Dan Loeb told investors in a letter that while Sony “has avoided the topic of portfolio optimization,” the company should consider divesting non-core assets beyond what it has done already
The activist investor wrote that the conglomerate was a significant growth driver for his firm Third Point in fiscal 2019, listing it among his"top five winners for the year."The hedge fund manager and founder of asset management firm Third Point told investors in a letter Thursday that while Sony Corp. “has avoided the topic of portfolio optimization,” the company should consider divesting non-core assets beyond what it has done already.
, he praised Sony’s leadership, saying it had “a capable management team open to improving shareholder value and willing to listen to our suggestions about how the company could reach its full potential.” Loeb also wrote that Sony as a significant growth driver for Third Point in fiscal 2019, listing it among his “top five winners for the year.” Loeb wrote that the company benefited from timing, having “invested in Sony in Q1 2019 when shares traded down on market fears that cloud gaming posed a substantial threat to the company’s PlayStation franchise and overall gaming business.”
Sony shares were trading between $43 and $48 in Q1 2019. They were trading at $71 as of writing. The company reports its Q3 2019 earnings next week.
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