Daniel Loeb’s Third Point Q2 Investor Letter

CNBC Stocks – The hedge fund says that with a “doomsday scenario off the table” in the second quarter, it put capital to work in distressed debt and significantly undervalued turn-around situations.

In terms of asset allocation, the fund reports that by June 30, net exposure in its long/short strategy was 37 percent, up from -3.4 percent on April 1. Allocation to credit grew to over 40 percent and risk arbitrage, 20 percent of the portfolio.

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