Dan Loeb’s Third Point Offshore fund rose 1 percent in March, bringing its gain for the first quarter to 3.3 percent. Its long-short portfolio kicked in 0.7 percent of the March gain, while the credit portfolio added 0.4 percent. The New York fund’s net exposure in its long-short portfolio rose slightly to 54.2 percent at the end of March from 53.2 percent the prior month.
Daniel Och’s OZ Master Fund rose 1.05 percent in March. As a result, the New York-based multistrategy fund is now up 3.81 percent for the year. OZ Asia Master Fund was up 2.75 percent in March and 5.45 percent for the first quarter while OZ Europe Master Fund climbed nearly 1 percent in the most recent month, boosting its gain for the quarter to 4.29 percent. The firm, which is publicly traded, also disclosed in a regulatory filing that assets under management declined by $600 million in the most recent month, to $47.3 billion. This decline includes performance as well as capital flows from March 2 through April 1.
Deutsche Bank slashed its price target on hedge-fund favorite Micron Technology, from $40 to $34, noting that third quarter guidance from the company “was worse than we expected.” It points out that the chip maker said it plans to hold onto inventory rather than flood the market. Even so, the bank, which maintained its Buy recommendation, says it remains confident the company can earn its estimates for 2016, adding that at a price-to-earnings ratio of less than 7, “the risk-reward is attractive.” UBS Thursday put out a note that left its $38 price target unchanged, as well as its Buy recommendation. Micron has consistently been among the top five disclosed longs of David Einhorn’s New York-based Greenlight Capital. At the end of the fourth quarter, Greenlight was one of the stock’s top-10 holders, along with Greenwich, Connecticut-based Viking Global Investors and Boston-based Baupost Group. The stock closed Thursday at $26.72, down 1.5 percent.
Michel Massoud, former partner at London-based Cheyne Capital, is planning to launch his own event-driven hedge fund in the third quarter, according to Reuters. His firm is called Melqart Asset Management and is based in London, according to the report. Massoud reportedly plans to start with about $100 million.