zerohedge.com / by Tyler Durden / Jul 29, 2017 4:09 PM
Below are some key highlights from Third Point’s latest Q2 letter, in which we find that Dan Loeb, despite some early market turbulence and thesis drift, has again managed to do what 95% of his peers have been unable to do, outperforming the S&P YTD and returning 10.7% through June 30, up 4.6% in the second quarter.
From the Second Quarter 2017 Investor Letter:
Review and Outlook
During the second quarter of 2017, Third Point earned +4.6% in the Offshore Fund,
bringing total returns for the year to +10.7%. We have generated alpha through good stock
picking in an environment that has proven unpredictable, but favorable for our
In our January letter to investors, we shared our view that 2017 would be a year
characterized by reflation globally, an end to central bank easing, and a US economy juiced
up by the Trump administration’s increased fiscal spending and tax reform. So far, none of
these predictions has come to pass. In April’s investor letter, we noted that actions out of
Washington would be delayed or even denied, but explained that we remained fully
invested because we believed that the emergence of synchronized global growth was more
important than the fading “Trump Trade”.
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