Third Point released their quarterly investor letter. Here are some significant highlights:

-Q3 Return: 12.5%

-YTD Return: 29.5%

-Annualized Return since Inception (Dec. 1996): 15.5%

-Winners: $UPST $S $PUK

-Losers: $PSFE $SOFI $DIDI

-New positions in $RDSA $UNH, Rivian (Private)

-Third Point invested in Rivian in late 2020 during a funding round, and again during a pre-IPO convert round in July 2021

Outlook for Short Term

"We expect uneven results in the near-term as companies contend with supply, labor, and logistical headwinds. The retail holiday season looks challenging."

Outlook for 2022

"Looking ahead to 2022, we remain constructive but increasingly cautious, as the tapering of fiscal and monetary stimulus should reduce support for asset prices. On the positive side, consumer balance sheets remain robust and inventories low, allowing for sell-in, and transitory supply shocks should resolve over the next few quarters."

The full letter can be read here: