Dan Loeb’s Third Point’s 2010 returns are out. These are officially provided by Third Point and are slightly different from the numbers leaked a couple of days ago. Third Point’s Partners fund returned 41.5% in 2010 vs. 15.1% for the S&P 500 including dividends. Partners fund returned 38.2% in 2009 and lost 32.8% in 2008.
Third Point’s Ultra fund returned 38% in 2010, 44.1% in 2009, and lost 38.6% in 2008. This is the only up year where Ultra fund underperformed Dan Loeb’s Partners fund.
Third Point Offshore fund gained 6.6% in December alone, and 33.5% for the entire year. The Offshore fund has more than $2.5 Billion AUM. The fund’s top winners are Delphi Corp (multiple securities), NXP Semiconductor NV (NXPI), Lyondell (LYB), Chrysler, and Accuride Corp (ACW). The fund’s top losers are Fortis and State Bank of India (Bombay:SBI). Like David Einhorn, Dan Loeb has gold as his largest position. He also has a large Potash (POT) position.
Third Point’s Offshore fund has an annualized return of 18.6% vs. 5.5% for the S&P 500.