Southpoint Capital's two funds were down 3.5% net for the third quarter, compared to the S&P 500's 0.6% gain and the Russell 2000's 4.4% decline. The funds' long positions subtracted 5.6% gross from their quarterly return, while their short book added 1.6% to the return.
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Southpoint's average long declined 4.6%, while its average short decreased 2.7% during the third quarter. In their third-quarter letter to investors, which was reviewed by ValueWalk, the Southpoint team said their five biggest contributors added 1.8% to their gross return.
Biggest Long Contributors
Their long position in LPLA Financial contributed 0.7% to their gross return after a strong...
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