Third Point suffered a slight setback in November. The hedge fund can thank its big bets on Magnificent Seven and related stocks, which suffered reversals last month.
The firm headed by Dan Loeb lost 50 basis points in November, trimming its gain for the year to 7.9 percent. This is a less than half the S&P 500’s 16.5 percent gain in 2025, making it likely the multistrategy hedge fund will trail the wider market for the full year.
Of course, the equity book’s net long exposure of just over 70 percent — it rose by 10 percentage points last month — is a sizable part of the overall Third Point portfolio’s roughly 113 percent net exposure. Credit makes up 33 percent of net exposure, and privates and “other” strategies together account for nearly 8 percent of net exposure.
Four of Third Point’s five biggest losers last month were Nvidia, Amazon, Microsoft, and contract chip manufacturer Taiwan Semiconductor Manufacturing. Even so, Nvidia and TSMC remained two of the fund’s five biggest winners for the year to date. All but TSMC were also top-five holdings at the end of October.
Heading into December, Microsoft, the third-largest equity long position at the end of October, was Third Point’s largest. The stock fell 5 percent last month.
Meanwhile, Kenvue, the former consumer health care division of Johnson & Johnson, is now the hedge fund firm’s second-largest long — probably because its stock surged nearly 21 month last month. It was Third Point’s biggest winner in November, yet also remains the hedge fund’s biggest loser for the year, thanks to the Trump administration’s linking Tylenol taken in pregnancy to autism.
Otherwise, the rest of Third Point’s top-five holdings are the same as in the previous month, but the order has changed: They are Nvidia, California utility Pacific Gas & Electric, and Amazon.
Through the first 11 months of 2025, equities in general accounted for 6.4 percent of the overall portfolio’s 7.9 percent net gain. Most of that performance was driven by the fundamental and event-driven book. The fund was hurt by portfolio hedges, which detracted nearly 2 percentage points. Credit added 1.8 percent to net performance, almost evenly divided between structured credit and corporate and sovereign debt.
