By Reuters
BOSTON (Reuters) – Hedge fund Third Point told investors in a letter on Thursday that it was happy with progress at some of its biggest holdings, including Nestle SA, and was well positioned to make money when the market sells off anew.
The $14 billion (11 billion pounds) firm, run by Daniel Loeb, said in the letter that it was confident in Nestle Chief Executive Mark Schneider’s leadership. The letter, seen by Reuters, also said Third Point had helped recruit Mark Clouse as CEO of Campbell Soup Co last year and that it was “confident Campbell has a good long-term case for value creation.”
(Reporting by Svea Herbst-Bayliss; editing by Jonathan Oatis)
