Third Point’s Dan Loeb reflects on tough first half for his hedge fund, which lags the market by 20%

That's significantly behind the S & P 500, which rallied more than 8% last quarter and is up nearly 18% year to date. The widely followed manager said the culprit was how underinvested he's been in the "Magnificent 7" megacap growth stocks -- Microsoft , Nvidia , Apple, Amazon, Meta , Tesla and Google's Alphabet -- the group that has led the market rally all year.

"Although we had exposure to Microsoft, AMD, Amazon, and Google, the positions were undersized and profits offset by losses from market/basket hedges, single name shorts, and several poorly performing long equity positions." Loeb said he correctly called the economy's disinflation in the beginning of the year, based on easing apartment rental data.

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Billionaire investor Loeb cuts bearish bets to avoid short squeezes-letterBillionaire investor Daniel Loeb has reduced the size of short bets on single named companies to limit the vulnerability of his hedge fund, Third Point, to short squeezes, he said in a letter on Tuesday.
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