Saturday, 20 September 2014
Last updated 1 day 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.