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Third Point

Mar 2025 → Sep 2026 · Publishes quarterly · 2 funds

Our archive holds 9 letters from Third Point, behind 15 investment theses and positions in 25 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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9
Letters
25
Companies
10
Moves
15
Theses

Performance

as of Sep 30, 2026 · net of fees · USD · Existing Series

  • YTD
    −0.1%
    index +2.6%
  • Inception · /yr
    +12.8%
    index +6.8%

Index: CS HF Event-Driven Index

Disclaimer

These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.

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What they bought and sold · 10 moves

  • TrimmedMasTec
    September 2026
    “Many of the names that drove our Q2 returns—including SK Hynix, Flex, and MasTec—were caught up in the rout.”
    Read the letter
  • AddedNvidia
    September 2026
    “Nvidia (a significant equity owner) has committed to provide guarantees that should help Nscale finance compute projects at a reasonable rate.”
    Read the letter
  • AddedAtom Computing
    September 2026
    “We first invested in late 2021, when we led the Series B financing and joined Atom’s Board of Directors.”
    Read the letter
  • New positionNscale
    September 2026
    “During the quarter we made a convertible loan investment in Nscale, a neocloud.”
    Read the letter
  • TrimmedFlex
    September 2026
    “Many of the names that drove our Q2 returns—including SK Hynix, Flex, and MasTec—were caught up in the rout.”
    Read the letter
  • TrimmedSK hynix
    September 2026
    “Many of the names that drove our Q2 returns—including SK Hynix, Flex, and MasTec—were caught up in the rout.”
    Read the letter
  • New positionFlex Ltd.
    June 2026
    “We established a new position in Flex, a global manufacturing services company, following its announcement that it intends to separate its Cloud & Power Infrastructure ("CPI") business into an independent public company.”
    Read the letter
  • ExitedKimberly-Clark Corporation
    March 2026
    “Two examples of such exits were our timely sale of a large position in the rails and the complete exit from Kimberly Clark (the successor to last year’s Kenvue position), with the latter benefiting from a spike in demand for defensive securities.”
    Read the letter
  • New positionIndra Sistemas, S.A.
    March 2026
    “We initiated a position in Indra Sistemas, an emerging national defense champion in Spain, in 2025.”
    Read the letter
  • ExitedCoStar Group, Inc.
    March 2026
    “We no longer believe that our original thesis holds true today and have disposed of our position in its entirety.”
    Read the letter

Companies held · 25

Every company Third Point has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 15

  • Atom Computing Inc.
    September 2026

    Atom Computing is a private neutral-atom quantum computing company whose scalable, high-quality qubit technology and strong technical/commercial milestones underpin Third Point's conviction.

    Read the full thesis
  • APi Group
    September 2026

    APi Group is a fire protection and safety services compounder with recurring inspection-driven revenue, margin expansion potential, and a fragmented market for bolt-on acquisitions.

    Read the full thesis
  • CRH Plc.
    June 2026

    CRH Plc. is viewed as a vertically integrated infrastructure compounder with scarce reserves, local market advantages, strong margin expansion, and a long runway from infrastructure spending and acquisitions.

    Read the full thesis
  • Block, Inc.
    June 2026

    Block, Inc. is seen as moving from user growth to monetization, with Cash App Borrow, proprietary underwriting, merchant share gains, and AI-enabled operating leverage driving durable earnings compounding.

    Read the full thesis
  • Flex Ltd.
    June 2026

    Flex Ltd. is viewed as a new AI infrastructure opportunity through its CPI spin-off, with unique rack, power and cooling capabilities, strong growth, higher margins, and potential value unlock.

    Read the full thesis
  • Indra Sistemas
    March 2026

    Indra Sistemas is a Spanish defense and IT services leader benefiting from rising domestic defense spend, accelerating backlog, and a valuation discount to peers.

    Read the full thesis
  • Somnigroup
    December 2025

    Somnigroup is a vertically integrated US mattress leader leveraging its Mattress Firm merger, scale, and strong management to drive share gains and high-margin growth.

    Read the full thesis
  • SK Square Co., Ltd.
    December 2025

    SK Square Co., Ltd. is a Korean tech holding company trading at a large NAV discount with catalysts from buybacks, governance reforms, and the value and ADR listing of its main asset SK Hynix.

    Read the full thesis
  • Quebecor Inc.
    December 2025

    Quebecor Inc. is a Canadian wireless challenger gaining share with disruptive pricing, favorable roaming economics, strong margins, and disciplined leadership.

    Read the full thesis
  • Ebara Corporation
    September 2025

    Ebara is a leading supplier of semiconductor production equipment, particularly in chemical mechanical planarization, with significant growth potential in AI applications and a strategy to improve margins and shareholder value amidst undervaluation.

    Read the full thesis
  • SK Hynix
    September 2025

    SK Hynix is a market leader in high bandwidth memory with a significant growth outlook due to AI driving demand, while it trades at a substantial discount compared to competitors.

    Read the full thesis
  • Casey's General Stores
    June 2025

    Casey's General Stores is a promising investment opportunity with a unique business model focused on fresh food, strong employee retention, and significant growth potential, supported by its successful M&A strategy.

    Read the full thesis

Letter archive · 9

2026

2025

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