Loeb’s Third Point Trails S&P 500 Again, Sees No Recession Signs
- Flagship fund returns just 3.9%, lagging gauge’s 5.9% return
- Firm ‘took our lumps for a few days’ amid August slide: Loeb
This article is for subscribers only.
The flagship fund at Daniel Loeb’s Third Point LLC trailed the broader US equity market by two percentage points last quarter as bets on big tech darlings from Amazon.com Inc. to Microsoft Corp. faltered.
Third Point reported a 3.9% return for its TP Offshore Fund in the three months ended Sept. 30, according to a Oct. 16 letter sent to investors and obtained by Bloomberg News. The S&P 500 Index returned 5.9% in the same period, including dividends. Microsoft and Amazon each lost at least 3.5%, while Alphabet Inc. — another tech giant Loeb said was among the fund’s biggest decliners — fell roughly 9%. That was too much to offset gains of at least 27% in Vistra Corp. and KB Home.