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third point hedge fund gains 18 percent nearing best results since 2021
Dan Loeb's Third Point hedge fund gained 2.7% in October, bringing its year-to-date performance to 18.4%, nearing its best results since 2021. Key contributors included Taiwan Semiconductor Manufacturing and LPL Financial, while Bath & Body Works was a significant detractor. The fund's net long exposure in equities remains around 75%, with major positions in PG&E, Amazon, and UBS, the latter acquired after Credit Suisse's troubles.
California governor seeks solutions to reduce high electricity rates
California Governor Gavin Newsom has directed state agencies to explore ways to reduce the state's high electricity rates, which are among the highest in the nation, while ensuring that climate change efforts remain intact. This initiative aims to tackle the growing affordability crisis affecting housing and fuel costs. Recommendations from the agencies are expected by January 1.
third point lags behind benchmark despite strong september performance
Dan Loeb's Third Point hedge fund achieved a 2.9% gain in September, outperforming the S&P 500's 2.1%, but remains behind the benchmark for the year with a 15.6% increase compared to 22.1%. Key contributors included Vistra Corp., Amazon, and Meta Platforms, while losses came from Advance Automotive Parts and Airbus. The fund's stock portfolio is currently 75% net long, maintaining its top positions in Pacific Gas & Electric, Amazon, and Taiwan Semiconductor Manufacturing.
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