Loeb’s Third Point Exited Herbalife Stake in First Quarter

Third Point LLC, the hedge-fund firm run by Daniel Loeb, exited its stake in Herbalife Ltd. (HLF) in the first quarter, according to a regulatory filing.

The fund sold 3.1 million shares of the Cayman Islands-based company valued at about $102.1 million at the end of March, according to a filing today with the U.S. Securities and Exchange Commission.

In January, Third Point disclosed in a regulatory filing that it took an 8.2 percent stake, or 8.9 million shares, in Herbalife amid allegations from Bill Ackman’s Pershing Square Capital Management LP that the direct seller of nutrition shakes was a pyramid scheme.

Third Point, which has $12.9 billion in assets, sold 11 million shares of Yahoo (YHOO)! Inc., bringing its stake to 62 million shares valued at $1.46 billion as of the end of March. Yahoo is still the hedge-fund firm’s largest position by market value. The hedge-fund firm disclosed a new stake in Virgin Media Inc. (VMED) of 11 million shares valued at $538.7 million and 2.7 million shares of Tiffany & Co. (TIF) valued at $187.8 million.

Elissa Doyle, a spokeswoman for New York-based Third Point, declined to comment on the filing in an e-mail.

To contact the reporter on this story: Alexis Leondis in New York at aleondis@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net

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