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Dan Loeb’s Third Point Is Pulling Back From the Market

The multistrategy firm has reduced its technology exposure, boosted health care bets, and grown its short book, according to a letter to investors.

Dan Loeb’s Third Point has taken a more defensive posture.In its third-quarter client letter dated November 9, the multistrategy hedge fund firm best known these days for its activist fight with Campbell Soup said it has deleveraged its portfolio, “meaningfully” reduced its exposure to technology stocks, and grown its short

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