Third Point shifted portfolio to credit after coronavirus selloff [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Third Point shifted portfolio to credit after coronavirus selloff Hedge fund Third Point said on Thursday that it shifted much of its capital into credit investments after panic selling sparked by the coronavirus outbreak took a toll on its stock-heavy fund, with one of its portfolios losing 16% in the first quarter. The firm, run by billionaire investor Daniel Loeb, told clients in a letter seen by Reuters that it invested $2.2 billion in structured and corporate credit securities in mid-March, essentially doubling its exposure. Third Point, which had $16 billion under management at the end of December, said it had not adequately prepared for a possible full-blown pandemic and was caught flat-footed when the world was essentially shut down to blunt the virus’ spread. Its heavy bets on stocks, especially in the aerospace, airline and auto-related sectors, contributed over one-third of the losses in the first quarter, Third Point said. The fund said it cut its stock exposure by roughly
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