Third Point Up 1.4% in April, AUM Nears Record $13 Billion

Third Point has just released their shareholder letter for April. The event driven hedge fund managed by Dan Loeb returned 1.4 percent in the month of April. That brings the year to date return up to 10.5 percent versus a return for the S&P 500 of 12.7 percent. The leveraged Third Point Ultra is up even further, and is among the top performing hedge funds in 2013. Assets under management for the hedge fund have hit another record coming in at $12.9 billion, with $6.4 billion allocated to the Third Point offshore vehicle.

Third Point top holdings in April

The top five holdings for Third Point in descending order, Yahoo! Inc. (NASDAQ:YHOO), Virgin Media Inc. (NASDAQ:VMED), American International Group Inc (NYSE:AIG), International Paper Company (NYSE:IP), and Ally Financial. The list consists of no new names, although there was a shift in holdings from the prior month.

The top performers of the month in descending order, Yahoo! Inc. (NASDAQ:YHOO), Dan Loeb’s yen short, long Greek Government bonds, American International Group Inc (NYSE:AIG) and JAPAN TOBACCO INC (TYO:2914).

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Loeb’s returns likely took a hit from his large holding in gold, which was also the largest losing position in April. David Einhorn’s Q1 (and April returns) were dampened by losses from the long position in the precious metal. Loeb’s second worst performer was Dolphin Capital Investors Ltd., which has a large exposure in Greece.

The full letter is embedded below:

2013 4 April Monthly Report TPOI Dan loeb hedge fund letter by