For the second month in a row, Dan Loeb's $7.9 billion Third Point retains gold as its top position. And if that was his only holding he would have done quite well. Unfortunately, he also has quite a few equities, and courtesy of his net 17.7% exposure to equities (and 18.5% to credit) his funds dropped anywhere between 2.7% and 4.5%. Even so, Loeb's flagship fund is up 3.9% YTD, a performance 13F-chasing Whitney Tilson (not to mention mutual fund Paulson & Co.) can only dream about. Loeb continues to be most bullish on ABS credit, while accentuating his hatred for govvies, which account for his biggest short net exposure or -10.3%, an increase from last month's -8.9%. Top equities (except for confidential and FX positions - oddly a new footnote disclaimer, was not there last month - does it mean Loeb has engaged in a major "confidential" position or is he now a major FX trader?) for 3rd Point are Delphi, CIT, Technicolor (a new addition) and El Paso.
Last month's can be found here.