Loeb's Third Point hedge fund up 19.4 percent through October

Reuters

BOSTON, Nov 5 (Reuters) - Hedge fund manager Daniel Loebtold investors that his Third Point Offshore Fund had returned19.4 percent this year, ranking it among the industry's bestperformers.

In October, Loeb's fund gained 1.2 percent while theStandard & Poor's 500 Index climbed 4.6 percent, according toinformation sent to clients and seen by Reuters.

With bets on Sotheby's and Japan's economicrecovery, among others, Loeb has made investments around theworld through a variety of strategies, including an activistbent where he is pushing for change at the auction house.

Like other managers, Loeb did not say which positions droveperformance last month, saving those kinds of comments for hisquarterly letters.

The average hedge fund has gained only about 5.5 percentthis year, making Loeb's current performance stand out. But thefund manager is not taking in new money and is in fact returningsome to clients later this year to guard against growing toolarge.

Many hedge fund managers are just now tallying their monthlynumbers, but rival investor William Ackman, who also makesactivist bets, already informed clients that he had a verystrong month in which his main fund climbed 7.9 percent. Thatlifts his year-to-date returns to 8.5 percent, helping erase theeffects of losses in July and August.

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