Daniel Loeb's Third Point Capital is out with their latest Q1 2011 letter. For the quarter Third Point returned 8.6% and they manage $6.7 billion. They are event drive and have paid particular attention to energy as of late. Loeb's hedge fund has focused specifically on the energy sector, owning positions in Williams Companies (WMB), El Paso (EP), and CVR Energy (CVI).
Third Point originally invested in WMB back in Nov 2010 - they have since grown this position as the company announced plans to split itself via an IPO of its E&P business in the second half of the year and a full spin of the remaining business in early 2012. This is a classic special situations investment so be on the look out for more like it.
Loeb does a nice job discussing the energy names mentioned above.
Third Point - 4-8-11