Third Point likes opportunities in Europe: letter

Hedge fund manager Daniel Loeb speaks during a Reuters Newsmaker event in New York

NEW YORK (Reuters) – Hedge fund manager Daniel Loeb told investors on Thursday that his $16 billion hedge fund Third Point saw more opportunities in Europe and was positioned to absorb a modest sell-off in U.S. stocks.

Third Point took a position in Italian bank Unicredit Spa and German utility E.ON, the firm said in its first quarter letter. During the first three months of the year, Third Point earned a 5.9 percent return.

(Reporting by Svea Herbst-Bayliss; Editing by Andrew Hay)