Wednesday, 27 July 2016
Last updated 36 sec ago
Nov 5 2013 | 10:09am ET
Few hedge funds have managed returns as stellar as those of the Standard & Poor's 500 Index this year. Third Point is not among them, but it is getting close.
The New York-based hedge fund rose a further 1.2% in October to bring its year-to-date gain to 19.4%, Reuters reports. The average hedge fund is up in the mid-single digits this year; the S&P 500 is up about 23%.
Third Point founder Daniel Loeb did not disclose the positions that contributed to the gain.
Word of Third Point's October gain comes just a day after Pershing Square Capital Management announced a major swing in the month, in which it added 7.9% to push its year-to-date returns above 8%. Loeb and Pershing Square's William Ackman, activists both, have publicly feuded this year, notably over nutritional supplements company Herbalife.