David Einhorn Cubs Detail Long LDOS ThesisRupert Hargreaves
Southpoint Capital Advisors, the $3 billion New York hedge fund founded by former employees of David Einhorn’s Greenlight Capital, added 3.8% net during the third quarter of 2016, bringing year-to-date returns to 5.2% and cumulative returns since inception (July 2004) of 237.4% according to the fund’s third-quarter letter to investor a copy of which has been reviewed by ValueWalk.
Over the same period, the Russell 2000 has returned 149.3%, the S&P 500 has returned 145.3%, and the HFRI Equity Hedge Index has returned only 71.5%. During the quarter the fund was on average 115% long and 57% short. On a gross basis, long positions add 9.1% to quarterly returns and short positions detracted 4.1%. The average long increased in value by 8.3% and the average short increased in value by 7.5% during the quarter.
Southpoint Capital Advisors Up 5.2% YTD
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