Third Point Drops 3% In March, Einhorn Up 4.5%
The ridiculous market moves in March have dealt Dan Loeb a tough hand, causing Third Point to lose 3.1%, bringing its YTD performance to -1.5%. The 8.8% run up in the S&P will spare few hedge funds and as the performance letters start rolling in, I expect to see much more pain for managers who did not flip shorts fast enough, or got caught in the Citi arb.
In the meantime, seven card stud David Einhorn and his Greenlight are rocking it with a 4.5% return in march and a 5.5% return for Q1. Among his profitable positions reader anonymous speculates were his VMware short and EMC long, and of course his big time bet in GLD and GDX. On the losing side are likely Arkema and Criteria Caixa.