market folly

Dan Loeb's Third Point Offshore Fund just released its May exposure report.  In it, we see that Third Point was up 3.6% in May and is up 14.7% year-to-date.


Net Long Exposures

In terms of exposure in equities, Third Point was 70% long, -22.5% short, leaving them 47.5% net long equities at the end of May.  This is only a slight increase from April when they were 45.4% net long.

In credit, Third Point was 32.3% net long at the end of May.


Increased Asian Exposure

Geographically speaking, they're 60% net long the Americas region, 8% net long EMEA, and 15% net long Asia.

This marks a sizable difference in their net long positioning in Asia as they are now 15% net long, compared to only 6% net long the month prior. 

This is mostly attributable to their new Sony (SNE) long position.  Loeb is trying to engineer an activist campaign at the company and is pushing for Sony to spin off their entertainment group.  Though it should also be mentioned that Third Point slightly reduced short exposure in the region as well.

Embedded below is Third Point's May exposure report:





Third Point Revealing Less Information

Unfortunately, Third Point has made a change to their monthly exposure report, and they are no longer disclosing their top positions, top winners, or top losers for the month. 

As such, we'll have to rely solely on SEC filings, investor letters, and conference appearances going forward.  If you want to see what US stocks Third Point is investing in, head to our Hedge Fund Wisdom newsletter as we cover it there.

To see the April version of their exposure report that revealed much more portfolio information, head to our post here.   You can also view Third Point's Q1 letter.