Southpoint Capital Falls -2.6% Net In Q1 As Commodity Bets Surge [Exclusive]

As other hedge funds have reported double-digit declines for the first quarter of 2022, Southpoint Capital Advisors appears to be bucking the trend.

According to a copy of the firm's first-quarter letter, which ValueWalk has been able to review, the fund declined by just 2.6% net of fees and expenses in the first quarter, compared to a loss of 4.6% for the S&P 500 and 7.5% for the Russell 2000.

Q1 2022 hedge fund letters, conferences and more

For the quarter, the fund's net exposure averaged 123% long and 62% short. Long positions detracted 7% on a gross basis, while short positions added 4.9%. The average long position declined in value...