Daniel Loeb’s Third Point Avenue up 1.5% in March – Net Equity Exposure Rises

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Daniel Loeb’s Third Point Avenue, flaghship hedge fund, was up 1.5% in March. The year to date return is 6.5%. The hedge fund currently has close to $4.7 billion in AUM. The total assets of the firm is currently, $8.9 billion.

Loeb’s exposure barely changed from last month, as we reported exclusively.

The hedge fund is 66% net long in US equities, and net long 2% in Asia. The fund is 16% long and 16% short in Europe, Middle East and North Africa. Last month, the fund was 1% net short in Asia. Otherwise, the exposure has not changed in for US and EMEA equities.

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The annualized return since inception in 1996 is 17.5%, compared to S&P 500 return of 6.0%. Furthermore, Loeb has crushed the index while using less risk. The sharpe ratio of the fund is 1.27, and annual standard deviation is 310 basis points below the index.

The hedge fund is 38.2% net long in US equities, a slight increase from 36.7% last month. Credit net exposure is 17.8%, and other (private investments, risk arbitrage, MBSs, currency, and other) net exposure is 11.3%.

Loeb has drastically increased the fund’s investments in credit and mortgage backed securities since the market had a large drop in October 2011, a continuation of what we noted last month.

 

Below are the top holdings of the fund across asset classes and geography, in descending order. The positions, besides Apple (now Ally) have not changed since last month:

Yahoo! Inc. (YHOO). We have written dozens of articles on Dan Loeb’s proxy war with Yahoo, which you can find here.

Gold (GLD)

Eksportfinans ASA

Delphi Corporation (DLPH)

Ally Financial

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