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

Israeli Hedge Fund Harnesses Big Data

Jul 28 2014 | 8:10am ET

Apica Green is a multi-million dollar Israeli hedge fund that is based in Tel Aviv...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

Why Is The Shipping Industry Underwater?

Jul 31 2014 | 7:31am ET

Anyone who’s taken a look at the global shipping industry recently probably knows...

 

Publisher's Note