Third Point has just released its shareholder letter for February 2013 (check out every Dan Loeb quarterly letter since 2007). The hedge fund founded by Dan Loeb reveals (full letter embedded below) that assets under management (AUM) have increased nearly $400 million in one month to a record $11.6 billion. The flagship third point hedge fund has AUM of $5,686 billion, another record for the event/driven value oriented hedge fund. The hedge fund was up 1.2% in February bringing total returns for 2013 to six percent.
The hedge fund has a CAGR return of 17.8% compared to the S&P 500 of 6.3% since inception in the mid 1990s. Additionally The sharpe ratio of the hedge fund is 1.32 since inception.
Dan Loeb is currently 47.3% net long equities, 26.3% net long credit, 11.2% net short Government securities (including net long gold but short “Government”), and net long 2.1%’ other”.
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In terms of positioning the top winners for the month in descending order; Yahoo! Inc. (NASDAQ:YHOO), Virgin Media Inc. (NASDAQ:VMED) which appears to be a new position, ‘PPR’, Constellation Brands, Inc. (NYSE:STZ) which also appears to be a new position, and EADS NV (EPA:EAD). The top losers for the month include; Gold, three unnamed shorts and in the fifth spot, Greek Government Bonds, which had been a huge winner for Dan Loeb’s hedge fund.
The top five positions of Dan Loeb’s Third Point in descending order:
- Yahoo Inc.! (NASDAQ:YHOO)
- Virgin Media Inc. (NASDAQ:VMED)
- American International Group Inc (NYSE:AIG)
- Ally Financial (Mult Sec.)
The full hedge fund letter from Dan Loeb’s Third Point is embedded below:
Third Point Q4 2012 Investor Letter TPOI by ValueWalk.com