Successful activist bets have helped Third Point, the New York-based hedge fund firm founded by Daniel Loeb, to record an 8% return for its main offshore fund and a 8.7% gain for its Ultra strategy so far this year, according to a report by Reuters.
The report cites an unnamed sources familiar with the matter as confirming the performance figures. which extend last years 3/6% annual gain following a 22% loss in 2022. Credit and venture capital strategies also helped boosted results, according to the source.
Third Points successful activist bets so far this year include Advance Auto Parts (AAP.N) and Bath & Body Works (BBWI.N), with Third Point having successfully agitated for changes that include new Board members at both firms.
Third Poiunt’s returns were also boosted by power generation company Vistra which recently closed on the acquisition of a nuclear power generator.
