Third Point updates on Colgate-Palmolive, DuPont, PG&E positions

In its quarterly letter to investors, Third Point stated: "Colgate (CL) remains one of the firm’s largest equity positions. The company offers defensive growth at a reasonable valuation, and we continue to see the potential for shares to deliver attractive risk adjusted returns over the next several years. Fourth Quarter results were disappointing… We believe some of this "miss" was beyond the company’s control and that Colgate is on the road to delivering more predictable results… There are many appealing paths to additional value creation at Colgate and we hope the Board and management team will now devote more attention to portfolio management… We recently increased our investment in DuPont (DD), a specialty chemical company run by legendary value creator Ed Breen, who is leading a corporate transformation… We expect the combined catalysts of increased share repurchases, the pending resolution of legal claims, and the new business structure to drive meaningful value for shareholders… As we enter our fifth year as investors in PCG, first as bondholders and then as shareholders, we remain as enthusiastic as ever about the company’s potential. Even with a 63% increase in the share price over the past six months, we believe the Company remains significantly undervalued with a risk-reward skewed almost entirely to the upside."