Third Point Portfolio holdings
Third Point is a hedge fund firm founded in 1995 by Daniel Loeb, who is its principal owner and chief executive. Its main strategy is event-driven investing across many industries, regions and asset classes, and its funds also buy stressed and distressed securities. In 2013 Loeb called for the resignation of William Ruprecht, the chairman and chief executive of Sotheby's, who announced his resignation in 2014. Third Point Ventures is the venture capital arm of Third Point, and the firm has also bought Birch Grove, a credit asset manager. Its investors include corporate and public pension funds, sovereign wealth funds, endowments, foundations and high net worth individuals.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$387M |
| 2 |
Netflix
NFLX
|
+$385M |
| 3 |
Intercontinental Exchange
ICE
|
+$378M |
| 4 |
AET
Aetna Inc
AET
|
+$318M |
| 5 |
Lennar Class A
LEN
|
+$311M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Baxter International
BAX
|
+$321M |
| 2 |
Bank of America
BAC
|
+$310M |
| 3 |
T-Mobile US
TMUS
|
+$237M |
| 4 |
Elevance Health
ELV
|
+$186M |
| 5 |
SHPG
Shire pic
SHPG
|
+$184M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 20.82% |
| 2 | Financials | 14.34% |
| 3 | Materials | 13.98% |
| 4 | Communication Services | 13.67% |
| 5 | Consumer Discretionary | 13.26% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
PE
26
DELISTED
PARSLEY ENERGY INC
PE
| $169M | 1.22% |
5,750,000
+400,000
| +7% | +$10.7M |
2017 Q1
3 quarters
|
|
27
Dover
DOV
$28.3B
| $167M | 1.2% |
2,042,700
| – | – |
2017 Q3
1 quarter
|
|
28
Dentsply Sirona
XRAY
$1.95B
| $132M | 0.95% |
+2,000,000
| New | +$127M |
2017 Q4
0 quarters
|
|
29
Galicia Financial Group
GGAL
$4.8B
| $120M | 0.87% |
1,825,000
+150,000
| +9% | +$8.6M |
2017 Q3
1 quarter
|
|
30
General Dynamics
GD
$99.2B
| $112M | 0.81% |
+550,000
| New | +$112M |
2017 Q4
0 quarters
|
|
31
Pampa Energía
PAM
$3.41B
| $109M | 0.79% |
1,625,000
+1,540,000
| +1,812% | +$101M |
2017 Q3
1 quarter
|
|
32
MGM Resorts International
MGM
$8.47B
| $100M | 0.72% |
+3,000,000
| New | +$96.7M |
2017 Q4
0 quarters
|
|
33
Macerich
MAC
$7.2B
| $93.6M | 0.68% |
1,425,000
-301,000
| -17% | -$18.4M |
2017 Q3
1 quarter
|
|
34
Green Brick Partners
GRBK
$2.66B
| $91.3M | 0.66% |
8,083,022
| – | – |
2013 Q2
18 quarters
|
|
|
35
Elevance Health
ELV
$92.8B
| $84.4M | 0.61% |
375,000
-875,000
| -70% | -$186M |
2016 Q4
4 quarters
|
|
36
DELISTED
Southwestern Energy Company
SWN
| $83.7M | 0.6% |
+15,000,000
| New | +$87.2M |
2017 Q4
0 quarters
|
|
|
PF
37
DELISTED
Pinnacle Foods, Inc.
PF
| $59.5M | 0.43% |
+1,000,000
| New | +$56.4M |
2017 Q4
0 quarters
|
|
38
Nexa Resources
NEXA
$1.59B
| $58.8M | 0.42% |
+3,000,000
| New | +$51.8M |
2017 Q4
0 quarters
|
|
39
PG&E
PCG
$28.9B
| $56M | 0.4% |
+1,250,000
| New | +$70M |
2017 Q4
0 quarters
|
|
|
AABA
40
DELISTED
Altaba Inc
AABA
| $52.4M | 0.38% |
750,000
| – | – |
2017 Q3
1 quarter
|
|
41
Grupo Supervielle
SUPV
$510M
| $44M | 0.32% |
1,500,000
| – | – |
2017 Q3
1 quarter
|
|
|
KDMN
42
DELISTED
Kadmon Holdings, Inc.
KDMN
| $34.1M | 0.25% |
9,407,745
| – | – |
2016 Q3
5 quarters
|
|
|
MON
43
DELISTED
Monsanto Co
MON
| $23.4M | 0.17% |
+200,000
| New | +$23.8M |
2017 Q4
0 quarters
|
|
44
iShares 1-3 Year Treasury Bond ETF
SHY
$27.4B
| $838K | 0.01% |
+9,995
| New | +$841K |
2017 Q4
0 quarters
|
|
|
45
Bank of America
BAC
$350B
| – | – |
-12,250,000
| Closed | -$310M | – |
|
46
Banco Macro
BMA
$3.66B
| – | – |
-875,000
| Closed | -$103M | – |
|
47
Marathon Petroleum
MPC
$110B
| – | – |
-2,750,000
| Closed | -$154M | – |
|
|
48
T-Mobile US
TMUS
$182B
| – | – |
-3,850,000
| Closed | -$237M | – |
|
49
DELISTED
Exela Technologies, Inc. Common Stock
XELA
| – | – |
-113
| Closed | -$6.48M | – |
|
|
ALXN
50
DELISTED
Alexion Pharmaceuticals
ALXN
| – | – |
-1,000,000
| Closed | -$140M | – |
|
Similar funds
Third Point's Q4 2017 Portfolio in Review
As of Q4 2017, Third Point held 51 positions worth $13.9B, up 16% from $11.9B the previous quarter. Its ten largest holdings account for 60% of the portfolio.
Third Point deployed $856M of net new capital in Q4 2017, opening 14 new positions and adding to 9 existing holdings. Its largest new stake was Netflix: 20,000,000 shares worth $384M.
By sector, the portfolio is most concentrated in Healthcare at 21% of assets, down from 29% a quarter earlier, followed by Financials and Materials.
On the sell side, the largest reduction was Baxter International, an estimated $321M trimmed.
- Third Point's largest Q4 2017 buy was Netflix: 20,000,000 shares worth $384M.
- Third Point added most to Alphabet (Google) Class A in Q4 2017, an estimated $387M increase.
- Third Point's biggest Q4 2017 reduction was Baxter International, cutting an estimated $321M.
- Third Point fully exited Bank of America in Q4 2017, selling an estimated $310M.
- Third Point's ten largest holdings make up 60% of its $13.9B portfolio in Q4 2017.
- Third Point opened 14 new positions and closed 7 in Q4 2017.
- Third Point's portfolio value rose 16% quarter-over-quarter to $13.9B.
Based on Third Point's 13F filing for Q4 2017, filed 14 Feb 2018.