CCTV Script 12/11/2013
— This is the script of CNBC's news report for China's CCTV on November 12, Tuesday.
Welcome to the CNBC Business Daily.
Billionaire hedge fund manager Dan Loeb's Third Point Partners has outperformed its peers this year. CNBC's Kate Kelly finds out what other prospects Loeb may be looking at.
[Package on tape by CNBC Reporter Kate Kelly] In the midst of a stunning of a stunning S&P rally, most hedge funds have really lagged the market. But Dan Loeb, the mercurial founder of Third Point Partners, is way ahead of the pack.
Loeb's flagship fund is up more than 19% so far this year, thanks to a number of winning bets. From Yahoo, whose management he helped shake up last year, to a score on Japanese equities and the yen. That's far better than the average hedge fund, with returns of just 7%, and not bad compared to the S&P, which is up about 23.
Loeb, a California native who grew up surfing, is known for his multistrategy approach, which includes everything from investing in distressed Greek bonds to going active on undervalued companies. Earlier this year, he argued for change at both Sony and Sotheby's. Those attempts didn't work out initially, but both stocks are up huge as he keeps trying.
Li Sixuan from CNBC's Singapore headquarters.