Daniel Loeb

Third Point, LLC

Last Update: 2013-05-14

Number of Stocks: 40
Number of New Stocks: 12

Total Value: $5,311 Mil
Q/Q Turnover: 34%

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Daniel Loeb's Profile & Performance

Profile

Daniel Seth Loeb is founder of Third Point LLC, a New York based hedge fund managing over $2.3 billion in assets. Loeb is well known in the financial world for writing public letters in which he expresses disapproval of the performance and conduct of other financial executives.

Web Page:http://www.thirdpointpublic.com/

Total Holding History

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Performance of Master Fund

Year	Return (%)	S&P500 (%)	Excess Gain (%)
2012	21.2	15.4	5.8
2011	0	2.08	-2.1
2010	33.7	15.06	18.6
3-Year Cumulative	62 (17.5%/year)	35.5 (10.7%/year)	26.5 (6.8%/year)
2009	38.6	26.46	12.1
2008	-37	-37	0.0
5-Year Cumulative	41.5 (7.2%/year)	8 (1.5%/year)	33.5 (5.7%/year)
2007	17.5	5.61	11.9
2006	15	15.79	-0.8
2005	19.9	4.91	15.0
2004	30.2	12	18.2
2003	51.5	28.7	22.8
10-Year Cumulative	352.2 (16.3%/year)	99.7 (7.2%/year)	252.5 (9.1%/year)
2002	-7	-22.1	15.1
2001	14.9	-11.9	26.8
2000	17.1	-9.1	26.2
1999	42.2	21	21.2
1998	6.6	28.6	-22.0
15-Year Cumulative	757.7 (15.4%/year)	93.8 (4.5%/year)	663.9 (10.9%/year)
1997	52.1	33.4	18.7
1996	44.3	23	21.3
1995	37	37.6	-0.6

Commentaries and Stories

Currently 0.00/5

Rating: 0.0/5 (0 votes)

Third Point's Dan Loeb Increases His Bet on Sony and Writes a Second Letter to Management

June 18, 2013

Below is Dan Loeb's second letter to Sony Management (SNE) where he discloses that he has upped Third Point's position in Sony to $1.4 billion and reiterates his opinion on the direction the company should take. More...

Currently 3.25/5

Rating: 3.3/5 (8 votes)

3 Stocks Dan Loeb Has Been Buying

June 12, 2013

Move over Mr. Ackman. More...

Currently 3.33/5

Rating: 3.3/5 (3 votes)

Third Point's (Dan Loeb) Letter to Sony Management

May 31, 2013

Third point sony letter fromwjcbcm More...

Currently 3.25/5

Rating: 3.3/5 (4 votes)

Daniel Loeb's Top Three Increases of the First Quarter

May 24, 2013

Billionaire Daniel Loeb of Third Point LLC has a portfolio consisting of 40 stocks, 12 of those being new buys, valued at $5.3 billion. Loeb is well known in the financial world for writing public letters in which he expresses disapproval of the performance and conduct of other financial executives. In 2012 the guru reported a return of 21.2%, an excess gain of 5.8% over the S&P 500’s return. More...

Currently 3.33/5

Rating: 3.3/5 (9 votes)

Daniel Loeb Adds 3 New Buys to Top 10

May 17, 2013

Daniel Loeb is an activist investor who has recently suggested a few ideas to top holding Sony (SNE), via a less strongly worded letter to top management than usual. He could be out to replicate his success with Yahoo (YHOO), a sleepy company he shook up and then watched rise 75% in stock price the past 12 months. Loeb’s 10.5% return through April lagged the S&P 500 index’s 12.7%, though his annualized return since the inception of Third Point, his event-driven hedge fund, is 17.9%, compared to 6.6% for the S&P 500. More...

Currently 4.20/5

Rating: 4.2/5 (5 votes)

Third Point Update and Top Three

May 10, 2013

Highest-earning hedge fund managers are in the spotlight this week as many of the investor Gurus have found a place on the new “Rich List” released by Institutional Investor’s Alpha. Third Point’s letter-writing shareholder activist founder Daniel Loeb is No. 10 on the Rich List, and is reported to have earned $380 million in 2012. More...

AUTOS, INSURANCE, ONLINE MEDIA, PAY TV, HOUSEHOLD & PERSONAL PRODUCTS

Currently 3.33/5

Rating: 3.3/5 (3 votes)

Large Insider Sells Reported in the Entertainment Industry

May 10, 2013

This week we saw an increase in insider sells coming from the entertainment industry. The following three companies represent the largest sells coming from two or more of their corporate executives. More...

Currently 3.62/5

Rating: 3.6/5 (13 votes)

WellPoint (WLP) - A Comprehensive Value Analysis

May 4, 2013

Putting Politics Aside to Make Money More...

HEALTH INSURANCE, OBAMACARE, AFFORDABLE CARE ACT, VALUE, HEALTH INSURANCE PLANS

Currently 3.50/5

Rating: 3.5/5 (4 votes)

'Macro Tourist' Trade

April 30, 2013

What do Daniel Loeb and Bill Ackman have in common? Both are well known for their hedge fund activist investing. Loeb in the ensuing years has transitioned from activist to macro hedge fund manager; evident from his stellar return in Greek government bonds and most recently, from the Japan trade (initial currency/index trade). Ackman, despite his recent hiccup in few investments such as J.C. Penney (JCP) and Herbalife (HLF), had also dabbled in macro investing such as in Hong Kong dollar back in 2011. As Ackman put it recently, “The current printing of money is a 'non-sustainable' situation." Hong Kong should adjust is currency peg, he said, and he has a small position essentially shorting it. More...

DAN LOEB, BILL ACKMAN, KYLE BASS

Currently 3.00/5

Rating: 3.0/5 (2 votes)

Rolling Stone - Dan Loeb Simultaneously Solicits and Betrays Pension Funds

April 19, 2013

There's confidence. There's chutzpah. And then there's Dan Loeb, hedge fund king extraordinaire and head of Third Point Capital, who's getting set to claim the World Heavyweight Championship of Balls. More...

Currently 1.00/5

Rating: 1.0/5 (1 vote)

Daniel Loeb Comments on Liberty Global

April 11, 2013

During the First Quarter, we increased our exposure to Liberty Global (LBTYA), Europe's largest cable operator, following the announcement of its acquisition of Virgin Media (VMED). The acquisition triggered a wave of investments by arbitrageurs, who created an attractive entry point for us by putting pressure on Liberty Global's shares. Initiating a position in Virgin Media allowed us to purchase additional Liberty Global at a material discount to its pre‐announcement and pro forma trading levels. More...

Currently 5.00/5

Rating: 5.0/5 (1 vote)

Daniel Loeb's Q1 Letter - Comments on Liberty Global, Japan, International Paper, Mortgages

April 10, 2013

Important Note to Our Investors and Unintended Recipients: Third Point's Quarterly Letters are designed to inform our investors about recent portfolio developments and provide our views of the market environment. Our letters are not investment recommendations for the general public. The legal disclaimer makes clear that we may trade in and out of positions discussed at any time and undertake no duty to update anyone, except to the extent we are required to make filings with the SEC. Investors who choose to take action based on our investment ideas do so at their own risk. More...

Currently 3.00/5

Rating: 3.0/5 (2 votes)

Daniel Loeb Comments on Tesoro Corporation

April 4, 2013

Tesoro Corporation (TSO) is a $5.7 billion refining and marketing company with assets in the West Coast and Rocky Mountain regions of the US. Tesoro has several characteristics we like in an investment: 1) significant hidden value in high-multiple assets like retail, pipelines, and General Partner interests; 2) impending transactions/projects that are underappreciated by the market; and 3) a shareholder-friendly management team focused on creating value. While it is perhaps unusual to invest in a company following a quarter(Q3 2012) in which the stock appreciated by ~68%, we believe Tesoro remains misunderstood by the market; as evidence, current sell-side analyst price targets range from $35 to $84! Tesoro trades at one of the lowest multiples (2.6x) in the refining sector on 2012 EBITDA,despite the fact that refining peers are currently “over-earning” due to wide LLS-WTI spreads. In contrast, the bulk of Tesoro’s portfolio (West Coast) is earning margins consistent with historical levels, while the company’s two Mid-Continent assets (Mandan,ND and Salt Lake City, UT) should continue to experience wide crude discounts given their niche positions and distance from coastal markets. Contrary to our expectations for other refiners, we see Tesoro’s earnings rising in the coming years, notwithstanding shrinking WTI-LLS spreads. Part of this earnings growth will come from the pending acquisition of BP’s 266kbpd Carson refinery. After deducting working capital and ~$1.125 billion of logistics and retail value, Tesoro paid about $50 million for a refinery that is estimated to generate $375 million of EBITDA and yield an additional ~$250 million in annual synergies. We expect this deal to be approved by regulators in the first half of 2013. Finally, Tesoro is one of the last refining companies to begin returning meaningful amounts of cash to shareholders. The company should continue to repurchase significant amounts of its undervalued stock in the near-term and subsequently use a combination of regular and special dividends to distribute excess cash to shareholders.Using conservative assumptions, we see Tesoro generating about $9 per share in annual excess FCF on a normalized basis and our expectation is that shares can double from the current price of $40. We believe the Q3 story was only the beginning, and are happy to own Tesoro for its next few chapters. From Daniel Loeb’s fourth quarter commentary. More...

Currently 3.20/5

Rating: 3.2/5 (5 votes)

Daniel Comments on Morgan Stanley

April 4, 2013

During the Fourth Quarter, we initiated a position in Morgan Stanley (MS), which we believe is in the early innings of a turnaround. The bank’s investment banking advisory and equity sales and trading businesses – which we know well from our perspectives as both investors and long-time satisfied clients – have consistently won top three market shares and are impressively positioned. Although MS has historically failed to capitalize on its strengths, its leadership currently is focused on growing its good businesses while consolidating and successfully fixing its previously troubled Wealth Management business.In 2013, we expect Morgan Stanley to tackle its other weak business, Fixed Income, Currency, and Commodities (FICC) sales and trading. Morgan Stanley’s stock currently trades at a 20% discount to tangible book (down from a 35% discount when we acquired our stake at an average cost of $16.77 per share), and we view MS at these prices as a chance to buy a free call option on a promising restructuring. In Wealth Management, Morgan Stanley has approached the turnaround with focus and results have been encouraging. The underlying earnings power of the combined MorganStanley Smith Barney business can be seen in the pre-tax margin line: pre-tax margins in Wealth Management have risen from 6% in 2009 to 13% in Q3 2012, and look on track to meet or exceed management’s mid-teens target for 2013. Morgan Stanley has a tougherroad ahead in dealing with its FICC businesses, which are limping along with a still-bloatedcost structure and anemic returns due to regulatory changes stemming from the GlobalFinancial Crisis. Nearly two thirds of the company’s Risk Weighted Assets on a fully loadedBasel IIIfourth quarter commentary. More...

Currently 2.80/5

Rating: 2.8/5 (5 votes)

Daniel Loeb Comments on Herbalife

April 4, 2013

Herbalife (HLF) is a leading provider of weight management and nutritional supplements operating in more than 80 countries through a network of independent distributors. The stock declined by nearly half last month following controversial assertions made by a short seller about Herbalife’s business model and practices. Third Point has a different view and holds about 8% of Herbalife outstanding common stock, which we acquired mostly during the panicked selling that followed the short seller’s dramatic claims. More...

Currently 4.00/5

Rating: 4.0/5 (3 votes)

Daniel Loeb Comments on Murphy Oil

April 4, 2013

As we explained in our Third Quarter Letter, Third Point initiated a significant stake in Murphy (MUR) following a 3-year period in which Murphy's share price declined by ~15% while the SPDR S&P Oil and Gas E&P Index appreciated by ~49%. Our thesis was that the company had many routes to unlock latent, meaningful value, among them – and most significantly – a highly accretive spin-off of its retail business. More...

Currently 3.75/5

Rating: 3.8/5 (8 votes)

Daniel Loeb Beats the Market with Yahoo, Japan and Cheniere Energy

April 4, 2013

In a difficult quarter for hedge funds, and rather pleasant one for the S&P 500, Daniel Loeb bested the market with a 13.3% in his Ultra Fund in the first three months of the year, according to CNBC. By comparison, the S&P returned 10%, and the average hedge fund eked out just 3.13%. Loeb, the leader of hedge fund Third Point well known for his stormy business shakeups in his activist investment targets and event-driven investment strategy, saw several points of his strategy blossom this year. More...

Currently 3.00/5

Rating: 3.0/5 (5 votes)

Third Point (Dan Loeb) Q4 2012 Letter

April 2, 2013

Third Point Q4 2012 Letter More...

Currently 3.67/5

Rating: 3.7/5 (6 votes)

Daniel Loeb Reports New Top Position – Virgin Media

March 11, 2013

Aside from arguing with Bill Ackman about Herbalife (HLF), the founder of $11.6 billion hedge fund Daniel Loeb in February acquired a new second-largest position, Virgin Media (VMED), according to his fund’s monthly update. The position sits underneath Yahoo (YHOO), meaning it must have less than a 26.6% weighting in his portfolio, and above physical gold. More...