Dan Loeb’s Third Point Partners L.P. returned 3.7% in February and 8.1% during the first two months of 2011. His Offshore Fund returned 3.6% in February and 7.6% till the end of February. Loeb’s portfolio is 64.6% long equities and 8.4% short equities. His net exposure to the stocks is 56.2% which is much higher than David Einhorn’s. Even though Dan Loeb doesn’t want to talk about his short stock positions, his shorts aren’t really big positions. He isn’t engaged in any risk arbitrage or currency speculation. His credit exposure is at 29% and he primarily invests in Americas and EMEA.
Dan Loeb’s top 5 positions at the end of February were Gold, Delphi, Chrysler, El Paso Corp, and LyondellBasell. His top winners are Gold, NXP Semiconductor, El Paso, Technicolor, Williams Companies Inc (WMB). SAC’s Steven Cohen recently expressed that he is also extremely bullish about Williams Companies.
Here is Loeb’s February Letter: