market folly

In a 13G filed with the SEC due to trading on June 1st, Philippe Laffont's hedge fund Coatue Management has increased its position in Sina (SINA). They now own 5.16% of the company with 3,187,477 shares.

Laffont's hedge fund focuses on technology, media, & telecom and you can view the rest of Coatue Management's portfolio in the new issue of our Hedge Fund Wisdom newsletter.

This is almost a 10% increase in their position size since March 31st when they owned 2,907,894 shares. Coatue isn't the only major hedge fund to have purchased shares of SINA recently either. John Thaler's JAT Capital acquired a massive SINA position as well.

Sina is a social media company based in China and needless to say is one of the hot investing trends right now. However, shares have seen heightened volatility as they've declined from a high of $147 in April to $86 per share currently.

Given the volatility in the past two weeks, it's tough to be entirely sure as to who which funds still hold a position. This stock is the definition of a 'momentum' name and it will be interesting to see who emerges as a true investor once the sell-off abates.