Bloomberg converted Third Point’s investor letter and posted it on its website. Dan Loeb disclosed a large position in Chesapeake Energy (CHK) which is probably in the $200 million – $350 million range. The fund’s top winning positions are Yahoo, Progress Energy and News Corp. Here is Third Point Offshore Fund’s June 2012 letter:
Monthly Performance
June YTD AUM(m)
Third Point Offshore Fund, Ltd. 0.2% 3.9% $4,532
S&P 500 4.1% 9.5%
Performance Statistics^1
Third Point Offshore Fund Ltd. S&P 500
Annualized Return 17.0% 5.7%
Cumulative Performance 1,055% 138%
Annual Standard Deviation 13.4% 16.5%
Annual Downside Deviation 7.8% 11.4%
Correlation to S&P 500 0.42 1.00
Sharpe Ratio 1.24 0.42
Exposure and Performance
Long/Short Equity Exposure P&L
Long Short Net Long Short Net
Consumer 3.4% -2.5% 0.9% -0.1% 0.0% -0.1%
Energy & Utilities 4.0% -1.8% 2.2% 0.3% -0.1% 0.2%
Financials 2.9% -0.5% 2.4% 0.1% 0.0% 0.1%
Healthcare 5.5% -2.5% 3.0% -0.1% -0.3% -0.4%
Ind. & Comdty. 10.1% -6.8% 3.3% -0.6% -0.2% -0.8%
TMT 20.0% -3.1% 16.9% 0.6% 0.0% 0.6%
Market Hedges 4.3% -5.7% -1.4% 0.8% -0.8% 0.0%
Total L/S Equity 50.2% -22.9% 27.3% 1.0% -1.4% -0.4%
Credit Long Short Net Long Short Net
Distressed 5.9% 0.0% 5.9% 0.2% 0.0% 0.2%
Performing 14.6% -6.0% 8.6% 0.3% 0.0% 0.3%
ABS^4 18.0% -2.7% 15.3% 0.0% -0.1% -0.1%
Total Credit 38.5% -8.7% 29.8% 0.5% -0.1% 0.4%
Macro Long Short Net Long Short Net
Gold 6.4% -0.4% 6.0% 0.1% 0.0% 0.1%
Government 1.3% -17.9% -16.6% 0.1% -0.1% 0.0%
Tail Risk 0.5% -0.9% -0.4% 0.0% -0.1% -0.1%
Total Macro 8.2% -19.2% -11.0% 0.2% -0.2% 0.0%
Other Long Short Net Long Short Net
Risk Arbitrage 1.6% 0.0% 1.6% 0.1% 0.0% 0.1%
Privates 2.3% 0.0% 2.3% 0.1% 0.0% 0.1%
Currency^3 0.0% 0.0% 0.0% 0.5% -0.5% 0.0%
Total Other 3.9% 0.0% 3.9% 0.7% -0.5% 0.2%
Geographic Exposure - Long/Short Equity Only
Long Exposure
Americas: 90%
EMEA: 11%
Asia: 0%
Short Exposure
Americas: -25%
EMEA: -22%
Asia: -4%
Net Exposure
Americas: 65%
EMEA: -11%
Asia: -4%
Top Winners:
Yahoo! Inc.
Progress Energy (Mult. Sec.)
News Corp
Portugal Obrigacoes do Tesouro
Gold
Top Losers:
Delphi Corp
Sara Lee Corp
Healthcare Short A
Healthcare Short B
ABS Short A
Top Positions:
Yahoo! Inc.
Gold
Delphi Corp
Chesapeake Energy Corp
Apple Inc.
Position Concentration
Top 10 Top 20
Long 38% 49%
Short 23% 29%
