Third Point Posts 4.6% Return in Q2, Led By High Yield Energy Bets

Dan Loeb, aka Mr. Pink_esq, booked a huge return for the second quarter, reversing his short bets in the energy sector and getting long over $1b–into the teeth of CHK bankruptcy rumors.

Loeb conducted all of these acts of heroism and financial winship in the month of February, a time when most managers were soiling themselves, neck deep in losses.

He sold out of AMGN, mainly because it bored him and continues to hold large bets in both AGN and BAX, which is his largest holding.

“The year’s positive performance reflects contributions from nearly all of the strategies we employ; the top five winners include a constructive long equity position, a sovereign debt investment, high-yield debt investments in energy companies, an event-driven long position, and a short equity position in the pharmaceutical industry,” Third Point said.

Third Point has played 2016 like a fine tuned violin this year, almost perfect. God willing they will flail and then implode in the quarters to come.