Sabrepoint Capital found a software stock that was underperforming to short

Sabrepoint Capital was up 4.35% net for the third quarter after gaining 2.98% in July, 0.57% in August and 0.76% in September. The fund is up 9.73% year to date. Notably, Sabrepoint was one of very few hedge funds with a gain in March. The S&P 500 gained 5.57% during the third quarter.

Q3 2020 hedge fund letters, conferences and more

Sabrepoint is a value-oriented long/ short equity fund with $252 million in assets under management. The fund's average net exposure during the third quarter was 39.7%, and its average gross exposure was 154.7%. The long book contributed 6.86% to gross returns, while the short book detracted 0.94%.

In his...