Third Point Suffers Setback in May

The firm’s multistrategy fund posted a monthly loss while making money from its short equity and long credit bets.

Daniel Loeb (David Paul Morris/Bloomberg)

Daniel Loeb

(David Paul Morris/Bloomberg)

Dan Loeb’s Third Point trimmed its gains this year, losing money in its long equity book amid a broad and deeper market selloff in May.

Third Point Offshore, the multistrategy fund that firm calls an “opportunistic value investing” pool, had a 1.7 percent loss last month, according to the firm’s latest monthly tear sheet.

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