Dan Loeb's Third Point added new positions in key artificial intelligence beneficiaries in the second quarter, but still underperformed the broader market. The hedge fund's latest 13F filing to the SEC showed Tepper taking new stakes in major tech stocks that have rallied this year thanks to investor optimism around the future of AI.
Third Point was higher by just 1.1% in the second quarter, paring its loss in 2023 to 3% so far. Meanwhile, the S & P 500 was ahead 8% in the second quarter, and is higher by 16% on the year. Loeb admitted in a recent shareholder letter that his fund's underexposure to the largest mega-cap stocks — Alphabet, Apple, Amazon, Meta, Microsoft, Nvidia and Tesla — was responsible for the fund's underperformance.
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