Are you not enjoying the “rapidity of the rise and collapse of bubbles, fueled by retail trading platforms and social media?” Snowbird Dan Loeb is.
The Third Point Offshore Fund gained 6.5% last month and is up 11% for the quarter while the Third Point Partners Fund gained 6.6% in March and is up 11.3% in the first quarter.
Despite losing about 9 per cent in its flagship hedge fund in a choppy January, Lee Ainslie’s Dallas-based Maverick, which manages $11bn in assets, gained roughly 25 per cent in February and a further 20 per cent last month…. The bets on previously unloved “value stocks” in sectors such as retail, airlines and banks has left Maverick up about 36 per cent in its flagship fund this year to late March, making it one of the world’s top-performing hedge funds
And hey: There’s something in there for Santa Monica born-and-bred Loeb to love, as well.
Real-estate investment trusts overall rose 9% during the three months, beating the S&P 500’s 6% gain, according to data-analytics firm Green Street. Fueling the REIT rally was an 18% rise in the shares of lodging owners and a 32% gain by mall owners.
Loeb's Third Point up 11% in first quarter - investor update [Reuters via Nasdaq]
Maverick’s big bets on unloved stocks pay off in value rally [FT]
Real-Estate Losers in 2020, Like Hotel and Mall Owners, Starred in the First Quarter [WSJ]