In its Third Quarter 2018 Investor Letter, Third Point reported that the Third Point Offshore fund was down 0.1% in the quarter and is up 0.6% year-to-date, stating “Underperformance forces us to take a hard look at how our process let us down and, in this letter, we will try to share with you what we think has gone wrong this year and what could still go right.”
In terms of a new position, Third Point revealed it has taken a stake in American Express, as the firm thinks new CEO Stephen Squeri’s focus on topline growth and underappreciated structural opportunities will “lead to more sustainable double-digit EPS growth going forward.”
Third Point noted in the letter, viewed by The Fly, that it sees AmEx shares “trading above $135 over the next 18 months for a total return of 30% upside.”
