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Third Point Management, a New York-based investment advisor, released its fourth-quarter 2024 investor letter. A copy of the letter can be downloaded here. The Third Point Offshore Fund returned nearly 9.1% in the fourth quarter bringing the yearly returns to 24.2%. The performance was driven by positive results across all strategies – equities, corporate and structured credit, and privates. In addition, please check the fund’s top five holdings to know its best picks in 2024.
In its fourth quarter 2024 investor letter, Third Point Management emphasized stocks such as PG&E Corporation (NYSE:PCG). PG&E Corporation (NYSE:PCG) engages in the sale and delivery of electricity and natural gas to customers. The one-month return PG&E Corporation (NYSE:PCG) was -9.14%, and its shares lost 4.00% of their value over the last 52 weeks. On February 6, 2024, PG&E Corporation (NYSE:PCG) stock closed at $15.60 per share, with a market capitalization of $34.22 billion.
Third Point Management stated the following regarding PG&E Corporation (NYSE:PCG) in its Q4 2024 investor letter:
"We are devastated by the recent events in Southern California. Several of our family members and team members call Los Angeles home, and our hearts are with all impacted by the fires.