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Third Point Letters & Research Archive

Third Point is the New York hedge fund Daniel Loeb founded in 1995 (now at 55 Hudson Yards), investing opportunistically across long/short equities, corporate and structured credit, CLOs and ventures; its flagship Offshore Fund has compounded at roughly 13% net since 1996. Loeb is famous for his caustic quarterly letters and activist campaigns — Yahoo, Sony, Nestlé and Disney have all been targets — and the letters are long-standing required reading on Wall Street.

9 pieces · 2024–2026 · updated every Monday

2026

03-31Third Point Q1 2026 Investor LetterThis article summarizes hedge fund Third Point's Q1 2026 trades. They lost 0.6%, but beat the S&P 500 by 4% because they sold stocks early before the market crash. They bet against housing (home sales…→

2025

12-31Third Point Q4 2025 Investor LetterThis is Third Point's quarterly letter. They argue AI is shifting market leadership: software companies (like legal or financial analysis tools) are vulnerable to AI disruption, while capital-intensiv…→09-30Third Point Q3 2025 Investor LetterA major hedge fund, Third Point, released its latest letter. It says AI computing demand isn't peaking—training models, reasoning steps, and fine-tuning all gobble up more chips. So companies like SK…→06-30Third Point Q2 2025 Investor LetterThis letter from hedge fund Third Point recaps their Q2 2025 performance. They made 7.5% by betting on takeovers (like Nippon Steel buying U.S. Steel) and buying beaten-down stocks like Nvidia. For re…→03-31Third Point Q1 2025 Investor LetterThis is Third Point hedge fund's Q1 2025 letter. The fund lost 3.7%, but that’s better than the S&P 500's 4.3% drop. Why? They sold high (Meta, Apollo), held cash, and bought Apollo again when it dipp…→

2024

12-31Third Point Q4 2024 Investor LetterThis hedge fund letter says the panic over DeepSeek (a Chinese AI model) was overdone – Nvidia fell but Meta could benefit. Tariffs on Mexico and Canada will be milder than feared. New buys: Brookfiel…→09-30Third Point Q3 2024 Investor LetterThis letter from hedge fund Third Point says the market is shifting: the seven big tech stocks that dominated are now lagging as interest rates fall. They expect a Republican win would boost U.S. manu…→06-30Third Point Q2 2024 Investor LetterThis letter from hedge fund Third Point explains why they bought Apple and Corpay in Q2 2024. They think markets are too obsessed with the 'Magnificent Seven' stocks and overlook 'physical world' comp…→03-31Third Point Q1 2024 Investor LetterThis is a quarterly letter from hedge fund Third Point. They argue inflation is no longer the main risk, interest rates are near their peak, and the economy will have a soft landing. The big growth dr…→