Vipshop Holdings (NYSE:VIPS) is Horseman’s top small cap bet, and it’s the second largest holding in the hedge fund manager’s entire equity portfolio. He reported ownership of 401,563 shares of the company last quarter, worth around $22.8 million; this was a fairly large increase from the 315,000 shares held one quarter earlier. Vipshop’s stock price has surged by 290% since the beginning of the year, and sports a forward P/E of 40..
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