Loeb's hedge fund Third Point reports strong year-to-date performance as it places bets on healthcare

 
Lucy White
The New York Times 2013 DealBook Conference in New York
Loeb took a new stake in London-listed Shire (Source: Getty)

Daniel Loeb's hedge fund Third Point has continued to make strong gains throughout November, according to a performance update from its Offshore Fund.

The fund made estimated returns of 0.1 per cent in November, bringing year-to-date returns to an impressive 18.1 per cent. This compares to a global average of 9.4 per cent returns across all hedge funds from January to the end of October, according to data provider Preqin.

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Third Point, which “seeks to identify situations where we anticipate a catalyst will unlock value”, has recently taken new stakes in businesses such as US chemicals company DowDuPont, payment processor Vantiv and UK-listed healthcare company Shire.

It has also upped its stake in Alibaba, currently holding around $1.1bn-worth of stock, but slashed its stake in Time Warner and Bank of America.

Third Point's largest investment is still Baxter International, a global manufacturer of healthcare products, in which the firm has a $2.6bn stake.

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Today's update came from London-listed Third Point Offshore Investors, an investment company which ploughs its money into the Offshore master fund.

Shares in the company have been climbing steadily over the past year, after taking a hit in late 2015 to early 2016 when Third Point's returns dropped and the firm warned the quarter was “one of the most catastrophic periods of hedge fund performance that we can remember since the inception of this fund”.

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