Third Point and Greenlight

I used to write a lot about the foreign listed hedge funds, and there was a lot of content in The Ivy Portfolio on the topic.  They’re hard to invest in for US based investors (due to PFIC rules, I *think*, it’s murky), but they trade like closed end funds and often at a discount.  Third Point hit a 50% discount to NAV back in 2009!

Now some of these funds have jumped on the reinsurance trend in the US, and below are a few hedge fund letters from Greenlight and Third Point…

Below is a (non-log grrr) Chart & download:



Download PDFs

Third Point RE

Third Point Q4 Letter

Greenlight Q4 Letter