Thursday, 30 June 2016
Last updated 26 min ago
Jun 3 2010 | 1:01pm ET
Like so many hedge funds, Dan Loeb's Third Point took a beating in May, but the activist hedge fund manager is still boasting strong year-to-date returns.
The firm's largest fund, Offshore, fell -5.6% in May but remains up for the year, gaining 12.% YTD, according to an investor letter obtained by Wall Street Tabloid Dealbreaker.
Third Point Partners L.P. was down -6.1% for the month and is also posting solid YTD returns, up 15.4% for 2010.
The Third Point Partners Qualified fund lost -5.7% in May, bring its performance to 12.4% YTD.
Finally, Third Point Ultra took the worst beating in May, losing -6.8% for the month, but it is still going strong with a return of 12.4% YTD.
May proved tough for many of Loeb's peers, with firms such as Paulson & Co, SAC Capital Advisors and Citadel Investment Group bleeding red during the month. According to the HFRX Global Hedge Fund Index, the average hedge fund lost -2.64% in May.