Southpoint Qualified Fund and Southpoint Qualified Offshore Fund each gained 4.4% net for the third quarter, versus the S&P 500's 5.9% gain and the Russell 2000's 9.3% return. Southpoint's long positions added 10.3% gross and 9.6% net to its third-quarter returns, while its short book subtracted 4.6% gross and 5% net.
The firm's average long position appreciated by 8.7% on a gross basis and 8.2% net, while its average short holding appreciated 7.6% gross and 7.1% net during Q3.
Year to date, Southpoint Qualified Fund has gained 8%, while Southpoint Qualified Offshore Fund is up 7.9%, compared to returns of 22.1% for the S&P 500, 11.2% for the Russell 2000, and 10.4% for the HFRI Equity Hedge Index.
Since their inception in July...
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