Third Point’s Dan Loeb continues to grow more
bullish by the month. The multistrategy manager best known for
his shareholder activism boosted his overall and net exposure
to the stock market for the third straight month. Entering
Third Point boosted its gross exposure to 102 percent and
its net exposure to 71.4 percent. This compares with 86 percent
and 57.2 percent, respectively, just two months earlier.
The Third Point Overseas fund gained 0.8 percent in March
and is up 5.9 percent for the year. This compares with the 6.1
percent gain posted by the Standard & Poor’s
500 stock index in the first quarter.
Loeb has made it clear he has become more bullish on the
market since Donald Trump was elected president. In March, his
long-short equity book returned 0.9 percent, driven primarily
by gains on the long side. The credit book was off 0.2 percent,
all from the long side.
Tiger Global Management boosted its stake in Apollo Global
Management by about 10 million shares, to more than 23 million
shares. As a result, the Tiger Seed now owns 12.5 percent of
the private equity firm headed by Leon Black. It did not own
any shares in Apollo at year-end.
Highfields Capital Management disclosed it owns 11.5
million shares of Silver Run Acquisition Corporation II, or
11.11 percent of the total outstanding. Yesterday we reported
Adage Capital Management took a 5.5 percent position in the
energy-focused special purpose entity sponsored by an affiliate
of Riverstone Holdings. It completed its initial public
offering on March 29.
Point72 Asset Management disclosed it owns more than 2.3
million shares of Match Group, or 5 percent of the owner of
several online dating websites. At year-end, Steve
Cohen’s well-diversified family office did not
report a position in the company.