Daniel Loeb’s Third Point Offshore is back in positive territory. The hedge fund, managed by New York-based Third Point, jumped 1.7 percent in May and is now up 1.2 percent for the year. The multistrategy hedge fund’s long-short equity book gained a net 1 percent, thanks solely to its long positions, having lost money on the short side. Third Point’s credit book added 0.8 percent, mostly thanks to long positions, although short positions kicked in a bit to the gains. Entering June, Third Point has a roughly 46 percent net exposure in its long-short book, down sharply from about 54 percent the month before.
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Shares of one-time hedge fund darling Valeant Pharmaceuticals International rose 4.5 percent on Wednesday after surging nearly 9 percent during the trading session as investors become more confident the embattled drug maker will file its tardy financial reports by its new deadline. The stock has now climbed nearly 20 percent in the past three weeks. But it is still selling for less than half its closing price in mid-March.

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A tiny tech company whose stock price surged nearly 300 percent on Wednesday counted two of the biggest hedge fund firms as its largest shareholders. Ocean Power Technologies, which offers ocean wave power generation and energy storage systems, closed at $6.04, up from $1.53 at the close of the previous day, after the company announced a major deal. Its two largest shareholders are East Setauket, New York-based Renaissance Technologies and Chicago-based Citadel, although the stock is not a major position for either of the investors. The biggest surprise is that these two giant firms even bothered buying shares in the company, which now has just an $11.6 million market capitalization.

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PointState Capital more than doubled its stake in of Grupo Supervielle S.A., to 3 million ADR (American depository receipts), or 6.3 percent of the Argentine financial services firm.