Dan Loeb’s hedge fund, Third Point, posted a 2.7% gain in October, bringing its year-to-date performance up to 18.4%, placing the firm within striking distance of its best annual return since 2021 when it recorded a 23.9% return, according to a report by Institutional Investor.
The report cites the firm’s monthly report as revealing that October performance outpaced the broader market, as the S&P 500 saw a 0.9% loss last month taking its YTD gain to 21%. Third Point’s gains were largely driven by its fundamental and event-driven equity strategies, with Taiwan Semiconductor Manufacturing, LPL Financial Holdings, and Siemens Energy, among the top performers. Life sciences firm Danaher Corp, Bath & Body Works, and Microsoft, meanwhile were among the biggest detractors.
For the full year, the fundamental and event-driven segment has contributed the most to Third Point’s gains, supplemented by 2.8% from credit and 2.5% from private investments. An undisclosed private position remains the fund’s top performer in 2024, followed by energy company Vistra Corp, which surged 220%, outperforming Nvidia. Meta Platforms, TSMC, and Pacific Gas & Electric round out the top five contributors.
