Third Point takes stakes in Rocket Cos., Informa Plc in Q2

Dan Loeb’s Third Point took new stakes in Rocket Cos. (NYSE:RKT) and Informa Plc (OTCPK:IFPJF) in 2Q, according to its latest letter to investors.

The stakes in Rocket Cos. (NYSE:RKT) come as the company agreed to buy Mr. Cooper (COOP) and real state broker Redfin (RDFN) in March.

“We view the combination of Rocket and Mr. Cooper as a transformative, synergy-rich merger between two technology leaders in the otherwise parochial and cost inflationary mortgageindustry,” Loeb wrote in the letter. “Combining the largest refi originator with the largest servicer will, we believe, enable pro forma Rocket to turn ecosystem unit economics on its head.

The hedge fund also added to its position in Casey’s General Stores (NASDAQ:CASY), according to the July 30 letter, viewed by Seeking Alpha.

“In Casey’s we see a world class management team with a differentiated mousetrap and a decade of profitable growth ahead of them—whether they are labeled a restaurant or a gas station or a general store is semantics,” Loeb added.

The top five winners for the quarter were Siemens Energy AG (OTCPK:SMEGF), US Steel, TSMC (TSM), Nvidia (NVDA), and Vistra (VST). The top five losers for the quarter, excluding hedges, were Pacific Gas and Electric (PCG), Kenvue (KVUE), a short position, London Stock Exchange Group (OTCPK:LDNXF), and Fortive (FTV).

During Q2, Third Point returned 7.5% in the flagship Offshore Fund.