Dan Loeb’s Third Point Investors has reported a slump in the value of its investment portfolio after a turbulent month in the markets took its toll on performance.
Overall asset value in the notorious activist investor’s firm fell 8.7 per cent last month while the share price slid 12.9 per cent in January.
Third Point said that the underperformance had been led by the fundamental and event equities section of its portfolio, with AI lending platform Upstart Holdings and cybersecurity firm SentinelOne leading the fallers.
US-headquartered Upstart has seen its share price fall over 28 per cent in the past month, nearly 75 per cent below its October 2021 peak.
Californian SentinelOne has similarly seen as 12.16 fall this this month, with the firm now plummeting over 46 per cent below a November high.
Third Point also cited life sciences company Danaher, electric vehicle company Rivian Automotive and software developer Intuit as dragging on performance of the portfolio.
Energy giant Shell led the positive contributions to the portfolio, rising over 15 per cent in the past month.
Loeb and Third Point have been locked in a high profile campaign to break up Shell and separate the its oil and gas assets from a renewables business.
Loeb criticised Shell’s leadership in a letter to investors last year, saying “you can’t be all things to all people.”
“In trying to do so, Shell has ended up with unhappy shareholders who have been starved of returns and an unhappy society that wants to see Shell do more to decarbonize,” he wrote.