Loeb’s Third Point Made Money in January Amid Hedge Fund Turmoil
Loeb’s Third Point Made Money in January Amid Hedge Fund Turmoil
(Bloomberg) -- Hedge fund titan Dan Loeb managed to make money in January, despite the tumult caused by amateur traders that imposed bruising losses on several of his industry peers.
Loeb’s Third Point Offshore Offshore Fund gained 1.9% this month, according to an investor update seen by Bloomberg. His Third Point Partners LP fund gained the same amount, the update showed. A spokeswoman for the firm declined to comment.
Third Point joins Coatue Management in skirting losses while a slew of investors saw their hedge funds plunge after shares of companies they’d bet against were driven up by frenzied trading, or from the ensuing market havoc. Firms including D1 Capital Partners, Melvin Capital Management, Point72 Asset Management and Viking Global Investors suffered losses this month.
Coatue’s performance is about flat so far this year, Bloomberg reported Friday.
Hedge funds were roiled after amateur traders banded together to drive up shares of companies including GameStop Corp., AMC Entertainment Holdings Inc. and other stocks that some funds had bet against. Some of the funds hurt by the GameStop short may have pared losses before the end of the month after trading in the shares was halted.
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