Third Point Up 21%

Jan 3 2013 | 12:23pm ET

Third Point ended 2012 in much the same way it spent the rest of the year: making money.

The $10 billion New York-based hedge fund closed out the year with its second-best month of 2012, rising 3.6% in December. That left Third Point up 21% on the year, the hedge fund said today.

Third Point credited its bet on Greek sovereign debt for much of the gain; the position was the hedge fund's best performer for the last three months of the year. Third Point began buying up the bonds after they swooned in the first half of the year, convinced that the European Union would not allow Greece to fall out of the eurozone, a conviction that was proven right.

Third Point has since closed out much of its Greek position; after last month's debt buyback, the bonds are no longer among Third Point's largest holdings.

In addition to the Greek bonds, Third Point said it profited from bets on Yahoo! Inc. and American International Group.


In Depth

In Depth: Are Large Judgments The Next Target for Hedge Funds?

Aug 12 2015 | 3:46pm ET

Hedge funds are no strangers to making investments that are sensitive to litigation...

Lifestyle

Provio Brings Anonymous Interviewing to Wall Street

Aug 12 2015 | 2:44pm ET

Taking a page from social networking and dating websites, a startup technology company...

Guest Contributor

Agecroft Partners: Hedge Fund Industry Assets to increase $250B by Summer 2016

Aug 11 2015 | 11:29am ET

Assets will continue to flow into the hedge fund industry despite long-standing...

 

Editor's Note