Philip Hempleman is the Founder, Managing Partner, Chief Investment Officer, and Portfolio Manager of Ardsley Advisory Partners. According to the most recent 13-F filings, Hempleman slashed position in Chinese e-commerce giant Alibaba Group Holding Ltd (BABA), while initiating a new position in the heavyweight, Amazon.com, Inc. (AMZN).

Philip Jay Hempleman started his career at Banker’s Trust and has professionally managed assets for more than 40 years. Hempleman managed portfolios at Oppenheimer and TCW before launching Ardsley Partners in 1987. He holds an MBA from New York University and a BA from Indiana University.

Ardsley is a long/short equity hedge fund with approximately $751.91 million under management. As per TipRanks, the hedge fund has a 3 years annualized return of 1.46% and 12-months average return of 11.35%. Ardsley focuses on value stocks that are growth oriented and offers four separate strategies under its banner. They are a long-biased long-short equity strategy, a renewable energy/clean tech long-short equity strategy, a global technology long-short equity strategy, and a healthcare long-short equity strategy.

Let us now take a look at Hempleman’s key Q3 moves in the services sector.

Sells Alibaba Group Holding Ltd (BABA)

Hempleman trimmed down his firm’s holding in Chinese e-commerce operator Alibaba by 14.55%. The remaining shares translate to approximately 1.08% of the total portfolio and are worth close to $8 million today. However, since the last SEC filing, these shares have gained a little over 10.7% in value.

China’s leading online marketplace operator had a record-breaking annual Single’s day (Guanggun Jie) sale of $25.3 billion this year. This is a 40 percent jump from last year’s figures. To put it in perspective, this one-day event has nearly double the sales from Black Friday and Cyber Monday in the US combined.

Single’s day, celebrated on November 11th (11/11), is an entertainment festival famous among young Mainland Chinese people to celebrate the fact that they are proud of being single. This festival reportedly originated in Chinese universities in the 1990s. Today, it has become the largest offline and online shopping day in the world.