Loeb’s Third Point Adds Apple Shares, Still Can’t Beat S&P 500
- Offshore Fund rises just 1.8% last quarter, Amazon, TSMC help
- Sees ‘even more reason’ to look beyond Big Tech shares
Daniel Loeb
Photographer: Eva Marie Uzcategui/BloombergThis article is for subscribers only.
Daniel Loeb’s Third Point LLC failed to beat the S&P 500 Index last quarter despite holding some of the best-performing megacap technology stocks in its flagship fund, according to a Friday letter to investors from the fund.
The flagship Offshore Fund rose 1.8% in the second quarter, trailing the S&P 500 Index’s 4.3% gain on a total return basis in the same timeframe. It’s a similar story to the first quarter, when the fund also trailed the broader market despite having nearly half of the equity portfolio in companies linked to artificial intelligence.