While David Einhorn had a pretty good month, the same cannot be said about Dan Loeb. Loeb’s Third Point was down 0.7 percent in the month of August, compared to a loss of 2.9 percent for the S&P 500. However, for the year, the event driven hedge fund is up 15 percent, which is far better than most other hedge funds. In contrast, the S&P 500 is up 16 percent for the year.
Loeb’s most recent activist campaign has been BID, where he acquired a 5.7 percent stake. The stock was up 3.5 percent in August. Sony was likely a large detractor. The activist hedge fund has been building a massive stake in the Japanese company, which was down close to 6 percent in the month. Below is the Third Point August letter, which has just been released and obtained by ValueWalk.
Dan Loeb letter as well as Third Point’s H1 report can be found below