Dan Loeb's hedge fund firm Third Point in its third quarter letter talks
about its investments in Baxter and Seven & i Holdings in Japan.
Regarding Baxter, Third Point has joined the board and helped select the new CEO. They see an execution and portfolio reshaping story as well as margin expansion.
Third Point also owns Japan's Seven & i Holdings (which owns the 7-11 convenience stores). They think the company should get rid of its underperforming Ito Yokado stores to become a pureplay on convenience stores. As with some of their other theses in Japan, they're also looking for the company to eventually focus on capital return via buybacks and dividends.
Embedded below is Third Point's Q3 letter:
We've also highlighted other recent shorting activity from Third Point.
Tuesday, November 3, 2015
Third Point's Q3 Letter on Baxter, Seven & i Holdings
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