Key Takeaways
- • Third Point LLC's flagship hedge fund declined 0.5% in November 2025, bringing year-to-date returns to 7.9% through November and underperforming the S&P 500's 0.2% monthly gain.
- • Dan Loeb's hedge fund exited its position in Primo Brands, citing an "overestimate" of the company's performance prospects in a client memo.
- • Third Point completely liquidated holdings in Meta and Apollo Global Management while reducing its Amazon position, signaling strategic portfolio reallocation during November.
- • The fund's November underperformance reflects broader market volatility and selective positioning adjustments across major technology and financial services holdings.
Summary
Third Point LLC, the New York-based hedge fund managed by Dan Loeb, reported a 0.5% decline in November 2025, with year-to-date returns standing at 7.9% through the end of the month. The month's performance trailed the broader S&P 500, which gained 0.2% during the same period, according to a client memo reviewed by Hedge Fund Alpha.
The fund made several notable portfolio adjustments during November, reflected in commentary provided to investors. Third Point dumped its position in Primo Brands, with Loeb's team indicating that the company's prospects had been overestimated. This move represented a significant shift in the fund's consumer staples positioning.
Beyond the Primo Brands exit, Third Point undertook more substantial portfolio rebalancing. The fund completely sold out of both Meta Platforms and Apollo Global Management, eliminating its entire positions in both companies. Additionally, Third Point reduced its stake in Amazon, though the fund maintained some exposure to the e-commerce and cloud computing giant. These moves suggest a recalibration of the hedge fund's exposure to mega-cap technology stocks and global investment management firms.
The combination of November's slight underperformance relative to the S&P 500 and the portfolio adjustments point to Third Point's selective positioning during a period of market dynamics. The fund's year-to-date return of 7.9% remains respectable, though the monthly decline and position exits indicate Loeb's team is actively managing exposure to what it views as overvalued or underperforming holdings in its portfolio.
The fund made several notable portfolio adjustments during November, reflected in commentary provided to investors. Third Point dumped its position in Primo Brands, with Loeb's team indicating that the company's prospects had been overestimated. This move represented a significant shift in the fund's consumer staples positioning.
Beyond the Primo Brands exit, Third Point undertook more substantial portfolio rebalancing. The fund completely sold out of both Meta Platforms and Apollo Global Management, eliminating its entire positions in both companies. Additionally, Third Point reduced its stake in Amazon, though the fund maintained some exposure to the e-commerce and cloud computing giant. These moves suggest a recalibration of the hedge fund's exposure to mega-cap technology stocks and global investment management firms.
The combination of November's slight underperformance relative to the S&P 500 and the portfolio adjustments point to Third Point's selective positioning during a period of market dynamics. The fund's year-to-date return of 7.9% remains respectable, though the monthly decline and position exits indicate Loeb's team is actively managing exposure to what it views as overvalued or underperforming holdings in its portfolio.
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