market folly

Steve Mandel's hedge fund firm Lone Pine Capital just disclosed an updated stake in SouFun Holdings (SFUN).  Per a 13G filed with the SEC, Lone Pine now owns 6.4% of the company with over 3.6 million shares.

At the end of 2013, Lone Pine owned 45,000 call options on SFUN, but didn't own any common stock at that time.  The latest filing was made due to activity on February 21st.

The brand new issue of our Hedge Fund Wisdom publication highlighted a few weeks ago that Passport Capital owns a sizable stake in this name as well.

Per Google Finance, SouFun "operates as a real estate Internet portal in China. The Company also operates home furnishing and improvement Websites. Through SouFun's Websites, it provides marketing, e-commerce, listing, and other value-added services for China's real estate and home-related sectors. SouFun's Internet portal focuses and supports SouFun's users in seeking information on the real estate and home-related sectors in China. SouFun maintains about 100 offices to focus on local market needs and its Website and database contains real estate related content covering more than 320 cities in China. Its www.soufun.com Website contains links to other specialized real estate and home furnishing and improvement Websites, including its www.jiatx.com Website, its e-commerce transaction and payment platform."

You can view additional recent portfolio activity from Lone Pine here.