Fifth Month’s The Charm For Third Point

Jun 5 2009 | 11:20am ET

It took a strong May, but Third Point is back in the black.

The New York-based hedge fund enjoyed a better-than-average month as it played catch-up with the rest of the industry. All four of its funds did at least twice as well as Hedge Fund Research’s HFRX Global Hedge Fund Index, which added 3.15%, according to the firm’s monthly report, obtained by Dealbreaker.com.

And Third Point, headed by noted man of (angry) letters Daniel Loeb, needed it: The all four funds had actually lost ground through April.

The firm’s $1.2 billion Offshore Fund jumped 7.4% in May to end the month up 5.4%. But it was actually Third Point’s smallest fund, $151 million Ultra, that did the best, rising 8.5% to leave its year-to-date return at 6.5%.

Both the Partners and Partners Qualified funds returned 6.4% in May. The former, which manages $175 million, is up 4.3% on the year, and the $333 million latter is up 4.1%.


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