Third Point Management’s Q1 2026 Investor Letter

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. 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...