ACTIVIST investor Dan Loeb, founder of hedge fund Third Point, gave a fillip to FedEx stock yesterday when he revealed that his investment firm owns shares in the delivery company.
Loeb, whose hedge fund oversees $13bn (£8.2bn), said at a Dealbook conference that he met with FedEx chief executive Fred Smith recently.
Shares in New York-listed FedEx were up 2.2 per cent in morning trading following Loeb’s remarks.
Loeb reiterated his bullish views on the Japanese economy, adding that the hedge fund’s investment in Sony had also been a bet on growth policies being pursued by Japanese Prime Minister Shinzo Abe and Bank of Japan governor Haruhiko Kuroda.
“We remain very bullish on Japan,” Loeb said.
Loeb said that he has met twice with Sony boss Kazuo Hirai and that his firm has had a “very good relationship” with the company. He said Sony will continue to benefit from the weakness in the yen.
Loeb has been one of the most vocal hedge fund managers on opportunities to invest in Japan in the past year.
He also said that his bet on nutritional supplements company Herbalife was not an instance of “pumping and dumping” a stock. Loeb took a stake after hedge fund manager William Ackman said the company was a pyramid scheme and had a “short” bet against its shares. Loeb said those accusations were unfounded.