21st Feb 2024 14:10
Third Point Investors Ltd - Feeder fund that invests in the Third Point Offshore Fund - Says master fund generated 7.6% gain in fourth quarter of 2023, up sharply from 1.2% a year prior, with contributions from equity longs, risk arbitrage, and corporate credit offset modestly by equity shorts and hedges. Third Point adds that most of the major detractors during the first and second quarters rebounded in the second half of the year. Alongside its successful risk arbitrage positions in Activision Blizzard and US Steel Corp, the firm says that this resulted in equity returns above the benchmark indices for the period. Activision Blizzard was bought by Microsoft Corp for about USD69 billion in October, and US Steel is proposed to be bought for USD14.1 billion by Japan's Nippon Steel. Read More
