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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2021 Q2 | Aug 6, 2021 | Third Point Partners | 3.7% | 15.2% | AMZN, DHR, DIS, GOOGL, INTC, INTU, IQV, MSFT, PCG, PRU.L, PSFE, RH, S, SOFI, SPGI, UPST, V | crypto, cybersecurity, growth, Luxury, private equity, Streaming, technology | DIS RH S |
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| 2025 Q2 | Aug 4, 2025 | Artemis US Select Fund | 10.1% | -6.2% | AAPL, ABBV, ALL, CEG, CHD, CMFY, FI, KO, MU, NVDA, PCG, STX, TDG, TMO, TXN, WFC, WMT | Data centers, nuclear, semiconductors, tariffs, technology, US | The fund is positioned in data center beneficiaries including Comfort Systems, Constellation Energy, Seagate, and Micron. Management cited strong demand persisting across tech/data centers with no current signs of slowdown in capital expenditure. Constellation announced a 20-year agreement with Meta to provide nuclear power for data centers. | NVDA CMG AAPL |
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| 2025 Q2 | Jul 30, 2025 | Third Point Partners | 7.5% | - | 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 | Continued 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. | INF.L CASY RKT INF LN CASY RKT |
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| 2025 Q2 | Jun 30, 2025 | YCG Investment | - | - | AAPL, BRK-A, EFX, EIX, EXPN.L, FICO, HE, KO, MCO, PCG, PEP, SPGI, TRU, UNH, VRSK | Network Effects, Pricing Power, Quality, regulation, tariffs, value | YCG emphasizes owning businesses with enduring pricing power and unregulated pricing as a key driver of positive convexity. They believe businesses with dominant networks, conservative balance sheets, and ownership-minded management can maintain or increase inflation-adjusted pricing over time, creating superior risk-adjusted returns. | FICO AAPL |
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| 2021 Q1 | May 6, 2021 | Third Point Partners | 11.0% | - | CSGP, DELL, GRAB, IAA, INTC, PCG, PRU.L, PSFE, UPST | Asia, credit, Event-Driven, Lifecycle Investing, private equity, SPACs, technology | CSGP GRAB |
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| 2026 Q1 | May 28, 2026 | Voss Value Fund | -11.4% | -11.4% | AAPL, EEFT, EIX, GOOGL, NVDA, PAR, PCG, SRE, XPOF | activism, AI, momentum, semiconductors, software, Texas, Utilities, value | SRE |
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| 2025 Q1 | May 22, 2025 | Artemis US Select Fund | -14.7% | -14.7% | AAPL, ALL, AVTR, CTVA, EXP, FI, GOOGL, GS, KO, PCG, SAIA, VMC, WST | AI, Data centers, healthcare, industrials, tariffs, technology, Trade Policy, value | Trump's tariff announcements are creating significant market uncertainty and forcing portfolio repositioning. The managers believe tariffs are likely permanent as a revenue generation mechanism for tax cuts, leading them to reduce exposure to companies sensitive to trade disruptions. | View | |
| 2024 Q1 | May 15, 2024 | Third Point Partners | 3.9% | 14.0% | 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 | AI 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. | View | |
| 2025 Q1 | Apr 30, 2025 | Third Point Partners | -3.7% | -3.7% | AMZN, APO, CSGP, CVNA, DHR, ICE, META, PCG, PHNX, RYCEY, TDS, TSM, X | activism, credit, Event Driven, real estate, tariffs | The 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. | CSGP |
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| 2024 Q1 | Apr 25, 2024 | Artemis US Select Fund | - | - | AAPL, ALL, CEG, CNM, EXP, HUM, META, NSC, NVDA, PCG, SAIA, TFII, WDC, ZTS | AI, industrials, infrastructure, Outperformance, stock selection, technology, Transportation | Meta leveraged its AI Research SuperCluster to regain advertising targeting ability after Apple's privacy changes, supporting ad revenue recovery. AI integration within Meta's advertising business has been a key driver of performance. | CNM ALL NSC META AAPL |
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| 2025 Q1 | Mar 31, 2025 | Miller Howard Investments Utilities Plus | - | - | AEE, AEP, ATO, AWK, CEG, CNP, EIX, ETR, EVRG, EXC, NGG, NI, PCG, SO, SRE, VST, XEL | Data centers, Defensive, dividends, infrastructure, regulation, Utilities | 15 of 31 holdings announced dividend increases with an average increase of 5.4%. Portfolio transactions were focused on improving dividend and earnings growth profile, which historically leads to outperformance. | View | |
| 2025 Q4 | Feb 6, 2026 | Third Point Partners | 1.9% | - | 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 | AI dominates market headlines and is forcing a re-think of established beliefs about capital-light business models like software. Many software companies now face increased investor skepticism about the sustainability of their moats and scrutiny of their high-margin structures. The AI theme seems less bulletproof with recent Oracle selloff. Ongoing rotation from software into semiconductors, memory, and semicap equipment. SK Hynix has solidified its leadership in high-bandwidth memory (HBM), emerging as the exclusive HBM supplier for Microsoft's in-house AI accelerator and securing roughly two-thirds of NVIDIA's anticipated HBM4 demand at meaningfully higher price points and margins. Continued strength in European defense equities as capital-intensive businesses like defense contractors are having their moment. Investors are waking up to their mission critical role in the rebuilding of supply chains and national security complexes. Both private credit and private equity will continue to struggle with monetization due to billions of dollars trapped in private equity that cannot be monetized at acceptable prices. The line between public and private is blurring with the more relevant distinction being traded and not yet traded. Expect more liability management exercises and in-court restructurings with almost 40% of restructurings being repeat offenders. Ratings downgrades and defaults continue to pressure stressed leveraged loans creating attractive entry points with elevated dispersion in the leveraged loan market. Residential mortgages remained resilient in 2025, particularly seasoned loans with lower balances. There is currently $35.8 trillion of home equity in US homeowners' balance sheet, creating large margin of credit protection and ability to expand investments in residential real estate into home affordability products. | SGI 402340 KS |
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| 2024 Q4 | Feb 4, 2025 | Third Point Partners | 9.1% | - | 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 | Siemens 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. | PCG ENR.DE LYV BN |
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| 2021 Q4 | Feb 16, 2022 | Third Point Offshore Fund | -5.3% | 22.7% | ACN, AMZN, CFR SW, DIS, INTC, INTU, PCG, PRU.L, PSFE, RH, RIVN, UPST | AI, Cloud, E-Commerce, Electric Vehicles, growth, semiconductors, technology, value | INTC ACN AMZN |
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| 2025 Q4 | Feb 11, 2026 | BlackRock Core Bond Fund | 1.0% | 7.4% | EQT, GS, JPM, MS, PCG | credit, duration, Fed policy, fixed income, MBS, rates | The fund moved to an overweight duration position during the quarter, concentrated in the front and belly of the yield curve. Duration positioning detracted from performance as this portion of the curve sold off in October due to investor perceptions of a hawkish Federal Reserve. The fund built a U.S. rate-steepening bias throughout the quarter. Agency mortgage-backed securities contributed to performance as spreads continued to tighten amid strong technical support. The overweight allocation to agency MBS was increased during the quarter. The fund favored high-quality securitized assets. | View | |
| 2024 Q4 | Dec 31, 2024 | Miller Howard Investments Utilities Plus | - | - | AEP, AES, CEG, CNP, ETR, MDU, NEE, NI, PCG, SO, VST | AI, dividends, energy, Power, rates, regulation, Utilities | Data center and artificial intelligence trends are driving growing electricity demand, benefiting power producers like Vistra Corp. The company was the second-best performing name in the S&P 500 this year as a key beneficiary of these trends. Entergy also increased guidance due to META's plans to build a $10B AI data center in northeast Louisiana. | View | |
| 2024 Q4 | Dec 31, 2024 | Miller Howard Investments | - | - | ABBV, AESI, AM, CPT, EIX, EQIX, ETR, GSK, HCA, HST, LAMR, LBRT, LNG, LYB, MAA, MRK, MSM, OKE, ORI, PAGP, PCG, RY, SM, SOBO, TRP, USB, VST, WMB | Data centers, dividends, energy, infrastructure, Natural Gas, retirement, Utilities | The letter extensively analyzes dividend-based retirement strategies, demonstrating that high-yield stocks historically outperformed the S&P 500 with 11.1% vs 9.8% annualized returns from 1928-2023. Dividend spending strategies never failed in 67 simulated 30-year retirements, while allowing higher average spending than the traditional 4% Rule. | View | |
| 2023 Q3 | Nov 14, 2023 | Third Point Partners | 3.9% | 14.0% | BBWI, DHR, HTZ, J, MC.PA, MSFT, PCG, SHEL, UBS, VST | credit, Event-Driven, Leverage, Mortgage, private credit, rates, Structured Credit | The 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. | View | |
| 2025 Q3 | Oct 31, 2025 | Third Point Partners | 3.2% | - | 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 | AI 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. | CRH LN NVDA TSM 6361 JP 000660 KS CRH LN NVDA TSM 6361 JP 000660 KS |
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| 2022 Q3 | Oct 18, 2022 | Third Point Offshore Fund | - | - | CL, DIS, PCG, VTYX | - | View | ||
| 2022 Q3 | Oct 18, 2022 | Third Point Offshore Fund | 1.1% | -3.0% | CL, DIS, PCG, VTYX | - | View | ||
| 2024 Q3 | Oct 16, 2024 | Third Point Partners | 3.9% | 14.0% | 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 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. | CNK DSV.CO |
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| 2025 Q3 | Oct 14, 2025 | Greenlight Capital | -3.6% | 0.4% | AAPL, BHF, COYA, EIX, FLR, GRBK, KD, LXS.DE, META, MSFT, NVDA, PCG, SOLB.BR, TECK | AI, Biotechnology, Bubble, Mining, skepticism, technology, Utilities, value | Greenlight is highly skeptical of the massive AI investment cycle, questioning whether trillions in promised spending can generate adequate returns. The firm notes that much AI revenue is circular within the supply chain rather than from external customers, and compares the situation to the internet bubble where capital destruction occurred despite the technology's ultimate importance. | View | |
| 2023 Q4 | Jan 2, 2024 | Frank Value Fund | - | 15.1% | NRG, OPRA, PCG | Buybacks, catalysts, Construction, dividends, infrastructure, mid cap, Pharmaceuticals, value | NRG Energy repurchased shares worth over 15% of its market cap in 2023, contributing to material outperformance. The pharmaceutical company is expected to use proceeds from asset sales to repurchase shares, with magnified effects due to high passive ownership reducing available float. | ENRG LN |
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| 2024 Q3 | Sep 30, 2024 | Miller Howard Investments Utilities Plus | 0.0% | 0.0% | ATO, AWK, BKH, CEG, CNP, DUK, ETR, MDU, MSFT, NEE, NEP, NI, PCG, VST | Data centers, dividends, income, nuclear, Power, rates, Utilities | Rising electricity demand from datacenter trends remained at the forefront of investors' minds and drove independent power producer performance. Constellation Energy's 20-year power purchase agreement with Microsoft to restart Three Mile Island nuclear unit created a catalyst for the group. | View | |
| 2023 Q2 | Jul 31, 2023 | Third Point Offshore Fund | 1.1% | -3.0% | 9988.HK, AMZN, BBWI, CRM, CSTM, DD, DHC, DHR, FIS, FYBR, GLEN.L, HTZ, IFF, MSFT, NVDA, PCG, PNC | activism, credit, Equity, Long/Short, Structured | View | ||
| 2023 Q2 | Jul 31, 2023 | Third Point Partners | 3.9% | 14.0% | AMZN, BABA, BBWI, CRM, DD, DHR, FIS, GLEN.L, HTZ, IFF, MSFT, NVDA, PCG | activism, credit, Hedge Fund, Long/Short, Structured Credit | View | ||
| 2022 Q4 | Jul 1, 2023 | Third Point Offshore Fund | 1.1% | -3.0% | AIG, BBWI, CL, DD, PCG | - | View | ||
| 2023 Q1 | May 17, 2023 | Third Point Offshore Fund | 1.1% | -3.0% | AIG, AMD, BABA, BBWI, CL, CRM, CS, DHR, DIS, FIS, GLEN.L, GOOGL, LVMH.PA, MSFT, PCG, SHEL | activism, credit, Hedge Fund, Multi-Strategy, Structured Credit | View | ||
| 2024 Q1 | Mar 31, 2024 | Miller Howard Investments MLP Strategy | 0.0% | 0.0% | AES, AM, ATO, BCE, CEG, CMCSA, CMS, CNP, CNQ, CSCO, CVX, DTE, EOG, EPD, EWBC, EXC, FTS, GILD, HESM, IPG, JPM, KMI, KO, LAMR, LBRT, LNG, MPC, NEE, NTR, OKE, ORI, PAGP, PCG, PEG, POR, SRE, STAG, TMUS, TRGP, TTE, UPS, VST, WM | dividends, energy, income, infrastructure, Midstream, Utilities, value | The letter extensively analyzes dividend investing, arguing that high-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. The manager believes dividend stocks are positioned for a revival as market concentration reverses. | View | |
| 2024 Q1 | Mar 31, 2024 | Miller Howard Investments Utilities Plus | 0.0% | 0.0% | AAPL, AES, AM, AMZN, ATO, BCE, CEG, CMCSA, CMS, CNP, CNQ, CSCO, CVX, DTE, EOG, EPD, EWBC, EXC, FTS, GILD, GOOGL, HESM, IPG, JNJ, JPM, KMI, KO, LAMR, LBRT, LNG, META, MPC, MSFT, NEE, NTAP, NTR, NVDA, OKE, ORCL, ORI, PAGP, PCG, PEG, POR, QCOM, SRE, STAG, TMUS, TRGP, TSLA, TTE, UPS, VST, WM | AI, dividends, energy, growth, Utilities, valuation | High-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. Recent underperformance is attributed to market concentration in mega-cap tech stocks with low dividend yields. The manager expects dividend stocks to resume outperformance when market concentration reverses. | View | |
| 2023 Q1 | Mar 31, 2023 | Third Point Partners | 3.9% | 14.0% | AIG, AMD, BABA, BBWI, CL, CRM, DHR, DIS, FIS, GLEN.L, GOOGL, MC.PA, MSFT, PCG, SHEL | activism, credit, Equity, Hedge Fund, Multi-Strategy | View | ||
| 2022 Q1 | Mar 31, 2022 | Third Point Offshore Fund | 1.1% | -3.0% | GLEN LN, PCG, SHEL | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jun 30, 2026 | Seeking Alpha | Seeking Alpha | PG&E Corporation | Utilities | Electric Utilities | Bull | New York Stock Exchange | Customer Affordability, debt management, dividend yield, EPS growth, infrastructure investment, PG&E Corporation, rate base expansion, renewable energy, utilities, Wildfire Mitigation | View Pitch |
| Apr 13, 2026 | Fund Letters | Third Point Partners | PG&E Corporation | Utilities | Electric Utilities | Bull | NYSE | AB1054, California, Cost Recovery, Electric Utility, Grid Hardening, regulated utility, Undergrounding, Value, Wildfire Risk | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| Daniel Loeb | Third Point | $7.3B | $551.2M | 7.59% | 34,300,000 | -15,800,000 | -31.54% | 1.4069% |
| Michael Price | Empyrean Capital Partners | $2.7B | $94.8M | 3.53% | 5,900,000 | +1,800,000 | +43.90% | 0.2420% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $10.7M | 0.02% | 662,833 | -2,921,025 | -81.51% | 0.0272% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $199.7M | 0.23% | 12,425,587 | +4,720 | +0.04% | 0.5097% |
| Zach Schreiber | PointState Capital | $6.8B | $189.5M | 2.79% | 11,794,997 | -2,227,160 | -15.88% | 0.4838% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $2.1M | 0.00% | 128,400 | +6,240,461 | +1064.49% | 0.0053% |
| Israel Englander | Millennium Management LLC | $233.2B | $270.0M | 0.12% | 16,804,595 | -337,500 | -64.57% | 0.6893% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $282.0M | 0.23% | 17,550,374 | +10,845,229 | +161.74% | 0.7199% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $17.8M | 0.03% | 1,108,294 | -4,300 | -0.86% | 0.0455% |
| Cliff Asness | AQR Capital Management | $190.6B | $1.2B | 0.63% | 74,844,566 | +28,254,553 | +60.65% | 3.0699% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $429.9M | 1.43% | 26,754,400 | +17,452,310 | +187.62% | 1.0974% |
| Edward A. Mulé | Silver Point Capital | $1.7B | $117.1M | 6.83% | 7,287,000 | +2,736,000 | +60.12% | 0.2989% |
| $25.6B | $80.6M | 0.32% | 5,005,307 | -1,824,515 | -26.71% | 0.2056% | ||
| Rich Handler | Jefferies | $19.3B | $13.3M | 0.07% | 825,663 | +543,863 | +193.00% | 0.0339% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $1,430 | 0.00% | 89 | -7,708 | -98.86% | 0.0000% |