SoftBank Liquidates Most of Portfolio at ‘Nasdaq Whale’ Unit: FT
April 2, 2022, 7:47 AM EDT
SoftBank has closed most of its positions in the internal hedge fund SB Northstar following losses of between $6 billion and $7 billion from the so-called ‘Nasdaq whale’ trades, the Financial Times reports, citing an unidentified person familiar with the matter.
Citing regulatory filings, the Financial Times reported Saturday that Northstar’s investment manager, SB Management, held a bit more than $1 billion in U.S. listed stocks at the end of 2021, down from more than $17 billion a year earlier. The majority of their European investments were also dissolved during the same period, which included a $5 billion bet on drug-maker Roche Holding AG, the person told the FT. The ‘handful’ of positions left had been transferred to SoftBank Group, FT reported.
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