Third Point Management, a New York-based investment advisor, released its second-quarter 2023 investor letter. A copy of the same can be downloaded here. The Third Point Offshore Fund returned 1.1% net in the second quarter compared to an 8.7% return for the S&P 500 INDEX (TR) and a 7.0% return for the MSCI WORLD INDEX (TR). Year-to-date, the fund returned -3.0% compared to 16.9% and 15.4% returns for the indexes. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Third Point Management highlighted stocks like Shell plc (NYSE:SHEL) in the second quarter 2023 investor letter. Headquartered in London, the United Kingdom, Shell plc (NYSE:SHEL) is an energy and petrochemical company. On August 8, 2023, Shell plc (NYSE:SHEL) stock closed at $61.68 per share. One-month return of Shell plc (NYSE:SHEL) was -0.18%, and its shares gained 16.09% of their value over the last 52 weeks. Shell plc (NYSE:SHEL) has a market capitalization of $206.901 billion.
Third Point Management made the following comment about Shell plc (NYSE:SHEL) in its second quarter 2023 investor letter:
“We initiated a position in Shell plc (NYSE:SHEL) in the summer of 2021 and highlighted the company’s significant discount to intrinsic value as well as to US-listed peers after decades of poor performance. While shares have performed well since we initiated the investment, the company still trades at staggering discount to intrinsic value and represents a compelling investment at current levels. We initially argued (and still believe) that the fastest path to improved performance and better valuation would be a separation of Shell’s business units to better attract shareholders and improve accountability, the latter of which was essential when the company was in the hands of executives who had demonstrated virtually no focus on shareholder value creation.
The most important change at Shell over the past two years has been the upgrade in the management team, with the appointments of Wael Sawan as CEO and Sinead Gorman as CFO. They have demonstrated an unwavering commitment to shareholder value, capital discipline, and improved returns. At their recent analyst day, Mr. Sawan stated “underpinning all that we do will be a ruthless focus on performance, discipline, and simplification.” It was the third time they used the term “ruthless” in their presentation, sending a strong message to shareholders…” (Click here to read the full text)
Shell plc (NYSE:SHEL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Shell plc (NYSE:SHEL) at the end of the first quarter which was 40 in the previous quarter.
We discussed Shell plc (NYSE:SHEL) in another article and shared the list of most valuable companies in the world by market cap. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
