Hedge Funds’ Bet on Corbat Pays Off as Citigroup Surges
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Moore Capital Management LP and Appaloosa Management LP are among hedge fund firms that counted Citigroup Inc. among their top holdings before the bank posted a 16 percent rally in a month and a half.
Moore Capital, run by Louis Moore Bacon, boosted its stake in the New York-based bank by 11 percent to 5.23 million shares, which were valued at $231.2 million at the end of the first quarter, filings yesterday show. Appaloosa, run by David Tepper, held 8.5 million shares valued at $376.9 million after paring its stake by 7.3 percent.