Third Point Capital (read Dan Loeb & Co) is out with their Q1 2012 letter. For Q1 they were up 6.5% versus 12.6% for the S&P 500. In the letter they discuss their position on soverign bonds such as Portugal's debt and CDS. They go on to discuss their positions in Apple (NASDAQ: AAPL) and Enphase(NASDAQ: ENPH). They then go on to discuss their risk arbitrage position in Express Scripts / Medco.
Overall it is a prett interesting letter and gives you some insight to how they are thinking about the world. This is the first letter in some time however that does not mention their position in Yahoo!. But I guess they feel they have already shed enough light on that (especially with their recent Academic Fraud charges against a member of the Board and the CEO).
Enjoy.
Third Point Capital - 2012.05.08
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