Third Poi. $ Share News (TPOU)

LONDON (Alliance News) - Hedge fund Third Point Offshore Investors Ltd said on Friday it saw a positive return across its share classes for 2017 amid a favourable economic backdrop.

Third Point reported a 18.9% return for its US-dollar share class in 2017, with its net asset value per share standing at USD20.25 at the end of the year. This was up from USD17.63 on the same date the year before.

Meanwhile, Third Point reported an 18.1% return for its UK pound share class over 2017, ending the year with a net asset value of 1,921.00 pence per share, up from 1,684.00p the year before.

Third Point's UK pound denominated shares were broadly flat at 1,609.00 pence in Friday trading, while US dollar denominated shares were down 0.8% at USD16.52.

The performance was due to strong stock selection in event-driven situations, several large constructivist investments, short selling efforts, and maintaining a well-balanced portfolio, the company said.

"I am pleased to report a strong performance from Third Point Offshore Investors for 2017 with significant NAV growth throughout the period. This was driven by the Investment Manager's ability to allocate flexibly across the capital structure and among different strategies, to identify optimal value and produce excellent returns," said Chairman Marc Autheman.