New fund moves into Chesapeake

Third Point: Said to have bought into Chesapeake

AFP/Scanpix

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By News wires

 03 July 2012 19:26 GMT

Daniel Loeb's Third Point hedge fund told investors it recently amassed a big position in embattled natural gas producer Chesapeake Energy Corp, an investor source said.

The hedge fund, in a June email alert to investors, listed Chesapeake as its fourth largest position, according to the source and copy of the email reviewed by Reuters.

Loeb, a well-known activist investor, did not disclose if he was net long or short Chesapeake.

A person familiar with Third Point who did not want to identified told Reuters that the hedge fund could have acquired its position through a combination of buying shares, debt and derivatives.

A short position is a bet a stock or bond will decline in price.

Third Point's big…

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