A UK hedge fund made a $500+ million bet on Wells Fargo (WFC)

UK-based hedge fund firm Lansdowne Partners invested more than half a billion in Wells Fargo in the first quarter.

The fund invested about $544 million in the bank during the first three months of this year, according to a Bloomberg analysis of Lansdowne’s 13-F filing.

The fund also increased its position in Bank of America, one of the fund’s top holdings, with a value of about $1.1 billion, the analysis shows.

Investors filed 13-F documents within 45 days of each quarter’s end, so the fund’s positions may have since changed.

The filing also does not give a full picture of an investor’s portfolio, as it only shows its long stock positions, as well as options and convertible bonds.

In other words, what appears to be a long position could be hedged out by other means.