Third Point Partners
Activist investor Dan Loeb’s Third Point Partners LP revealed new positions and sales for first quarter of 2014 in the fund’s 13F filing this month. Third Point Partners noted in its 1Q 2014 investor letter, “Our performance in the first quarter was buoyed by corporate credit and mortgage investments, which provided roughly half of our returns despite being only roughly 25% of our exposure.” The table below outlines the notable positions the fund traded in the quarter.
Third Point added new positions in Actavis PLC (ACT), CF Industries Holdings Inc. (CF), Verizon Communications Inc. (VZ), Roper Industries Inc. (ROP), and Citrix Systems Inc. (CTXS). Notable sales included Yahoo! Inc. (YHOO) and Abbott Laboratories (ABT).
In terms of outlook, Third Point states, “Four months into 2014, it now seems evident that investment performance will require a combination of good stock selection, patience, and deft trading.” The letter adds that, “Despite its challenging start, it appears as we begin May that the U.S. economy is beginning to accelerate from the low levels of Q1. As a result, perhaps 2014 will be the year where one should not ‘Sell in May and go away.’” You can access more details from the letter here.
Notice of correction: When this article was originally published, it listed market cap in millions. The first table has since been revised to show market cap in billions.