Third Point Q3 2020 Investor Letter

Third Point 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 Q3, Third Point returned 11.7% in the Offshore Fund.

The behavioral and business changes that surged during the COVID-19 lockdown have, by now, been well-mapped: work (and exercise) from home, online retail, multiplayer gaming, video on demand, online payments,and an explosion in biotech research and drug development.

Regardless of which party wins the Presidential election or whether Democrats obtain a majority of Senate seats, we expect that future stimulus spending will likely outweigh increases in taxation and regulation that are assured under a Democratic majority and thus have maintained our positions and exposures as we approach the election.

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