Daniel Loeb, the billionaire head of activist hedge fund Third Point LLC, is increasing his hedges and lowering his overall market exposure ahead of Tuesday’s presidential election. Loeb is insulating his fund from an unexpected election result that would be similar to Britons’ vote in June to leave the European Union.
“We’ve reduced our exposures, we’ve cut some positions and increased some hedges,” Loeb said during a Friday morning conference call of his Bermuda-based re-insurer, Third Point Re.
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