Third Point Offshore Fund generated a return of 3.9%, taking the annualized net returns to 13.1%. The third-quarter returns of the fund, however, paled before the S&P 500’s 5.9% gain and the MSCI World Index’s 6.5% rise.

Loeb noted that the global market gains continued in the third quarter but the rally broadened out in the quarter, with the Magnificent 7 trailing the broader market for the first time since the fourth quarter of 2022. Rate-sensitive stocks and cyclicals outperformed as the market looked ahead to the easing cycle, he added.

The top gainers and decliners of the fund are as follows:

Gainers

Privately-held R2 Semiconductor

PG&E Corporation’s Pacific Gas and Electric Company subsidiary

Utility

Vistra Corp.

KB Home

Lifesciences and diagnostics company Danaher Corporation

Losers:

Bath & Body Works, Inc.

Amazon.com, Inc.

Advance Auto Parts, Inc.

Alphabet Inc.

Microsoft Corporation

Loeb also said his fund initiated a position in Danish freight forwarder DSV. “We believe DSV can earn more than 100 DKK per share in 2027 and see significant upside for one of Europe's best companies,” he said.

The SPDR S&P 500 ETF Trust, an exchange-traded fund that tracks the performance of the S&P 500 Index, traded up 0.25% to $583.78 in premarket trading on Friday, according to Benzinga Pro data.

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