Lakewood Capital was up 3.1% for the third quarter. The fund’s long equity positions generated a return of 1%, while its hedged long equity positions recorded a 4% return. Short equity positions generated a 7% return, while fixed-income positions generated a 1% return. As of the end of September, Lakewood was 95.9% long and 50.2% short, resulting in a net equity exposure of 45.7%.
Winners and losers
In his third-quarter letter to investors, which was reviewed by ValueWalk, Anthony Bozza said the fund’s biggest winners were their long positions in Alphabet and Brunswick and their short position in