Another Setback for Dan Loeb’s Third Point

October gains in the credit book were not enough to offset losses from equities.

Daniel Loeb (David Paul Morris/Bloomberg)

Daniel Loeb

(David Paul Morris/Bloomberg)

Third Point Offshore had another setback in October.

The multistrategy hedge fund headed by Dan Loeb dropped 0.8 percent for the month, cutting its gain for the year to 3 percent. Major stock indices lost substantially more in October.

Once again, a bet on credit partly saved the fund, which has about 37 percent of net exposure in the asset class compared with a nearly 72 percent equity net exposure.

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