Daniel Loebs hedge fund, Third Point, tooka large stake inAlibabain the second quarter, according to SEC filings.

The fund bought 4.5 million shares of the Chinese e-commerce giant which are worth about $634.1 million. Loeb alsobought a large $654.7 million stake in BlackRockin the period.

Jack Ma, CEO of Alibaba,came to the US in Juneand told Detroit business owners that his e-commerce platform could be a way for small, US businesses to access the large Chinese market. The company is also offering Chinese customers easier access to the global economywith a partnership with Marriott. The strategy seems to be popular with investors, as Alibaba is up 70.99% this year and popped after the Marriott deal.

The SEC filings represent second quarter holdings by Third Point, so the firms positions could have changed since the end of the quarter. The firms largest holdings disclosed in the filing were in Baxter International and Dow Chemical. BlackRock, a position the firm took in the second quarter, is the third largest holding.

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Billionaire hedge fund manager Daniel Loeb made a big bet on Alibaba (BABA)