Bad breaks for Loeb at Third Point

Fri May 1, 2009




Third Point, the event-driven firm founder Dan Loeb named after a fast wave on Malibu's famed Surfrider Beach, is seeing fewer perfect south swells than it might like. Ill-timed investments in Target and a tricky merger arbitrage position have helped push the fund to a loss this year. Meanwhile, the firm's investor-friendly stance has made it easy for partners to redeem at a time when liquidity is at a premium.


Dan Loeb

For the month through April 24, Loeb's flagship Third Point Offshore had lost 2.5%, leaving the fund down 5% for the year thus far. That result comes on top of a 32.18% decline in 2008, a period when the Absolute Return Event Driven Index lost an average 23.35%.

Meanwhile, Third Point's assets have fallen by almost 70%, to...

ISSN: 2151-1845 / CDC10004H

TAKE A FREE TRIAL

The full contents of this article are available to active AR subscribers and trialists only.

To continue reading please,
take a free trialsubscribe or log in to AR.

Subscribe

Subscribers have unlimited access to all current and archive content. Start your subscription today - click on the button below.

Subscribe now