Third Point Down 2.6% In June, Materially Cuts Gold Exposure
Third Point, which the last time we looked at back at the end of Q1 was up 9.7% YTD, and still had gold as its top position, has not been spared by the recent market "soft patch", and after losing 2.6% in June is now up 6.8% YTD, just barely outperforming the S&P's 6% rise. The Fund's AUM has also declined from $7.3 billion to $7.1 billion over the last thee month period, the bulk of outflows coming from the firm's Offshore Fund which at last check was down from $4.076 billion to $3.931 billion. What is not surprising, is that the fund's gross exposure has jumped to 2011, and possibly multi-year highs, at just about 160%. Yet the most notable shift is that Loeb appears to have substantially cut his gold exposure, reducing it, which in March 31 was his top position, far lower, with gold now merely the third of all top 5 net exposures, behind Delphi and El Paso (CIT appears to have been added materially in Q2 and is now the fund's 4th biggest position, pushing Technicolor and CVR Energy down the list).
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