Third Point’s flagship Offshore fund lost 16% during the first quarter. That’s not the type of returns we are used to see from Third Point. Dan Loeb is one of those hedge fund managers who can still claim that his stock picks outperformed the S&P 500 Index since the inception of his hedge fund. Third Point delivered annualized gains of 13.5% vs. 7.4% for the S&P 500.
You can download a copy of Third Point’s latest investor letter below: