Loeb’s Third Point makes more new bets on energy, cuts stake in Dow

By on August 13, 2016

BOSTON Billionaire investor Daniel Loeb’s hedge fund Third Point brought new bets within the Vitality and knowledge know-how sectors with investments in Whiting Petroleum Corp., Fb and Activision Blizzard Inc, according to regulatory filings on Friday.

Third Point, which invests roughly $ 16 billion and is broadly followed because of its years of robust returns, also made new bets on Tesoro Petroleum and Devon Vitality Corp. Remaining month Loeb wrote to traders that savvy bets on the Power market had helped the portfolio gain Four.6 percent within the second quarter, beating the broader Standard & Poor’s stock market.

“We came into the 12 months with a brief credit score portfolio that we reversed sharply in February, getting long over $ 1B in Energy credit score,” 1/3 Level stated in its newest quarterly letter to clients. Loeb additionally stated he bought out of Amgen because he noticed better alternatives in other firms.

Among Loeb’s largest holdings, he lower his stake in Dow Chemical Co via 20 p.c as the firm bought 5 million shares. At The finish of the 2d quarter he owned 20 million shares.

Third Point made virtually two dozen new investments in U.S. stocks, which have been revealed in quarterly 13F filings made with the Securities and Exchange Commission.

The filings show what shares dollars owned At The end of the Ultimate quarter.

Third Point additionally exited Signet Jewelers, a widely owned inventory that fell 34 percent in the 2d quarter.

(Reporting with the aid of Svea Herbst-Bayliss; Editing via Bernard Orr)

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