Buyer raises a bid during the sale of jewellery at Sotheby's in GenevaBy means of Svea Herbst-Bayliss, Katya Wachtel and Sam Forgione BOSTON/NEW YORK (Reuters) – Prime U.S. hedge fund managers in the third quarter bought and sold shares of such hotly debated corporations as Herbalife Ltd Ellington Management Crew LLC, a $5.5 billion funding firm founded via Michael Vranos, took a brand new position in auction house Sotheby's and owned 71,500 shares at the finish of the quarter. Daniel Loeb's 1/3 Level, the biggest shareholder in New York City-based Sotheby's with a 9.3 p.c stake, has been pushing for a management shake-up. Farallon Capital Administration, a San Francisco based totally-hedge fund, and activist investor Jana Companions LLC opened new positions in ill retailer J.C. Penney with 500,000 shares and 489,600 shares, respectively.