Sunday, 3 May 2015
Last updated 2 days ago
Apr 11 2013 | 12:57pm ET
Third Point said that its investment in Herbalife was among the drivers of its strong first quarter.
The $11.7 billion New York-based hedge fund's flagship rose 9% in the first three months of the year, thanks in part to its bet on the nutritional supplements company, which earned Third Point at least $50 million. Unlike Pershing Square Capital Management's William Ackman and Carl Icahn, however, Third Point has exited its Herbalife position, leaving the two longtime adversaries to duke it out over the company, which Ackman calls a pyramid scheme.
Third Point also gained on Yahoo! Inc. and on a short against Japan—both the yen and Japanese equities.
"We previously highlighted that we expect 2013 to be a favorable year for Third Point's bread-and-butter event-driven investing style," Third Point said this week.
The hedge fund, which returned 21% last year, didn't win on everything: Its bets on Greek bonds, which have fueled much of its recent returns, were among its worst on the quarter, as was an investment in gold.
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…