Key Takeaways
- • Third Point's flagship Offshore Fund returned 7.5% in Q2 2025, bringing year-to-date performance to 3.5%, underperforming the S&P 500 (10.9% Q2, 6.2% YTD) and MSCI World Index (11.6% Q2, 9.8% YTD).
- • Top Q2 contributors included Siemens Energy, U.S. Steel, NVIDIA, Vistra, and Rolls-Royce; principal detractors were PG&E, Kenvue, Carvana, Glencore, and Danaher.
- • Third Point exited positions in UBS Group, Ferguson, Thermo Fisher Scientific, Tesla, and EQT Corp. year to date, while initiating new stakes in Kenvue, CoStar Group, NVIDIA, Informa, and Rocket Companies.
- • Largest holdings as of Q2 included Kenvue, PG&E, CoStar Group, Amazon, Siemens Energy, Taiwan Semiconductor, NVIDIA, Capital One Financial, DSV A/S, and Flutter Entertainment.
Summary
Dan Loeb's Third Point delivered a 7.5% return on its flagship Offshore Fund during the second quarter of 2025, according to exclusive investor call details obtained by Hedge Fund Alpha. Year-to-date, the fund has returned 3.5%, trailing broader equity market indices. The S&P 500 gained 10.9% in Q2 and 6.2% for the first half of 2025, while the MSCI World Index advanced 11.6% and 9.8% respectively over the same periods. The Russell 2000 rose 8.5% in Q2 but remains down 1.8% year to date.
During Q2, Third Point's portfolio benefited most from positions in Siemens Energy, U.S. Steel, NVIDIA, Vistra, and Rolls-Royce. The fund faced headwinds from holdings in PG&E, Kenvue, Carvana, Glencore, and Danaher. Despite Kenvue and PG&E appearing as top detractors, both companies ranked among Third Point's largest positions heading into the second half of 2025.
Third Point's top ten holdings reflected a diversified investment approach spanning industrials, semiconductors, utilities, and consumer sectors: Kenvue, PG&E, CoStar Group, Amazon, Siemens Energy, Taiwan Semiconductor, NVIDIA, Capital One Financial, DSV A/S, and Flutter Entertainment.
Year to date, Third Point has executed a series of portfolio adjustments. The fund exited positions in UBS Group, Ferguson, Thermo Fisher Scientific, Tesla, and EQT Corp. Simultaneously, it initiated new stakes in Kenvue, CoStar Group, NVIDIA, Informa, and Rocket Companies, suggesting a rebalancing toward technology exposure and selective engagement in consumer discretionary and specialized industrial sectors.
During Q2, Third Point's portfolio benefited most from positions in Siemens Energy, U.S. Steel, NVIDIA, Vistra, and Rolls-Royce. The fund faced headwinds from holdings in PG&E, Kenvue, Carvana, Glencore, and Danaher. Despite Kenvue and PG&E appearing as top detractors, both companies ranked among Third Point's largest positions heading into the second half of 2025.
Third Point's top ten holdings reflected a diversified investment approach spanning industrials, semiconductors, utilities, and consumer sectors: Kenvue, PG&E, CoStar Group, Amazon, Siemens Energy, Taiwan Semiconductor, NVIDIA, Capital One Financial, DSV A/S, and Flutter Entertainment.
Year to date, Third Point has executed a series of portfolio adjustments. The fund exited positions in UBS Group, Ferguson, Thermo Fisher Scientific, Tesla, and EQT Corp. Simultaneously, it initiated new stakes in Kenvue, CoStar Group, NVIDIA, Informa, and Rocket Companies, suggesting a rebalancing toward technology exposure and selective engagement in consumer discretionary and specialized industrial sectors.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.