Brad Gerstner, Altimeter Capital Chairman and CEO, said his hedge fund sold stakes in United Airlines and Expedia, adding that easy gains from the rebound in travel stocks have been realized.

“On July 1 this year after a big run-up in United and Expedia, we distributed those returns to investors…. I still think the travel stocks will be fine… there will be some winners and losers but easy gains off the Covid bottom have certainly been made,” Gerstner said Wednesday at CNBC’s Delivering Alpha conference.

The investor said he expects interest rates and stock growth multiples to normalize to January 2020 levels as the world recovers from the Covid crisis. He revealed that his hedge fund’s net long exposure has reduced to 50% from 90% last year

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