Southpoint Qualified Fund and Southpoint Qualified Offshore Fund returned 2.5% net for the first quarter, compared to the S&P 500's 6.2% return and the Russell 2000's 12.7% gain. During the first quarter, Southpoint's funds averaged 133% long and 70% short.
Q1 2021 hedge fund letters, conferences and more
The fund's long positions added 13% gross to the quarterly return, while its short positions subtracted 8.7% gross. Southpoint's average long increased in value by 9.8%, while its average short increased in value by 13% during the first quarter. The fund employs a long/ short equity strategy, and its principals previously worked at David Einhorn's Greenlight Capital.
Biggest winners in Q1
In Southpoint's first-quarter letter to investors, which was reviewed by ValueWalk,
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