Dan Loeb’s Third Point generated a 7.5% return in its flagship Offshore Fund for the second quarter, bringing its year-to-date return to 3.5%. The S&P 500 gained 10.9% for the quarter and 6.2% for the first half of 2025, while the MSCI World Index is up 11.6% for the quarter and 9.8% for the first half. The Russell 2000 rose 8.5% in Q2 but is off 1.8% year to date.
Top contributors, detractors and positions
During Q2, Third Point’s top contributors were Siemens Energy, U.S. Steel, NVIDIA, Vistra and Rolls-Royce. Its top detractors were PG&E, Kenvue, Carvana, Glencore, and Danaher.
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The hedge fund’s top positions were:
- Kenvue
- PG&E
- Costar Group
- Amazon
- Siemens Energy
- Taiwan Semiconductor
- NVIDIA
- Capital One Financial
- DSV A/S
- Flutter Entertainment
Exits and initiations
In its second-quarter webcast to investors, a recording of which was obtained exclusively by Hedge Fund Alpha, Third Point reported that it has exited UBS Group, Ferguson, Thermo Fisher Scientific, Tesla and EQT Corp. so far year to date. The firm initiated positions in Kenvue, CoStar Group, NVIDIA, Informa and Rocket Companies.
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