Should You be Optimistic on Cinemark Holdings (CNK)?
Third Point Management, a New York-based investment advisor, released its third-quarter 2024 investor letter. A copy of the letter can be downloaded here.
Third Point, a New York-based hedge fund founded by Daniel S. Loeb in 1995, operates as an employee-owned, SEC-registered investment advisor. The firm manages $12 billion and is known for its activist campaigns against corporate boards, aiming to instigate changes in various industries and countries.
Daniel Loeb, the founder and CEO of Third Point, initially shared the Chief Investment Officer role with a co-CIO in 2019 but resumed sole CIO responsibilities in 2020. Loeb is also known for his philanthropic efforts through The Margaret and Daniel Loeb Foundation, which supports Alzheimer's research, education reform, and LGBT rights. A 1983 graduate of Columbia University, Loeb has endowed a scholarship for undergraduate study there.
As of Q1 2024, Third Point's last reported 13F filing indicated $7.85 billion in managed securities, with a top 10 holdings concentration of 72.51%. The firm's largest holding is PG&E Corp. (Pacific Gas & Electric), with 57,860,000 shares.
