BBWI - Third Point Q1 2024 Investor Letter

May, 01 2024 12:45 PM Bath & Body Works Inc Com

2024-05-01 12:45:00 ET

Summary

Third Point LLC is an SEC-registered investment adviser based in New York. The firm was founded in 1995 by Daniel S. Loeb, who serves as Chief Executive Officer. Third Point focuses on event-driven, value-oriented investing.
During the first quarter of 2024, Third Point returned 7.8% in the flagship Offshore Fund.
The top five winners for the quarter were Meta Platforms Inc., Vistra Corp., Amazon.com Inc., Bath & Body Works Inc., and Microsoft Corp.
The top five losers for the quarter, excluding hedges, were Pacific Gas & Electric Co., DuPont de Nemours Inc., Humana Inc., Marvell Technology Inc., and a Short Position.
We also see the energy transition and growth in data centers affecting scores of industrial, materials and energy companies as demand for infrastructure and certain commodities surges.

During the First Quarter, Third Point returned 7.8% in the flagship Offshore Fund.

1Through March 31, 2024.

2Annualized Return from inception (December 1996 for TP Offshore and quoted indices).