Third Point Q1 2025 Investor Letter

2025-05-02 09:30:00 ET

Summary

• Third Point's Offshore Fund returned -3.7% in Q1, with Meta, Rolls-Royce, and Intercontinental Exchange among top winners, and PG&E, TSMC, and Carvana among top losers.
• Investor optimism at the start of Q1 turned negative due to trade policy concerns, but Third Point remains well-positioned with new investments and reduced market-sensitive exposure.
• CoStar Group's capital allocation issues are being addressed with new directors and a Capital Allocation Committee, aiming for improved EBITDA growth and stock performance by 2025.
• Structured Credit returned +1.5% gross in Q1, with a focus on U.S. residential mortgages and identifying credit opportunities amid market volatility and tariff impacts.

Dear Investor:

During the First Quarter, Third Point returned -3.7% in the flagship Offshore Fund....

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