Dan Loeb’s Third Point Loses on Argentina

A bad bet on sovereign debt overshadows its activist gains.

Daniel Loeb (David Paul Morris/Bloomberg)

Daniel Loeb

(David Paul Morris/Bloomberg)

The activist positions Dan Loeb is so well known for have been among his Third Point hedge fund’s top five performers in 2019, but a bet on Argentina sovereign debt managed to tip it into the red for the third quarter.

“Our largest loss in the third quarter was in Argentine sovereign debt, when a surprising outcome in the August 11th presidential primary caused a panic in the capital markets,” Third Point wrote in its third-quarter letter released Thursday.

Third

To continue reading, subscribe now to Premium Journalism. Already a subscriber? login.

Related