Third Point rose 3.2 percent in May, bringing its gain for the year to 7.3 percent, according to the firm’s monthly performance report.Although the hedge fund headed by Dan Loeb lagged the S&P 500’s 5.15 percent return in May, it entered the month with roughly 44 percent net long exposure, increasing it to nearly 53 percent by month’s end. Notably, most of Third Point’s biggest winners last month were not among its largest long positions.
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