Third Point Management, a New York-based investment advisor, released its first-quarter 2025 investor letter. Third Point's flagship Offshore Fund returned -0.6% in Q1 2026. The fund started the quarter strong with gains in semiconductors, memory, equipment, infrastructure, aerospace, and defense. A copy of the letter is available to download here. Despite profits and reducing exposures before the Iran war, it slightly declined but outperformed the S&P by 400bps. Market turmoil arose from the unwinding of private credit, a surge in oil prices due to Iran, and crowding in AI trades became...
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