Dan Loeb’s Third Point Partners Qualified Fund returned 1.3% for October, bringing its year-to-date return to 8.4%. In the third quarter, the fund gained 3.3%, reaching an annualized net return of 9.4%. The other Third Point funds, including Offshore, Ultra, and Ultra Onshore, all posted returns in the 3% range for Q3.
In October, the fund dumped Flutter, Jacobs Solutions and Radiate/ Astound, a corporate credit position. Third Point also cut its stakes in Home Depot, TSMC, one of its top winners in Q3, and Talen.
According to Third Point’s October update to investors, which was obtained by Hedge Fund Alpha, its top contributors were SK Hynix, Amazon and Carpenter Technology. On the other hand, top detractors included CoStar Group, Kenvue and Meta Platforms.
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