Saturday, 18 April 2015
Last updated 7 hours ago
Aug 2 2012 | 12:55pm ET
Third Point suffered through a difficult second quarter, but firm found Daniel Loeb told clients that things are already looking up in the third.
Third Point's flagship Offshore fund lost 2.5% during the second three months of the year, cutting its year-to-date gain to 3.9%, well off the pace of the broader markets, which soared in the first quarter. But Loeb said some of his losing bets have started to pay off again since the end of June.
"The weakness in overall performance can be explained primarily by our long exposure to cyclical and industrial names, which suffered disproportionately as the risk off trade picked up steam through Q2," Loeb wrote. The losses were a result of "renewed worries over U.S. weakness and pervasive concerns about a Chinese hard landing, which punished any assets linked to global growth."
Loeb rehearsed his by-now familiar criticisms of President Barack Obama, calling the man he backed for the White House four years about "unable to articulate or implement policies to spark growth and reduce unemployment."
He did not rehearse his familiar criticisms of Yahoo!, one of his largest investments. Loeb has pushed for—and won—board seats and big changes at the Internet company, and offered praise for its new CEO, former Google Inc. executive Marissa Mayer. Yahoo! was Third Point's "biggest winner for the period."
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…