Third Point Up 21.2% 2012, AUM Reaches Another Record; $10.1B

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Dan Loeb’s Third Point has released its December returns. Like the previous month, the highest gaining position was in Greek Government Bonds. The Third Point Offshore Fund gained 3.6 percent in December, bringing the year to date returns to a sizable 21.2 percent. In case of Einhorn we can speculate that the biggest loser has been Apple Inc. (NASDAQ:AAPL), Loeb confirmed that the tech stock has been a sore investment. Apple Inc. (NASDAQ:AAPL) takes the top place in the Top Losers spot, other investments that went off the mark were Aveta Inc. (PINK:AVTQZ) and two undisclosed shorts. Aveta Inc. (PINK:AVTQZ) was the winner in the November performance of Third Point.

Other than the Greek bonds, the top winners of December were  Yahoo! Inc. (NASDAQ:YHOO), Delphi Automotive PLC (NYSE:DLPH),  American International Group, Inc. (NYSE:AIG) and Nexen Inc. (USA) (NYSE:NXY).  Third Point lost in American International Group, Inc. (NYSE:AIG) in November. Yahoo! Inc. (NASDAQ:YHOO) has come off as a consistent winner in this quarter, the share price gained close to 25 percent in Q4 2012, thanks to Loeb’s activism.

The top long positions of the fund are in Yahoo! Inc. (NASDAQ:YHOO), American International Group, Inc. (NYSE:AIG), Gold, ALLY FINANCIAL, INC. (PINK:ALFI) and Murphy Oil Corporation (NYSE:MUR). Greek bonds held the largest position in November stat sheet, Loeb has mentioned previously that while he still holds some amount of bonds, he has reduced exposure significantly. The initial investment in Greek debt amounted to $1 billion, on which the fund generated a profit of $500 million. The new additions to the top 5 are Ally Financial and Murphy Oil. Murphy Oil Corporation (NYSE:MUR) has been the celebrated target of Loeb’s activist magic, he convinced the company  to announce dividends, share buybacks and spinoff of the retail unit. Murphy Oil gained almost 11 percent in the last quarter.

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Third Point LLC manages $10.1 billion in assets.

Dan Loeb Third Point 2012 Performance December Letter

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