Event-driven: Third Point slips


Event-driven players have done relatively well this year, though as a group these funds still fell in May. The Absolute Return Event-Driven Index dropped 0.43% for the month, leaving it up 7.31% YTD. Results in May were mixed. Dan Loeb's Third Point Offshore gave back half of this year's gains, losing 6.3%* in May to total 6.36%* for the year. Highbridge Event Driven Relative Value Fund dropped 4.2% for the month to total 1.89%. Thomas Sandell's Castlerigg International slipped 0.37%*, remaining up 8.87%* YTD. There were winners as well, with Steve Feinberg's Cerberus International gaining 2%*, putting the