Dan Loeb's Third Point has been having a banner year so far, with year-to-date returns ranging from 29.5% to 36.5% for each of the firm's four funds. Loeb's team highlighted Upstart Holdings in their September letter to investors.
Q 2021 hedge fund letters, conferences and more
Banking On Upstart Holdings
However, a quick glance at the letter could leave you underestimating the importance of this one position for Third Point. The breakdown accompanying the letter reveals that Upstart was by far Loeb's best-performing position with a 5.6% attribution to the fund's return in September. The next-closest contributor was PG&E, with an 0.2% attribution.
When you dig deeper into the monthly investor report for September, you see that Upstart is by far...
Login required to continue reading.
Setup a free account to get access to this article (no credit card required).
View Full Article
