26th Aug 2015 09:39
LONDON (Alliance News) - Third Point LLC, the hedge fund investment manager founded and run by Daniel Loeb, is looking to be opportunistic during bouts of market volatility in the remainder of 2015.
According to a regulatory filing for Third Point Offshore Investors Ltd, a London-listed feeder fund that invests in Third Point Offshore Master Fund LP through Third Point Offshore Fund Ltd, investment manager Third Point LLC expects market volatility "across geographies" in the second half of the year.
In its review of performance in six months ended June 30, Third Point LLC said it will "carefully monitor macroeconomic developments and search for compelling investment opportunities with attractive entry points".
Third Point LLC said it was net long on equities and credit investments at the end of June. In contrast, it was net short on macro investments.
Third Point Offshore Investors Ltd's net asset value per share increased by 5.2% in the first half, it said on Wednesday, for both the US dollar and sterling share classes. A monthly report for July, published earlier in August, showed that the Third Point Offshore Fund was up 0.8% that month and 5.7% in the year to the end of that point.
The investment manager's review said it navigated volatility in the opening quarter of 2015 by cutting exposure heading into the year and adjusting the portfolio hedging strategy.
"Global macroeconomic concerns and mixed US data drove markets down towards the end of the second quarter. However, the manager benefited from strong performance during the beginning of the second quarter and careful exposure management to finish the period with positive returns," the investment manager's review said.
It said that performance in both quarters was led by strength in both the equity and structured credit portfolios.
"The equity portfolio accounted for nearly half of the returns for the first half of the year. Within equities, performance was driven by several core positions in the consumer and industrials and commodities sectors," the review said.
"The structured credit portfolio contributed nearly 50% of total fund returns, despite significantly less exposure relative to equities. The manager has also made a successful, opportunistic sovereign credit investment and continues to uncover attractive risk-adjusted opportunities in the performing and distressed credit markets," the review added.
The London trust is chaired by Marc Antoine Autheman, who chairs clearing house Euroclear and investment company Cube Infrastructure Fund.
Autheman said: "We remain confident in the outlook for the company and the investment manager's ability to identify compelling investment opportunities and deliver attractive returns for our shareholders."
By Samuel Agini; [email protected]; @samuelagini
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