ) during the first quarter, and boosted his stake in Cobalt International Energy, Inc. (NYSE: CIE) to 80 million shares, from 32 million.

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The fund also opened a small new position in McKesson Corporation (NYSE: MCK) during the period ended March 31, with a stake of 625,000 shares valued at about $141,000.

Alibaba shares are off nearly 15 percent since January 1, trading recently at $88.61, up $0.21.

Loeb disclosed a position in Yum in a letter to shareholders earlier this month, valuing the investment at about $1 billion.

His fund's 13F filing on Friday showed a stake amounting to about 3.3 million shares as of March 31, valued at about $260 million.

Yum shares have jumped more than 18 percent since the end of March, and changed hands recently at $93.31, up more than 3 percent.

The energy infrastructure concern Williams Cos. is up more than 20 percent year-to-date, trading recently at $54.01, up $0.78.

Hertz is off nearly 18 percent this year, but rose nearly 5 percent Friday to $20.51.

McKesson, a drug technology company, has increased about 15 percent since December 31, trading recently at $239.39, down $0.09.