Third Point Investors Share Discussion Threads

[praipus] 13/11/2013 11:58

Have you got any shares here jonwig?

[jonwig] 13/11/2013 11:46

FT:

Loeb's Third Point takes stake in FedEx

By Stephen Foley in New York

Dan Loeb, the activist hedge fund manager known for his coruscating attacks on company managers, has taken a stake in FedEx, the $42bn US parcel delivery group.

Mr Loeb – whose recent targets have included Sotheby's, Sony and Nokia – disclosed on Tuesday that he had met FedEx's chief executive, Fred Smith, to discuss ways to improve the company's performance.

More:



I was expecting a dividend announcement by now - around 80c - 5% of NAV.

[jonwig] 23/10/2013 07:19

Q3 letter - activist stake in Nokia and return of capital to investors. Further details by month end, I think:

[jonwig] 03/10/2013 07:30

Third Point urges Sotheby's chief William Ruprecht to quit:

[jonwig] 29/8/2013 07:18

H1 results this morning, very positive. Includes:

I am pleased that the strategic initiatives, introduced by the Board last year to narrow the ongoing discount to NAV, have made a significant impact across each of the share classes and we remain committed to reducing the discount further.

As previously announced, given the strong year-to-date performance by the Investment Manager, the Board expects that a dividend of 5% of NAV will be paid to investors in the fourth quarter of 2013, barring any significant adverse changes to NAV

Latest NAV was $16.27 suggesting dividend of around $0.80 and yield of 5.4%.

Don't know whether dividend will be "standard Guernsey", ie. include a 10% tax credit and no hidden elements. Can't find a prospectus.

[praipus] 28/8/2013 08:04

Thanks jonwig,
I'm also attempting to track Loeb and others (to some extent) on the HFT thread

[jonwig] 27/8/2013 18:57

TPOU = USD denomination, TPOG = GBP, TPOE = EUR.

You can convert between at certain intervals, and there are also 'B' shares in each class (unlisted).
About 95% of shares are USD. There are also 'B' shares in each class.

I'll put details into header tomorrow if time.

Performs very well when market is flat or rising (eg. up 3.2% this month to date) but could be suspect in a falling market, despite long/short strategy.

[praipus] 27/8/2013 17:15

Pardon my ignorance but whats the difference between TPOG and TPOU?

[jonwig] 27/8/2013 16:38

Today:

Investor activism has made its way to the art world, with billionaire hedge fund manager Dan Loeb aiming his guns at legendary auction house Sotheby's. The head of Third Point bought more than 5% of the company, disclosing with the SEC on Monday that he plans to go activist and engage management and the board.

hxxp://www.forbes.com/sites/afontevecchia/2013/08/26/billionaire-dan-loeb-gets-artsy-third-point-goes-activist-on-sothebys/

[jonwig] 25/8/2013 09:07

15 August:

Activist investor Daniel Loeb's hedge fund, Third Point, has acquired $113.7 million of Disney stock, regulatory filings indicate.

Loeb's company, which this summer pressed Sony Corp. to make a public offering of up to 20% of its entertainment arm, owned 1.8 million shares of Disney stock as of June.

hxxp://www.latimes.com/entertainment/envelope/cotown/la-et-dan-loeb-buys-disney-stock-20130815,0,5427697.story

[jonwig] 25/8/2013 09:05

Third Point Offshore Investors Limited (the "Company") is a closed-ended limited liability investment company, registered and incorporated in Guernsey.

Listed on the London Stock Exchange, the Company is a feeder fund and invests all of its capital (net of expenses and short term working capital requirements) in Class E Shares of Third Point Offshore Fund Ltd (the "Master Fund").
The Master Fund's investment objective is to achieve attractive returns by using an event-driven, bottom-up, fundamental approach to evaluate various types of securities throughout companies' capital structures.

The Master Fund, Third Point Offshore Fund Ltd, is an exempt company with limited liability incorporated under the laws of the Cayman Islands.

The Investment Manager of the Master Fund pursues a research-driven strategy based on fundamental value. The primary focus of the investment effort is to identify "event driven" situations in which a potential event should lead to a significant revaluation, up or down, in a company's securities.

Positive potential events could include operational restructurings, recapitalizations, or change in management or sale of a company. Negative potential events could include a liquidity crisis, adverse litigation outcome, or the exposure of accounting or other irregularities.

The funds managed by the Investment Manager have the capacity to assume large positions in particular companies, and to influence the affairs of those companies, thereby increasing the likelihood that the envisioned catalyzing event will in fact occur. This investment process has successfully been applied across strategies, industries and geographic regions.