(Bloomberg) -- Dan Loeb’s Third Point LLC gained 17.1% last year boosted by a wager on Campbell Soup Co. Third Point was able to overcome skepticism that it could turnaround “what most thought was a moribund and declining business,” the firm said in a letter dated Jan. 30. Campbell shares rose 50% last year, prompting the hedge fund to take some profits and reduce its position to below 5% of the company. Third Point though remains bullish. The business has been stabilized, and a compelling turnaround is underway, Third Point said.