Third Point Q2 2025 Investor Letter: 7.5% Return, Key Holdings, and Market Insights

Third Point's Q2 2025 investor letter reports a 7.5% return in the flagship offshore fund, outperforming the CS HF Event-Driven Index and the S&P 500 Index. The top performers included Siemens Energy, US Steel, TSMC, Nvidia, and Vistra, while Pacific Gas and Electric, Kenvue, London Stock Exchange Group, and Fortive were the top losers. The firm's opportunistic purchases and timely hedge covering helped capture the market rebound, with standout returns from Nippon Steel's takeover of US Steel and continued adoption of AI in the technology sector.