Daniel Loeb’s Third Point LLC Longs for Less Short Positions

June 28th, 2013
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But for a huge short position it has on the books, Daniel Loeb’s Third Point LLC’s returns this year could well exceed the 15 percent its has generated thus far. According to CNBC, Third Point LLC took the first step in getting out from underneath its underperforming short positions by letting go of Jim Carruthers, the master-mind of the hedge fund’s small-stock short strategies. Although the short book has contributed to Third Point LLC’s positive performance over the years, the drag short positions have created on returns in this market environment along with the higher transaction costs and compensation associated with short trading has stunted overall returns.
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Third Point Management Company
Related People: Daniel Loeb; James L. Carruthers*; Munib Islam; Robert Schwartz; Tim Lash
Related Entities: Third Point LLC; Third Point Opportunities Master Fund LP; Third Point Resources LP; Third Point Ultra Master Fund LP; Third Point Ventures
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles; Hedge Fund Jobs, Hirings and Firings

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