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The aforementioned 13F reveals more than 40 positions as of Sept. 30, with Caesars being the only one with casino gaming exposure. Still, the one million shares are enough to put Loeb’s firm in a tie for ninth with Caas Capital Management among the largest Caesars investors. BlackRock is the biggest at 20.41 million shares, according to Guru Focus data.<\/p>\n<\/div>\n
Based on value at the time of addition and number of shares, Caesars was one of Third Point’s smaller equity investments at the end of the third quarter<\/strong>.<\/p>\nImmediate Payoff<\/h2>\n
The 13F filing doesn’t indicate exactly when the hedge fund purchased Caesars stock. But based on the million shares being valued at just over $56 million, it’s clear the position is already profitable for Loeb’s firm, because the stock closed at $61.38 on Nov. 13.<\/p>\n
While Caesars isn’t the biggest position in the hedge fund’s portfolio, it’s clear the gaming equity played a role in boosting the firm’s returns. Owing to the coronavirus pandemic, Third Point’s 2020 got off to one of its worst starts to a year since its founding in 1995.<\/p>\n
However, Loeb told clients in September that thanks to a strong showing in August, all of the year-to-date losses were erased.<\/p>\n
Loeb isn’t shying away from adding names adversely affected by the pandemic. In addition to the new stake in Caesars, Third Point recently added shares of Walt Disney (NYSE:DIS), another smart move on Loeb’s part, because that stock is higher by 8.64 percent over the past month<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"Count Third Point LLC among the hedge funds embracing Caesars Entertainment (NASDAQ:CZR). The New York-based money manager added one million shares of the gaming giant during the third quarter in a position valued at $56.06 million, according to a Form 13F filing with the Securities and Exchange Commission (SEC) released Friday. Third Point, founded in […]<\/p>\n","protected":false},"author":46,"featured_media":155320,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\n
Third Point, founded by Dan Loeb, Owns Shares of Caesars<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n