<

Must-know update: Third Point's positions in 4Q 2013

Must-know update: Third Point's positions in 4Q 2013 (Part 1 of 8)

In 4Q 2013, which positions does Third Point bet on?

Activist investor Dan Loeb’s Third Point Partners L.P. revealed new positions and sell outs during the fourth quarter in its 13F filing this month. Last month, we discussed that the firm revealed positions in Dow Chemical (DOW) and T-Mobile (TMUS) in its fourth quarter 2013 investor letter. The 13F filing disclosed a 5.96% position in Dow and a 4.42% position in T-Mobile in Third Point’s $5.8 billion portfolio. The other positions traded in the quarter are outlined in the table below.

Third Point1Enlarge GraphThe fund said its overall returns for the year were arrayed across the portfolio. Of the year’s ~26% gains, equities contributed ~18%, corporate credit added ~3%, structured credit contributed ~3%, and macro investments added ~2%. The fund generated meaningful alpha in technology, media, and telecom investments, European equities, performing credit, and U.S. residential mortgage-backed securities.

TP4QEnlarge Graph

The Realist Discussions