Daniel Loeb’s Third Point Rode SK Hynix and a Bitcoin Miner in May

Daniel Loeb’s Third Point gained 3.2% net in May and is up 7.4% for 2026, according to an investor email reviewed by Hedge Fund Alpha and the firm’s monthly report. The figures are for Third Point Partners Qualified L.P., the firm’s flagship multi-strategy fund. It was a solid month on its own terms. Measured against the broad market indices which had strong returns, May was a month of keeping pace rather than pulling ahead.

The S&P 500 returned 5.3% on a total-return basis in May and is up 11.3% this year. Third Point now trails the benchmark by nearly four points year to date, a reminder that a fund built to spread...