| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 13% | -0.6% | -0.6% |
Third Point returned -0.6% in Q1 2026, outperforming the S&P 500 by approximately 400bps during a turbulent quarter marked by the Iran War and resulting 70% oil price spike. The fund had a strong start with diversified gains in semiconductors, power infrastructure, and aerospace positions before geopolitical turmoil and private credit unwinds impacted markets. Key winners included MasTec, Siemens Energy, and Keysight Technologies, while losers included CoStar Group, from which they fully exited after management continued investing in the failing Homes.com venture. The fund initiated a position in Spanish defense champion Indra Sistemas, benefiting from Spain's commitment to increase defense spending to 2% of GDP. Their single-name short book performed well, returning 7% gross by capitalizing on housing affordability issues, GLP-1 impact on consumer staples, and AI disruption of service industries. Despite recent exposure increases, they maintain a defensive posture while preparing for various outcomes from ongoing geopolitical conflicts and their economic implications.
Third Point employs an event-driven strategy across equity long/short, corporate credit, and structured credit, focusing on companies undergoing significant changes while maintaining defensive positioning during periods of geopolitical and market uncertainty.
The fund is prepared for a wide range of outcomes depending upon the course of the conflict in Iran and oil price movements. Despite recent increases in exposure, they maintain a relatively defensive posture. They expect continued growth in demand for compute power and are investing when prices are appealing. They remain concerned about the timing of substantial US workforce restructuring.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 10 2026 | 2026 Q1 | AMZN, CASY, COF, CRH, CRS, CSGP, ENR.DE, IDR.MC, KEYS, MTZ | AI, credit, defense, Event-Driven, Long/Short, oil, private credit, Structured Credit |
INDRA.MC CSGP |
Third Point outperformed the S&P 500 by 400bps in Q1 2026 despite a -0.6% return, navigating Iran War-driven oil spikes and private credit stress. Strong semiconductor and defense positions offset losses from exited CoStar position. Short book delivered 7% returns targeting housing, GLP-1 disruption, and AI displacement themes. Maintaining defensive positioning while selectively deploying capital. |
| Feb 6 2026 | 2025 Q4 | 000660.KS, 034730.KS, BHC, CRS, CSGP, DSV.CO, ENR.DE, META, MIK, MSFT, PCG, PRMB, QBR.B.TO, SNBR, TPG, VST | AI, credit, defense, healthcare, Mortgage, semiconductors, Telecom, value |
402340 KS SGI |
Third Point capitalizes on AI-driven market rotation from software to semiconductors and capital-intensive industrials. Core holdings include discounted Korean holding company SK Square and dominant mattress consolidator Somnigroup. Increasing healthcare exposure while expanding credit opportunities from private equity monetization struggles. Despite high market multiples, positioned for friendly macro environment with GDP acceleration and disinflation supporting corporate fundamentals. |
| Oct 31 2025 | 2025 Q3 | 000660.KS, 005930.KS, 402340.KS, 6361.T, AMAT, CRH, DSV.CO, FIX, FLTR.L, GOOGL, KVUE, LSEG.L, MIK, MSFT, MU, NVDA, PCG, PRMB, TSLA, TSM | AI, Asia, credit, distressed, Event-Driven, Memory, semiconductors, technology |
000660 KS 6361 JP TSM NVDA CRH LN 000660 KS 6361 JP TSM NVDA CRH LN |
Third Point gained 3.2% in Q3 through AI semiconductor winners TSMC and NVIDIA, while adding international exposure via SK Hynix and Ebara. Credit market dislocations created distressed opportunities. The portfolio is positioned for Fed rate cuts benefiting structured credit. Despite market concentration risks in AI, the firm expects favorable conditions to persist driven by compute demand and monetary easing. |
| Jul 30 2025 | 2025 Q2 | CASY, COOP, DSV.CO, ENR.DE, FTV, INF.L, KVUE, LSEG.L, LYV, NVDA, PCG, RKT, RR.L, TSM, VST, X | AI, credit, energy, Europe, M&A, Mortgage, technology, Trade Policy |
RKT CASY INF LN RKT CASY INF.L |
Third Point delivered 7.5% in Q2 2025 by capitalizing on Liberation Day volatility and policy-driven market dislocations. The Nippon Steel-US Steel merger contributed 200bps while AI adoption drove technology gains. New positions in Rocket Companies, Casey's General Stores, and Informa PLC reflect the manager's focus on digitally savvy, capital-efficient companies with differentiated competitive positions. |
| Apr 30 2025 | 2025 Q1 | AMZN, APO, CSGP, CVNA, DHR, ICE, META, PCG, PHNX, RYCEY, TDS, TSM, X | activism, credit, Event Driven, real estate, tariffs | CSGP | Third Point reduced exposures to multi-year lows amid trade policy volatility, shifting toward event-driven strategies while preserving dry powder. The Liberation Day tariff selloff created opportunities the manager expects to capitalize on, similar to historical credit dislocations that generated 52% average returns. Defensive positioning in mortgages and new private credit capabilities through Birch Grove acquisition strengthen the platform. |
| Feb 4 2025 | 2024 Q4 | AMZN, APO, BN, DHR, EIX, ENR.DE, FERG, GLEN.L, ICE, LPLA, LYV, META, NVDA, PCG, TSLA | credit, energy, Entertainment, Event-Driven, infrastructure, Multi-Strategy, Utilities |
BN LYV ENR.DE PCG |
Third Point delivered 24.2% annual returns through diversified positioning across equities and credit. New investments in Brookfield, Live Nation, and Siemens Energy target infrastructure, entertainment, and energy transition themes. The credit book outperformed significantly with LMEs comprising half the portfolio. Management expects continued favorable equity conditions with increased M&A activity, while positioning for credit stress in high-yield maturities. |
| Oct 16 2024 | 2024 Q3 | AAP, AMZN, BBWI, CNK, DHR, DSV.CO, FYBR, GOOGL, INTC, KBH, LUMN, MSFT, PCG, VST, VZ | credit, Entertainment, Event-Driven, Logistics, Mortgage, Politics, value |
DSV.CO CNK |
Third Point delivered 3.9% in Q3 as market rotation favored their diverse themes beyond tech. Key positions DSV and Cinemark positioned for significant upside from freight consolidation and theater recovery respectively. Republican electoral prospects boost outlook for deregulation and corporate activity. Low exposures with capital ready for deployment in favorable event-driven environment. |
| Aug 23 2024 | 2024 Q2 | AAP, AAPL, AIR.PA, AMZN, BBWI, CPAY, FERG, FITB, GOOGL, ICE, JPM, LEN, MA, MSCI, MTB, NVDA, TSLA, TSM, V, VST | credit, energy, Event-Driven, Exchanges, Mortgages, payments, technology, volatility |
AAPL CPAY ICE |
Third Point returned 1.8% in Q2, focusing on physical world companies with competitive moats while maintaining digital exposure. Key positions include Apple for AI-driven upgrade cycles and Corpay for payments network value. Despite macro volatility risks, the manager expects a benign environment with declining rates benefiting event-driven and credit strategies. |
| May 15 2024 | 2024 Q1 | AAP, AAPL, AMZN, BBWI, DD, GOOGL, HUM, INTC, LSEG.L, META, MRVL, MSFT, NFLX, NVDA, PCG, TSM, VST | AI, Data centers, energy, semiconductors, technology, value | - | Third Point returned 7.8% in Q1 2024, positioning for AI transformation and energy transition themes. Nearly half of equity positions benefit from AI, favoring incumbents like Microsoft and Amazon. Key investments include Vistra for nuclear power and data center demand, Alphabet for AI capabilities, and TSMC for semiconductor leadership in AI compute. |
| Nov 14 2023 | 2023 Q3 | BBWI, DHR, HTZ, J, MC.PA, MSFT, PCG, SHEL, UBS, VST | credit, Event-Driven, Leverage, Mortgage, private credit, rates, Structured Credit | - | Third Point navigated Q3 rate volatility by leveraging balance sheet analysis expertise to identify credit opportunities yielding 10%-13% in defensive sectors. Corporate and structured credit strategies outperformed significantly while equity shorts finally underperformed longs. The firm is expanding into private credit with a 2024 launch and positioning for commercial real estate distressed opportunities. |
| Jul 31 2023 | 2023 Q2 | AMZN, BABA, BBWI, CRM, DD, DHR, FIS, GLEN.L, HTZ, IFF, MSFT, NVDA, PCG | activism, credit, Hedge Fund, Long/Short, Structured Credit | - | Third Point posted 2.2% net returns in July despite remaining negative year-to-date. The concentrated long/short strategy combines fundamental equity investing with activism and structured credit. Top holdings include Pacific Gas & Electric, Microsoft, and Amazon. The portfolio maintains 70% net equity exposure with significant credit allocation providing diversification across market environments. |
| Mar 31 2023 | 2023 Q1 | AIG, AMD, BABA, BBWI, CL, CRM, DHR, DIS, FIS, GLEN.L, GOOGL, MC.PA, MSFT, PCG, SHEL | activism, credit, Equity, Hedge Fund, Multi-Strategy | - | Third Point's multi-strategy hedge fund declined -4.2% in Q1 2023, underperforming major indices. The fund maintains concentrated exposure to large-cap equities led by Pacific Gas & Electric, Colgate-Palmolive, and Danaher, while running significant credit exposure through structured products. Technology names contributed positively while financial services positions detracted from performance. |
| Aug 2 2023 | 2022 Q4 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI is creating incremental deflation across service categories and weakening entrenched business models. The rise of agents combined with access to consumer data is driving these changes. AI fears have impacted private credit portfolios, particularly those exposed to software companies. |
Artificial Intelligence Automation Software Deflation Agents |
Defense SpendingSpain has committed to increasing defense spending from 1.4% to 2% of GDP, allocating most to local companies. Indra Sistemas emerged as the national champion, winning 29 of 31 special modernization projects allocated by the Spanish government. |
Defense NATO Spain Modernization Backlog | |
Private CreditPrivate credit has been a victim of AI fears with typical portfolios disproportionately exposed to software. Many high-profile funds have been unable to meet surging investor redemptions. A growing percentage (6.4%) of private credit is already paying interest in kind although that was not part of the original loan structure. |
Credit Stress Redemptions Software Interest Leverage | |
GLP1The continued democratization of GLP-1s on price, access and form factor has continued to erode demand for spirits and other staples historically supported by unhealthy consumption. It is also creating durable headwinds for a range of medical device businesses relying on obesity and poor lifestyles. |
Obesity Medical Devices Spirits Healthcare Consumption | |
OilThe Iran War drove nearly a 70% upward move in oil prices. New oil-driven inflationary fears pushed yields higher and reset prevailing expectations of further Fed easing. Higher oil prices are impacting rates, inflation, and economic growth. |
Iran Inflation Energy Geopolitical Yields | |
| 2025 Q4 |
OilOil represents the cheapest major asset class globally, trading at near-record lows relative to gold despite balanced fundamentals. The closure of the Straits of Hormuz has created the largest supply shock in industry history, with 20 million barrels per day disrupted. Non-OPEC supply growth is slowing dramatically, with U.S. shale production plateauing outside the Permian Basin. |
Crude Oil Brent WTI Shale OPEC |
Natural GasNatural gas ranks in the 99.5th percentile of historical undervaluation relative to equities. U.S. production growth has concentrated entirely in the Permian Basin, with other shale regions declining. Once the Permian's current gas production surge runs its course, supply growth should plateau and eventually decline, setting the stage for materially higher prices. |
Henry Hub LNG Permian Shale Gas | |
CommoditiesThe commodity bull market has barely begun, with most commodities trading 46% below historical nominal peaks and 73% below real peaks when adjusted for inflation. Commodities are trading near the lowest levels relative to equities observed in more than a century, suggesting the cycle is in early innings rather than late stages. |
Goldman Sachs Commodity Index Commodity Cycle Capital Cycle | |
SilverSilver surged 51% in Q4 and over 140% for the full year, staging a dramatic catch-up rally relative to gold. This magnitude of silver outperformance has historically marked important turning points, generating a powerful sell signal for precious metals. The rally mirrors the explosive 1979 move that signaled the end of the great gold bull market. |
Silver Gold Ratio Precious Metals | |
Platinum Group MetalsPGMs continued their powerful advance with platinum and palladium each surging 28% in Q4. Policy reversals in both the U.S. and Europe are unwinding the aggressive push toward electric vehicles, with the Trump administration repealing California's emissions standards and the EU stepping back from its ICE ban. This undermines the bearish narrative that assumed rapid ICE vehicle decline. |
Platinum Palladium Auto Catalysts ICE Vehicles | |
CopperCopper gained 17% in Q4 and 41% for the year, but modeling suggests the market has moved back into surplus. Exchange inventories have risen to approximately 1.2 million tonnes, levels last seen in 2003 when copper traded below $0.90 per pound. The persistent rise in inventories reflects the shift from deficit to surplus conditions. |
Copper Base Metals Exchange Inventories | |
UraniumUranium demand is surging while meeting a fragile supply base, creating fundamental tightness in the market. The section discusses the structural supply-demand imbalance developing in uranium markets as nuclear power demand accelerates globally. |
Uranium Nuclear Supply Demand | |
| 2025 Q3 |
AIAI compute demand has accelerated beyond efficiency gains, driven by reasoning-based models and post-training techniques that are orders of magnitude more compute-intensive. OpenAI's recent deals to grow compute capacity by 20x over five years highlight the compute-constrained environment. Third Point maintains investments in TSMC and NVIDIA as integral pieces of this buildout while watching for potential corrections. |
Compute Reasoning Training Infrastructure Demand |
SemiconductorsThe semiconductor sector contributed positively with investments in TSMC, NVIDIA, SK Hynix, and Ebara. HBM memory is experiencing de-commoditization with SK Hynix leading at 50% market share, while CMP tools from Ebara benefit from advanced packaging requirements in AI semiconductors. International opportunities offer better valuations than US peers. |
Memory HBM CMP Foundries Equipment | |
CreditCredit events in subprime auto created distressed trading opportunities, particularly with Tricolor Holdings and First Brands bankruptcy. CLO markets experienced significant price action due to exposure concerns. Corporate credit rebounded in Q3 with contributions from Michaels and Elon Musk empire investments including X and X.AI Corp. |
Distressed CLO Subprime Auto Corporate | |
Structured CreditRate cuts and tightening spreads created a constructive environment for fixed-rate assets and whole loan purchases. Residential mortgage portfolio positioned to benefit from refinancing as rates drop, with delinquent loan prices rising 10 points. ABS investments focused on senior tranches in solar and triple net lease sectors. |
Mortgages ABS Rates Refinancing Securitization | |
| 2025 Q2 |
AIContinued consumer and enterprise adoption of AI as well as relentless commitment to AI capex drove further gains in the technology sector. AI represents a massive downward shift in the cost curve, similar to fracking's impact on energy. The manager believes AI might do for credit in 2025/26 what fracking did in 2015/16, creating opportunities in stressed/distressed technology credits. |
Technology Capex Software Automation Cost Curve |
MortgageInitiated position in Rocket Companies based on its transformative all-stock acquisition of Mr. Cooper. The combination creates synergy-rich merger between two technology leaders in the mortgage industry. Demand for residential mortgage credit remains strong with new US housing supply remaining low and low housing turnover at current rate levels. |
Origination Servicing Technology Market Share Housing | |
Trade PolicyLiberation Day and subsequent forecasts of an imminent recession spooked markets initially. By quarter end, the market came to see initial tariff proposals as trial balloons and an astute negotiation tactic. Cross currents of trade policy, industrial policy, and the MAGA agenda created noise and kept certain investors away from situations like the Nippon Steel takeover of US Steel. |
Tariffs Industrial Policy MAGA Negotiation Steel | |
Credit StressHigh yield bond spreads are plumbing the depths of 2021 record lows. The real action continues to be in leveraged loans where spreads in CCC names remain close to 1000bps over B spreads. Defaults including exchange offers are running close to 5% in leveraged loans, reflecting lower quality of the leverage loan universe and technical selling pressure created by CLOs. |
Leveraged Loans CLOs Defaults Spreads High Yield | |
| 2025 Q1 |
Trade PolicyThe administration's tariff policies created significant market volatility, with the Liberation Day tariff announcement causing the most violent selloff since Covid. While some aggressive tariff objectives have been mitigated, uncertainty continues around individual trade deals and their economic impact. |
Tariffs Trade Policy Volatility Negotiations |
Commercial Real EstateCoStar dominates commercial real estate technology as the Bloomberg of CRE, with mission-critical data and software products. The company has strong fundamentals with 20% EBITDA CAGR over ten years, but capital allocation issues around Homes.com expansion have obscured core business growth. |
CoStar CRE Technology Data Software | |
Private CreditThird Point launched private credit strategies following the Birch Grove acquisition, combining direct lending expertise with solutions lending capabilities. The integrated team offers middle-market borrowers bespoke lending solutions while seeking attractive current income and risk-adjusted returns for investors. |
Direct Lending Middle Market Solutions Income Birch Grove | |
Credit StressCredit markets experienced volatility from tariff rhetoric, with particular pressure on leveraged borrowers and CLO structures. The manager expects compelling opportunities as markets digest tariff impacts, noting historical success in capitalizing on credit dislocations with average two-year returns of 52% gross after major selloffs. |
CLO Leveraged Dislocations Opportunities Volatility | |
MortgageThe structured credit portfolio is 74% fixed-rate residential mortgages, positioned defensively with borrowers having over 50% equity. Even with a 20% house price decline, loan-to-values would remain around 62.5%, providing cushion for potential defaults during market stress. |
Residential Fixed Rate Equity Defaults Defensive | |
| 2024 Q4 |
Energy TransitionSiemens Energy positioned to benefit from secular growth in grid equipment and gas turbines driven by renewable energy integration and electrification. The company has built a €123 billion backlog representing 3.6x annual revenue, providing visibility into outsized organic revenue and earnings growth. |
Grid Renewables Turbines Electrification Infrastructure |
Infrastructure SpendingBrookfield Corp positioned to benefit from enormous global funding gap in traditional infrastructure estimated at $100 trillion through 2040, plus significant new demand for digital infrastructure. The company raised $28 billion in the largest infrastructure drawdown fund ever raised. |
Infrastructure Digital Global Funding Real Assets | |
Private CreditBrookfield combines Oaktree acquisition, debt origination capabilities, and growing insurance franchise writing $20 billion annually. Third Point expects step-function growth across private credit and acquired Birch Grove with $8 billion AUM including CLO business. |
Credit Insurance Origination CLO Alternative | |
Credit StressHigh yield Class of 2020/21 will face significant credit stress as debt matures over next few years. Liability Management Exercises have become the most engaging distressed credit opportunities, with 40% of out-of-court exchanges ultimately filing for bankruptcy anyway. |
Distressed LME Maturities Defaults Stress | |
EntertainmentLive Nation benefits from strong demand for concerts, robust pricing power, and sizeable opportunity to reinvest in owned venues. Global undersupply of concert venues creates compelling opportunity in venue construction at 20%+ IRRs, with company spending over $2 billion on this initiative. |
Concerts Venues Pricing Global Construction | |
Regulated UtilitiesPG&E benefits from AB1054 protections including legal prudency standard for cost recovery and $21 billion insurance fund. Company spending $18 billion on wildfire mitigation from 2023-2025, with undergrounding as the only way to permanently eliminate wildfire risk from grid assets. |
Wildfire Mitigation Recovery Insurance Grid | |
| 2024 Q3 |
LogisticsDSV emerged as the leading bidder for DB Schenker, creating the largest freight forwarder with significant synergy potential. The company has a proven track record of consolidating the fragmented global freight forwarding industry with industry-leading margins. Rising complexity in global supply chains benefits DSV's unique network that guarantees capacity and on-time deliveries. |
Freight Forwarding Consolidation Supply Chain Network Effects Synergies |
EntertainmentMovie theater industry positioned for recovery as theatrical release supply rebounds from pandemic and strike-related disruptions. All major Hollywood studios committed to ramping volume back to pre-COVID levels, with streaming exclusives proving unprofitable. Cinemark gaining market share while competitors close screens and underinvest. |
Movie Theaters Content Supply Market Share Recovery Streaming | |
Private CreditCorporate credit book generated strong returns with high yield market performing well despite economic activity showing signs of slowing. Finding opportunities in credits that went through liability management deals and loan-only structures that lagged the rally. Creditor co-op agreements rising to prevent sponsor manipulation. |
High Yield Liability Management Credit Spreads Restructuring Co-ops | |
MortgageStructured credit portfolio benefited from Treasury and credit spread rallies. Exercised call rights on eight reperforming mortgage deals and priced new mortgage securitization with AAA yields closer to investment grade levels. Decline in new mortgage originations improving technical backdrop for existing securities. |
Securitization Reperforming Call Rights Technical Backdrop Originations | |
| 2024 Q2 |
AICompanies continue to invest in AI infrastructure and look for applications to their businesses. Apple's recently announced Apple Intelligence suite of AI-enabled smartphone features will drive meaningful new demand within Apple's installed base. The emergence of an AI layer on iOS will increasingly augment consumers' own agencies with those of the iPhone's AI features. |
Apple Intelligence Consumer AI Infrastructure Applications Smartphones |
Private CreditThe private credit market is overwhelmingly floating rate and provides a forward look that is messy, with 40% of borrowers having fixed charge coverage ratios below 1x. Public markets will likewise face increasing stress as the impact of higher rates hits fixed rate issuers that have to refinance at higher rates. These pressures will provide a wealth of opportunity in the secondary markets for public credit. |
Floating Rate Coverage Ratios Refinancing Secondary Markets Stress | |
Energy TransitionThe transition to an electric fleet is more easily said than done, with EV sales declining for Tesla and European EV sales declining overall. The journey of automotive electrification will be a long one. Global natural gas demand is expected to accelerate due to growth in electricity demand and coal-to-gas switching in developing markets. |
Electric Vehicles Natural Gas Electricity Demand Coal Switching Automotive | |
Natural GasICE's Energy futures franchise has accelerated markedly with 25% growth in 2023 set to sustain into 2024. This rapid growth is driven by rising demand for natural gas and the globalization of natural gas markets following the significant build out of liquified natural gas (LNG). US LNG exporters have modified contracts to be purchased free on board and directed to any location globally. |
LNG Futures Globalization Contracts Trading | |
MortgageICE now has the building blocks needed to automate the highly analogue and parochial mortgage origination and servicing ecosystem in the US with over 50% market share in both mortgage origination and servicing software. The company will create a life-of-loan platform that reduces high costs and inefficient wait times while harnessing vast amounts of mortgage data. |
Origination Servicing Automation Platform Data | |
| 2024 Q1 |
AIAI is a key element of the thesis for nearly half of Third Point's equity positions. The technology favors incumbents who are deploying financial and intellectual war chests to win the AI arms race. Best-run legacy companies like Microsoft and Amazon have built enormous competitive advantages and seen their growth vectors accelerate. |
Artificial Intelligence Data Centers Cloud Semiconductors Technology |
Energy TransitionEnergy transition and growth in data centers are affecting scores of industrial, materials and energy companies as demand for infrastructure and certain commodities surges. Nuclear is being recognized as the only carbon-free source of 24/7 power generation. |
Nuclear Renewable Energy Grid Storage Power Generation Clean Energy | |
Data CentersMcKinsey estimates new data center build could drive an incremental 800 TWh of global electricity demand by 2030, with 40% driven by Generative AI. The US is expected to capture roughly half of this demand due to bargain-basement power prices. |
Power Demand Electricity Infrastructure Cloud Computing Hyperscalers | |
| 2023 Q3 |
Credit StressThe market's current obsession with balance sheet strength creates opportunities to distinguish companies with real versus perceived leverage problems. Third Point sees attractive opportunities in improving credits with bulletproof securities yielding 10%-13%, focusing on defensive industries like healthcare and telecommunications. |
Credit Leverage Spreads High Yield Balance Sheet |
Private CreditThird Point is building a stand-alone private credit business to launch in 2024, with new hire Chris Taylor bringing experience from the $1.5 trillion private credit universe. The firm sees emerging opportunities from this massive market. |
Private Credit Distressed Alternative Credit | |
MortgageStructured credit remains compelling with high risk-adjusted yields and lower correlation to broader markets. The mortgage portfolio outperformed despite rate moves, with improving home values and non-performing loan prices in the sub-$350,000 segment. |
Mortgages Structured Credit Non-performing Loans Housing | |
Commercial Real EstateThird Point believes there will soon be emerging opportunities to invest in senior tranches from forced sellers in the commercial real estate sector as stress develops. |
Commercial Real Estate CRE Distressed Senior Tranches |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 10, 2026 | Fund Letters | Third Point Partners | INDRA.MC | Indra Sistemas | Other | Technology Hardware, Storage & Peripherals | Bull | - | Air Traffic Management, Cyber security, Defense, European defense, government contracts, Military Technology, NATO, Radar Systems, Spain, Systems Integration | Login |
| Apr 10, 2026 | Fund Letters | Third Point Partners | CSGP | CoStar Group Inc. | Other | Real Estate Services | Bear | - | Activist Investment, Capital Misallocation, commercial real estate, Corporate Governance, Failed Turnaround, Management Entrenchment, Real Estate Services, Residential Real Estate, Technology Disruption | Login |
| Feb 6, 2026 | Fund Letters | Daniel S. Loeb | 402340 KS | SK Square Co Ltd | Information Technology | Technology Holding Companies | Bull | New York Stock Exchange | AI, buybacks, Governance, Memory, NAV discount | Login |
| Feb 6, 2026 | Fund Letters | Daniel S. Loeb | SGI | Somnigroup Inc | Consumer Discretionary | Home Furnishings | Bull | New York Stock Exchange | consolidation, Distribution, Housing, Margins, scale | Login |
| Oct 31, 2025 | Fund Letters | Daniel S. Loeb | CRH LN | CRH plc | Materials | Construction Materials | Bull | NYSE | cashflow, construction, Housing, infrastructure, Margins, materials, Pricing, Stimulus, valuation | Login |
| Oct 31, 2025 | Fund Letters | Daniel S. Loeb | 000660 KS | SK Hynix Inc. | Information Technology | Semiconductors | Bull | NYSE | AI, discount, DRAM, growth, HBM, Korea, Margins, Memory, semiconductors, valuation | Login |
| Oct 31, 2025 | Fund Letters | Daniel S. Loeb | 6361 JP | Ebara Corporation | Industrials | Semiconductor Equipment | Bull | NYSE | Activism, AI, Cmp, Equipment, Governance, Japan, Margins, Packaging, rerating, semiconductors | Login |
| Oct 31, 2025 | Fund Letters | Daniel S. Loeb | 000660 KS | SK Hynix Inc. | Information Technology | Semiconductors | Bull | NYSE | AI, discount, DRAM, growth, HBM, Korea, Margins, Memory, semiconductors, valuation | Login |
| Oct 31, 2025 | Fund Letters | Daniel S. Loeb | TSM | Taiwan Semiconductor Manufacturing Co. Ltd. | Information Technology | Semiconductors | Bull | NYSE | AI, Chips, Clients, Fabrication, Foundry, growth, Margins, semiconductors, valuation | Login |
| Oct 31, 2025 | Fund Letters | Daniel S. Loeb | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, Compute, data centers, GPUs, growth, infrastructure, Margins, Reasoning, semiconductors, Software | Login |
| Oct 31, 2025 | Fund Letters | Daniel S. Loeb | CRH LN | CRH plc | Materials | Construction Materials | Bull | NYSE | cashflow, construction, Housing, infrastructure, Margins, materials, Pricing, Stimulus, valuation | Login |
| Oct 31, 2025 | Fund Letters | Daniel S. Loeb | 6361 JP | Ebara Corporation | Industrials | Semiconductor Equipment | Bull | NYSE | Activism, AI, Cmp, Equipment, Governance, Japan, Margins, Packaging, rerating, semiconductors | Login |
| Oct 31, 2025 | Fund Letters | Daniel S. Loeb | TSM | Taiwan Semiconductor Manufacturing Co. Ltd. | Information Technology | Semiconductors | Bull | NYSE | AI, Chips, Clients, Fabrication, Foundry, growth, Margins, semiconductors, valuation | Login |
| Oct 31, 2025 | Fund Letters | Daniel S. Loeb | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, Compute, data centers, GPUs, growth, infrastructure, Margins, Reasoning, semiconductors, Software | Login |
| Jul 30, 2025 | Fund Letters | Third Point Partners | RKT | Rocket Companies | Financials | Thrifts & Mortgage Finance | Bull | NYSE | AI automation, Fintech, market share gains, mortgage origination, Mortgage servicing, Refinancing, technology platform, vertical integration | Login |
| Jul 30, 2025 | Fund Letters | Daniel S. Loeb | RKT | Rocket Companies, Inc. | Financials | Mortgage Finance | Bull | New York Stock Exchange | AI automation, Cost synergies, Fintech, Market Share Gain, Merger Arbitrage, mortgage origination, Refinancing, Servicing | Login |
| Jul 30, 2025 | Fund Letters | Third Point Partners | CASY | Casey's General Stores | Consumer Staples | Food & Staples Retailing | Bull | NASDAQ | Accretive M&A, convenience stores, Counter-positioning, Employee Retention, Fresh Food, Pizza Chain, Rural Markets, Unit growth | Login |
| Jul 30, 2025 | Fund Letters | Daniel S. Loeb | CASY | Casey's General Stores, Inc. | Consumer Staples | Consumer Staples Merchandise Retail | Bull | NASDAQ | Convenience Store, Employee Retention, Fresh Food, M&A Roll-up, Pizza, Rural Strategy, Unit growth | Login |
| Jul 30, 2025 | Fund Letters | Daniel S. Loeb | INF LN | Informa PLC | Communication Services | Publishing | Bull | New York Stock Exchange | B2B Events, capital return, compounding, live events, Middle East Expansion, network effects, valuation | Login |
| Jul 30, 2025 | Fund Letters | Third Point Partners | INF.L | Informa PLC | Communication Services | Interactive Media & Services | Bull | London Stock Exchange | B2B Events, conferences, Event Management, live events, Middle East Expansion, network effects, Trade Shows, UK Listed | Login |
| Apr 30, 2025 | Fund Letters | Third Point Partners | CSGP | CoStar Group | Real Estate | Real Estate Services | Bull | NASDAQ | activist, board changes, capital allocation, commercial real estate, Data Services, EBITDA growth, market leader, real estate technology, SaaS, turnaround | Login |
| Feb 4, 2025 | Fund Letters | Third Point Partners | PCG | PG&E Corporation | Utilities | Electric Utilities | Bull | NYSE | AB1054, California, Cost Recovery, Electric Utility, Grid Hardening, regulated utility, Undergrounding, Value, Wildfire Risk | Login |
| Feb 4, 2025 | Fund Letters | Third Point Partners | BN | Brookfield Corp. | Financials | Asset Management & Custody Banks | Bull | NYSE | Alternative Asset Manager, digital infrastructure, infrastructure, Insurance, Oaktree, Private Credit, Re-rating, Value | Login |
| Feb 4, 2025 | Fund Letters | Third Point Partners | LYV | Live Nation Entertainment | Communication Services | Movies & Entertainment | Bull | NYSE | antitrust, Concerts, Event-driven, global expansion, Live entertainment, Pricing power, Ticketmaster, Venue Construction | Login |
| Feb 4, 2025 | Fund Letters | Third Point Partners | ENR.DE | Siemens Energy AG | Industrials | Electrical Equipment | Bull | XETRA | backlog, data centers, energy transition, EV charging, Gas turbines, Germany, Grid Equipment, renewable energy, turnaround, Wind Turbines | Login |
| Oct 16, 2024 | Fund Letters | Third Point Partners | DSV.CO | DSV A/S | Industrials | Air Freight & Logistics | Bull | NASDAQ Copenhagen | consolidation, Denmark, Europe, Freight Forwarding, Logistics, M&A, Scale Benefits, supply chain, Value | Login |
| Oct 16, 2024 | Fund Letters | Third Point Partners | CNK | Cinemark Holdings Inc | Communication Services | Movies & Entertainment | Bull | NYSE | Cyclical Recovery, entertainment, Free Cash Flow, market share gains, media, movie theaters, turnaround, Value | Login |
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| TICKER | COMMENTARY |
|---|---|
| MTZ | MasTec Inc. was one of the top five winners for the quarter. |
| ENR.DE | Siemens Energy AG was one of the top five winners for the quarter. |
| KEYS | Keysight Technologies Inc. was one of the top five winners for the quarter. |
| CRS | Carpenter Technology Inc was one of the top five winners for the quarter. |
| CASY | Caseys General Stores Inc was one of the top five winners for the quarter. |
| CSGP | CoStar Group Inc. was one of the top five losers for the quarter, excluding hedges. Last year we invested in CoStar with a simple thesis: value in the company's core commercial business could be unlocked by improving a deficient board that for years had blessed large investments in a failing venture, Homes.com. Despite our efforts, CEO Andy Florance has continued what can only be seen as a reckless drain on a majority of the company's operating income into Homes.com and related acquisitions even as the share price has continued to plummet. It appears to us that Mr. Florance's obsession with Homes.com has diverted attention from core business areas, calling into question management's ability to maintain a competitive edge in Apartments.com and the CoStar Suite in a rapidly changing market and with no apparent plan for a world increasingly shaped by AI. We no longer believe that our original thesis holds true today and have disposed of our position in its entirety. |
| COF | Capital One Financial Corp. was one of the top five losers for the quarter, excluding hedges. |
| AMZN | Amazon.com Inc was one of the top five losers for the quarter, excluding hedges. |
| CRH | CRH PLC was one of the top five losers for the quarter, excluding hedges. |
| IDR.MC | We initiated a position in Indra Sistemas, an emerging national defense champion in Spain, in 2025. While Spain still consistently underspends on defense compared to NATO targets, it has committed to increasing defense spend as a percentage of GDP from ~1.4% to ~2% and to allocating most of this to local companies. Indra has, in our assessment, emerged as the national champion thanks to its unparalleled deep technical expertise in radar systems, counter-drone systems, military simulators, cyber and space while also acting as a systems integrator on major European programs. The company reported stellar Fourth Quarter earnings at the end of February and showed a defense backlog that nearly quadrupled year-over-year. Of the 31 special modernization projects (PEMs) the Spanish government allocated in the back half of 2025, Indra won allocations on 29. Management commented that they expect a similar level of PEMs in 2026, implying Indra could exit the year with a backlog approaching €20 billion, up from just €3 billion exiting 2024. The company is also performing well outside of its defense business, with Minsait (IT Services/AI/Cyber) growing double digits on the back of double-digit backlog growth, and major recent wins in Air Traffic Management and Mobility with the FAA and London Underground, respectively. Indra is scheduled to host an analyst day during 2Q, and we would not be surprised to see the management team bring forward 2030 financial targets to 2029. While a recent standoff between the Spanish government and Indra's former Executive Chairman – who was considering the sale of his family's privately owned defense business to Indra – created boardroom drama and volatility in the stock, we see a path to a constructive resolution and remain confident in the Company's trajectory towards market consolidation and continued consistent execution. We believe this will benefit shareholders, employees and the Spanish state. Indra remains in our analysis one of the fastest growing defense companies in Europe, yet trades at half the multiple of peers. We see substantial upside ahead. |
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