Och-Ziff Capital Management Group recently boosted its holdings in Qunar Cayman Islands Limited, one of the fastest-growing online travel companies in China, displaying confidence regarding the future performance of the firm.
OZ Management increased its stake by more than 4.55 million shares, which raised its exposure more than four-fold, meaning that the fund now holds over 6 million class B ordinary shares, representing 5.39% of the company, Insider Monkey said.
Founded in 1994 by Daniel Och, OZ Management is currently one of the biggest asset managers in the world, with an equity portfolio valued at over $34 billion. The fund employs a highly diversified approach, including investments in numerous industries and geographical locations, the website said.
Qunar Cayman Islands Limited connects travel service providers with customers throughout China, allowing travelers to find the best deals possible, according to Insider Monkey. The company is valued at $3.43 billion.
Hedge funds such as OZ Management are keen on adding Qunar to their portfolio, as the firm continues to expand its revenue streams. As of late, the mobile segment has been a major driver of growth, allowing the company to increase its operations significantly, the website said.
Following its debut on the US stock market in November of 2013, shares of Qunar jumped from an IPO price of $15 per share, to a current value of $27.65. Clearly OZ Management has recognized the company’s potential, acquiring enough stock in its latest transaction to reach the position of second-largest institutional shareholder, Insider Monkey said.
Meanwhile, OZ Management reported that Chairman and CEO Och gave a presentation at the Goldman Sachs U.S. Financial Services Conference in New York on Tuesday, December 9, 2014. Mr. Och discussed the company’s business, including the investment performance of its funds and its strategy for growing and diversifying its assets under management, Value Stock Pick said.
OZ Management increased 3.00% and closed at $11.68 in the last trading session with the overall traded volume of 710, 846.00 shares, versus the average volume of 738, 846.00 shares. Its fifty two week range was $10.01-$16.00. It has a market cap of $2.01 billion, the website said.