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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Third Point Partners. This analysis is provided for institutional research purposes only and is not investment advice.
"The concentrated long/short strategy combines fundamental equity investing with activism and structured credit. Top holdings include Pacific Gas & Electric, Microsoft, and Amazon."
Third Point delivered positive performance in July 2023 with the flagship fund returning 2.2% net for the month, though remaining slightly negative year-to-date at -0.8%. The fund maintains a concentrated portfolio with its top 10 equity positions representing 54% of long exposure, led by Pacific Gas & Electric at 10.2% of NAV. The strategy combines fundamental long/short equity investing with activism/constructivism positions and structured credit. Notable winners during the month included Alibaba, Danaher, and Nvidia, while Microsoft and Hertz detracted from performance. The portfolio maintains significant gross exposure of 144% with 96% long equity exposure and 27% short exposure, resulting in 70% net equity exposure. Credit investments comprise 39% of the portfolio, split between performing corporate credit and structured products. The fund's activism component represents 8.4% net exposure. Geographic allocation favors the Americas at 54% net exposure, with some EMEA and Asia exposure providing diversification.
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