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Morning Brief: Third Point Extends Gains in September

The hedge fund firm’s Offshore Fund is up 14.5 percent year-to-date, besting the S&P 500.

  • By Stephen Taub

Dan Loeb’s Third Point Offshore Fund rose 1.1 percent in September, growing its gain for the year to 14.5 percent. This is slightly better than the 14.2 percent return posted by the Standard & Poor 500 index, according to the event-driven multistrategy firm’s most recent monthly report. The firm’s long-equity book gained 1 percent, offset by a 0.6 percent loss in the short book. The credit book gained 0.3 percent, all on the long side, while what the firm calls “other” kicked in another 0.4 percent. “Other” includes bets on interest rates and foreign exchange, according to the report. Heading into October, Third Point slightly increased its net exposure to 68 percent in the long-short book and to 10.1 percent in the credit book.

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Och-Ziff Capital Management suffered a slight setback in September. The firm reported that total assets under management declined by $500 million last month, bringing total AUM to $31.5 billion. Its main multistrategy fund, OZ Master Fund, lost a mere .08 percent in September and is still up 9.84 percent for the year, remaining among the best-performing funds within its strategy. OZ Asia Master Fund fell 0.80 percent but is up 18.51 percent for the year. OZ Europe Master Fund, on the other hand, rose 0.49 percent, boosting its gain for the year to 5.17 percent.

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Adage Capital Management more than doubled its stake in AnaptysBio to more than 1.23 million shares, or 6.05 percent of the firm’s stock. The clinical-stage biotechnology company is trying to develop antibody products focused on unmet medical needs.

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Viking Global Investors disclosed that as of September 22 it owned more than 2.2 million shares of Abeona Therapeutics, or 5.6 percent of the total outstanding. The pharmaceutical company focuses on developing gene therapy for severe and life-threatening rare diseases. Viking had not disclosed a position in the stock in its June 30 quarterly 13F filing.

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