Insight into Third Point's Latest 13F Filings
Daniel Loeb (Trades, Portfolio), the founder of Third Point LLC, has made notable changes to his investment portfolio in the first quarter of 2024. Known for his sharp critiques and activist investment approach, Loeb focuses on unlocking value through strategic interventions in company operations. His firm, established in 1995, leverages an event-driven, value-oriented investment style, aiming to capitalize on situations where they can act as a catalyst for change.
Summary of New Buys
Daniel Loeb (Trades, Portfolio)'s portfolio saw the addition of 8 new stocks in this quarter. Key acquisitions include:
- Alphabet Inc (GOOGL, Financial), with a purchase of 3,000,000 shares, making up 5.77% of the portfolio and valued at $452.79 million.
- S&P Global Inc (SPGI, Financial), with 335,000 shares, accounting for approximately 1.82% of the portfolio, valued at $142.53 million.
- Advance Auto Parts Inc (AAP, Financial), holding 1,500,100 shares, which represent 1.62% of the portfolio, with a total value of $127.23 million.
Key Position Increases
Loeb also strategically increased his stakes in 6 companies, with significant boosts to:
- Amazon.com Inc (AMZN, Financial), adding 900,000 shares to bring the total to 5,100,000 shares. This adjustment marks a 21.43% increase in share count and a 2.07% impact on the current portfolio, totaling $919.94 million.
- Intercontinental Exchange Inc (ICE, Financial), with an additional 300,000 shares, bringing the total to 1,000,000 shares. This represents a 42.86% increase in share count, valued at $137.43 million.
Summary of Sold Out Positions
During the first quarter of 2024, Daniel Loeb (Trades, Portfolio) exited positions in 6 companies, including:
- United States Steel Corp (X, Financial), selling all 5,500,000 shares, impacting the portfolio by -4.03%.
- DuPont de Nemours Inc (DD, Financial), liquidating all 3,465,000 shares, which resulted in a -4.02% portfolio impact.
Key Position Reductions
Reductions were made in 5 stocks, notably:
- Microsoft Corp (MSFT, Financial) was reduced by 250,000 shares, a -12.41% decrease, impacting the portfolio by -1.42%. The stock traded at an average price of $404.82 during the quarter, with a 4.25% return over the past 3 months and 12.92% year-to-date.
- International Flavors & Fragrances Inc (IFF, Financial) saw a reduction of 660,000 shares, a -32.04% decrease, impacting the portfolio by -0.8%. The stock's average trading price was $80.3 during the quarter, returning 19.56% over the past 3 months and 19.66% year-to-date.
Portfolio Overview
As of the first quarter of 2024, Daniel Loeb (Trades, Portfolio)'s portfolio comprises 40 stocks. The top holdings include 12.36% in PG&E Corp (PCG, Financial), 11.72% in Amazon.com Inc (AMZN, Financial), 9.46% in Microsoft Corp (MSFT), 8.19% in Bath & Body Works Inc (BBWI, Financial), and 7.65% in Meta Platforms Inc (META, Financial). The investments are predominantly concentrated across 9 industries, including Consumer Cyclical, Communication Services, and Technology.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
