Third Point Partners

Third Point Partners | Hedge Fund Notes

Below please find the Hedge Fund Tracker profile for Third Point Partners and Daniel Loeb.

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Resource #1: (3.11.09) Another prominent hedge fund is turning to gold to weather tough times.

Third Point has told investors that it has moved a substantial amount of its assets into the precious metal, following the lead of another activist hedge fund shop, Greenlight Capital. Gold is now the single largest holding in Third Point’s fund, the Financial Times reports.

Third Point founder Daniel Loeb, famous for his poison pen, offered a self-critical take in the letter, acknowledging that “mistakes were made” last year. Were they ever: Third Point plunged 38% in 2008, although it has recovered somewhat this year, returning 1.8% so far. source

Resource #2: NEW YORK -- SunGard (http://www.sungard.com) today announced that Third Point Partners (Third Point), a $4bn hedge fund trading long/short equity, has selected FRONT ARENA, a real-time, integrated cross-asset trading platform (www.sungard.com/frontarena). Third Point, based in New York, will deploy FRONT ARENA to manage trading, P&L, risk management and operations.

Third Point will use FRONT ARENA to help centralize risk and operational control and manage its trading activity. FRONT ARENA will help Third Point to increase operating efficiency. The multi-strategy solution connects industry participants including prime brokers, fund administrators and third party systems. FRONT ARENA also contains extension tools for adding proprietary models, modifying analytics and enhancing the application. source

Resource #3: Third Point Partners and Third Point Partners Qualified purchased shares of Common Stock in a private placement completed simultaneously with the closing of the initial public offering of the Company, on June 19, 2007.

The Funds expended an aggregate of approximately $36,265,000 of their own investment capital to acquire the Units and shares of Common Stock held by them. Third Point Partners expended an aggregate of approximately $16,242,324 of its own investment capital to acquire its Units and shares of Common Stock, and Third Point Partners Qualified expended an aggregate of approximately $10,541,176 of its own investment capital to acquire its Units and shares of Common Stock. Mr. Loeb, Mr. Bernstein and Mr. Swanson expended $1,200,000, $600,000 and $60,000, respectively, of their own personal funds to acquire the Units held directly by them. source

Resource #4: Daniel Loeb's Third Point LLC, the New York-based hedge- fund firm with $5.4 billion invested in companies undergoing change or poised for restructuring, posted a 2 percent gain across its funds in September, according to an investor. The increase brought 2007 returns to 10 percent. Loeb, 45, who started Third Point in 1995, was unavailable for comment.

Loeb, like billionaire investor Carl Icahn, recently boosted his stake in software maker BEA Systems Inc. of San Jose, California, which is the subject of takeover talks. Third Point said in August that it bought 9.65 million shares, or 2.5 percent, of BEA, whose software helps Internet-based programs exchange information. Icahn raised his stake from 11 percent to 13 percent just this week, he said today in a regulatory filing. BEA shares are up 6.8 percent since June 1. source

Resource #5: Third Point LLC, run by Daniel Loeb, lost 2.9 percent last month from its $2.5 billion Offshore Investors Ltd. fund, bringing the decline for the year to 31.1 percent, according to a Dec. 2 statement by the New York-based firm.

Hedge funds focusing on emerging markets lost the most in November, declining 3.53 percent, HFR said. Those funds have lost 36 percent this year, HFR said. Equity funds fell 2.66 percent, bringing their loss since January to 25.6 percent. source

Resource #6: Other managers with above-average losses for the month included Stephen Mandel, whose main Lone Cypress fund in Greenwich, Connecticut, fell 14.7 percent. New York-based Third Point LLC, run by Daniel Loeb, dropped 11 percent. source

Resource #7: Daniel Loeb, whose Third Point LLC is being investigated by regulators, said his ``give-and-take'' with other hedge-fund managers doesn't violate securities laws.

The U.S. Securities and Exchange Commission is probing New York-based Third Point, which manages $5.6 billion, for its communications with other hedge funds, Loeb said in a July 25 letter to clients. The investigation follows an SEC audit last year during which examiners noted the firm ``regularly communicated with hedge funds about investment and trading ideas,'' according to the letter. source

Resource #8: Dan Loeb, the voluble chief of Third Point Partners who's famous for slamming competitors in open letters that end up all over the Internet, apparently refers to Griffin as a "gerbil

In 2005, after Griffin snagged an analyst from another shop, Loeb sent an e-mail to Griffin: "I find the disconnect between your self-proclaimed 'good to great, Jim Collins-esque' organization and the reality of the gulag you created quite laughable. You are surrounded by sycophants, but even you must know that the people who work for you despise and resent you. I assume you know this because I have read the employment agreements that you make people sign." Citadel declined comment, as did Loeb. source

Resource #9: Daniel Loeb, CEO of the $5.6 billion New York–based activist hedge fund firm Third Point, has revealed in a letter to investors that his funds had suffered from a sharp reversal in energy and financial stocks during the first three full weeks of July, sustaining losses “in the high single digits” that effectively erased all of its gains for the quarter. (The Third Point Partners Fund was up 8 percent for the second quarter and 3.6 percent for the year before its July troubles.) source

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