Third Point's Daniel Loeb believes the odds are rising that former President Donald Trump will win the U.S. presidency this November over Vice President Kamala Harris and the influential hedge fund manager is increasing positions that would benefit under a Republican administration and Congress.
But Loeb in his quarterly missive said he was increasing both "stock and option purchases" to bet on the Trump win scenario.
Loeb is not alone on Wall Street in making those bets with JPMorgan most recently highlighting gains in bank stocks and the U.S. dollar as signs more investors see a Republican win.
The fund gained 4% last quarter, according to the letter, also trailing the market.
But he sees the improvement in market breadth that began in the third quarter continuing, especially under a Republican administration.
Persons:
Point's Daniel Loeb, Donald Trump, Kamala Harris, ", Loeb, Harris, missive, Biden, CNBC's Scott Wapner
Organizations:
U.S, Republican, CNBC, Biden, NBC, Trump, JPMorgan
Locations:
U.S, Danish