Third Point Dumps PG&E And Six Other Stocks As Equity Exposures Plunge Due To De-Risking [Eclusive]

The Third Point Partners Qualified fund returned -5% for March, more than erasing its earlier gains to bring its Q1 return to -0.6%. According to an email update seen by Hedge Fund Alpha, top contributors for Dan Loeb’s Third Point included Quebecor (OTCMKTS:QBCRF) (TSE:QBR.B) and Brightspeed, while Indra Sistemas (OTCMKTS:ISMAY) (BME:IDR), Somnigroup (NYSE:SGI) and Siemens Energy (OTCMKTS:SMERY) (ETR:ENR) detracted.

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Quebecor shares rose about 2% last month on the back of solid earnings results in late February. The Third Point team reported that the Canadian telecom continued to gain share in the wireless market while displaying disciplined capital returns that included both share repurchases and a boost to the dividend.

Third Point holds both bonds and term loans in Brightspeed or Connect Holding II. Together, those positions gained about 10% last month after being a detractor last year. Third Point said sentiment on the sector improved on the back of the announcement about the merger of Astound Broadband and Google’s broadband business, reigniting expectations for consolidation across the industry.

According to the firm, the positions picked up momentum toward the end of March following reports that T-Mobile could be evaluating an acquisition of Uniti, another broadband provider that Third Point holds a smaller position in.