Dan Loeb Hedge fund letter June 2012
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Transcript of Dan Loeb Hedge fund letter June 2012
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7/31/2019 Dan Loeb Hedge fund letter June 2012
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1Allperformancesinceinception,December1996.
2Excludescurrency,hedge,andanyconfidentialpositions.
3IncludesRMBS,CMBS,andrelatedindices.
4Gainsandlossesofallpositionsthatareattributabletof/xpricemovementsvsUSdollar.
YTD3.9%
9.5%4.1%
ThirdPointOffshoreFund,Ltd.
S&P500
7.8% 11.4%
0.42 1.00
AUM(m)AnnualizedReturn$4,532
June
0.2%
1.24 0.42
Offshore S&P5005.7%17.0%
1055% 138%
13.4%
Yahoo!Inc.
To p W i n n e r s2
23%Short
38%Long
Top10P o s i t io n C o n c e n t r a t i o n
TotalMacro 8.2% 19.2% 11.0% 0.2% 0.2%
29%
Top2049%
Privates 2.3% 0.0% 2.3% 0.1% 0.0% 0.1%
15.3% 0.0% 0.1% 0.1%
Performing 14.6%
0.0%
TailRisk 0.5% 0.9% 0.4% 0.0% 0.1% 0.1%
Government 1.3% 17.9% 16.6% 0.1% 0.1%
6.0% 8.6% 0.3% 0.0%
Long/ShortEquity Long Short Net Long Short0.2%
Gold 6.4% 0.4% 6.0% 0.1% 0.0% 0.1%
Energy&Utilities 4.0% 1.8% 2.2% 0.3% 0.1%
0.3%
ABS3 18.0% 2.7%
AppleInc.
DelphiCorp
SaraLeeCorp
HealthcareShortA
HealthcareShortB
ABSShortA
T o p P o s i t i o n s2
Yahoo!Inc.
Gold
DelphiCorp
ChesapeakeEnergyCorp
T op Loser s2
PortugalObrigacoesdoTesouro
Gold
NewsCorp
ProgressEnergy(Mult.Sec.)
0.0%
TotalOther 3.9% 0.0% 3.9% 0.7% 0.5% 0.2%
Currency4 0.0% 0.0% 0.0% 0.5% 0.5%
Asia 0% 4%
0.0% 0.1%
4%
11% 22% 11%
25% 65%
EMEA
Net
Americas 90%
G e o gr a p h i c E xp o s u r e
Long Short
0.4%
Macro
TotalCredit 38.5% 8.7% 29.8% 0.5% 0.1%
0.0%
Other
RiskArbitrage 1.6% 0.0% 1.6% 0.1%
Distressed 5.9% 0.0% 5.9% 0.2% 0.0% 0.2%
Credit
0.0%
TotalL/SEquity 50.2% 22.9% 27.3% 1.0% 1.4% 0.4%
MarketHedges 4.3% 5.7% 1.4% 0.8% 0.8%
0.8%
TMT 20.0% 3.1% 1 6.9% 0.6% 0.0% 0.6%
Ind.&Comdty. 10.1% 6.8% 3.3% 0.6% 0.2%
0.1%
Healthcare 5.5% 2.5% 3.0% 0.1% 0.3% 0.4%
Financials 2.9% 0.5% 2.4% 0.1% 0.0%
AUM: US$8.7 Billion | June 30, 2012
Event-Driven, Value Investing
P e r f o r m a n c e S t a t is t i cs1P e r f o r m a n c e
SharpeRatio
Gross Asse t A lloca t ion By St ra tegy
CorrelationtoS&P500
E xp o s u r e & P e r f o r m a n c e
ExposureAnnualDownsideDeviationAnnual
Standard
Deviation
P&L
16.5%
CumulativePerformance
Net
Consumer 3.4% 2.5% 0.9% 0.1% 0.0% 0.1%
Long/ShortStrategy
Other
Credit
ABS
MacroArb
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
1/12 2/12 3/12 4/12 5/12 6/12
ThirdPointLLC | 390ParkAvenue | NewYork,NY10022 | [email protected]
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7/31/2019 Dan Loeb Hedge fund letter June 2012
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All information provided herein is for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned. The Third Point Offshore Fund,
Ltd. is a feeder fund in a master feeder structure in which it is limited partner of, and contributes substantially all of its assets to, Third Point Offshore Master Fund L.P. All information
containedhereinrelatestotheTPOffshoreMasterFundL.P.unlessotherwisespecified. P&LandAUMinformationarepresentedatthefeederfundlevel.
The information shown in the section entitled Historical Performance and Comparative Historical Performance represents that of Third Point Partners L.P., which has been managed by
ThirdPoint,itsrelatedpersonsand/oritspredecessorssinceJune1995. SectorandgeographiccategoriesaredeterminedbyThirdPointinitssolediscretion.
All P&L and performance results are based on the net asset value of feepaying investors only and are presented net of management fees, brokerage commissions, administrative
expenses, and accrued performance allocation, if any, and include the reinvestment of all dividends, interest, and capital gains.
While performance allocations are accrued monthly, theyare deducted from investor balances only annually or upon withdrawal. The performance above represents fundlevel returns, and is not an estimate of any specific investors actual
performance, which may be materially different from such performance depending on numerous factors. All performance results are estimates and should not be regarded as final until
auditedfinancialstatementsareissued.
While the performances of the Funds have been compared here with the performance of well known and widely recognized indices, the indices have not been selected to represent an
appropriate benchmark for the Funds whose holdings, performance and volatility may differ significantly from the securities that comprise the indices. The CS and HFRI historical
performancedatarepresentonemonthdelayedfiguresduetoreportinglag.
Past performance is not necessarily indicative of future results. All investments involve risk including the loss of principal. This transmission is confidential and may not be redistributed
without the express written consent of Third Point LLC and does not constitute an offer to sell or the solicitation of an offer to purchase any security or investment product. Any such offer
orsolicitationmayonlybemadebymeansofdeliveryofanapprovedconfidentialofferingmemorandum.
1Pleaserefertoprivateplacementmemorandumforrelevantfundtermsandfees.
June 30, 2012 | Page 2
ThirdPointLLC | 390ParkAvenue | NewYork,NY10022 | [email protected]