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 |
AGN
Allergan plc
AGN
|
+$515M |
| 2 |
Chubb
CB
|
+$170M |
| 3 |
Morgan Stanley
MS
|
+$100M |
| 4 |
DuPont de Nemours
DD
|
+$88.7M |
| 5 |
Axalta
AXTA
|
+$67M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Yum! Brands
YUM
|
+$837M |
| 2 |
The Kraft Heinz Company
KHC
|
+$603M |
| 3 |
T-Mobile US
TMUS
|
+$259M |
| 4 |
NXP Semiconductors
NXPI
|
+$170M |
| 5 |
People Inc
PPLI
|
+$163M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 54.96% |
| 2 | Materials | 13.83% |
| 3 | Consumer Discretionary | 8.22% |
| 4 | Consumer Staples | 8.12% |
| 5 | Technology | 5.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Baxter International
BAX
$12.8B
| $2.05B | 20.84% |
53,850,000
| – | – |
2015 Q2
2 quarters
|
|
|
AGN
2
DELISTED
Allergan plc
AGN
| $1.69B | 17.12% |
5,400,000
+1,731,000
| +47% | +$515M |
2014 Q1
7 quarters
|
|
3
Amgen
AMGN
$250B
| $1.47B | 14.89% |
9,042,900
-807,100
| -8% | -$127M |
2014 Q2
6 quarters
|
|
|
4
DuPont de Nemours
DD
$20.6B
| $1.3B | 13.18% |
9,970,748
+691,042
| +7% | +$88.7M |
2013 Q4
8 quarters
|
|
5
Mohawk Industries
MHK
$8.45B
| $402M | 4.08% |
2,125,000
-25,000
| -1% | -$4.8M |
2014 Q4
4 quarters
|
|
6
Roper Technologies
ROP
$46.8B
| $275M | 2.79% |
1,450,000
-150,000
| -9% | -$27.5M |
2014 Q1
7 quarters
|
|
|
TWC
7
DELISTED
TIME WARNER CABLE INC NEW COM STK
TWC
| $260M | 2.64% |
1,400,000
+100,000
| +8% | +$18.5M |
2015 Q3
1 quarter
|
|
8
DELISTED
Sealed Air
SEE
| $234M | 2.37% |
5,250,000
| – | – |
2015 Q2
2 quarters
|
|
9
Constellation Brands
STZ
$23.4B
| $228M | 2.31% |
1,600,000
-150,000
| -9% | -$20.7M |
2013 Q2
10 quarters
|
|
10
Broadcom
AVGO
$1.59T
| $218M | 2.21% |
15,000,000
-1,500,000
| -9% | -$19.5M |
2015 Q3
1 quarter
|
|
11
Danaher
DHR
$163B
| $209M | 2.12% |
3,347,622
| – | – |
2015 Q3
1 quarter
|
|
12
Liberty Global Class C
LBTYK
$2.78B
| $204M | 2.07% |
5,760,000
| – | – |
2013 Q2
10 quarters
|
|
13
J.M. Smucker
SJM
$13.6B
| $204M | 2.06% |
1,650,000
+350,000
| +27% | +$41.7M |
2015 Q1
3 quarters
|
|
14
Molson Coors Class B
TAP
$7.87B
| $188M | 1.91% |
2,000,000
-150,000
| -7% | -$13.5M |
2015 Q2
2 quarters
|
|
|
15
Chubb
CB
$141B
| $175M | 1.78% |
+1,500,000
| New | +$170M |
2015 Q4
0 quarters
|
|
16
AB InBev
BUD
$161B
| $175M | 1.77% |
1,400,000
| – | – |
2014 Q1
7 quarters
|
|
|
BID
17
DELISTED
Sotheby's
BID
| $171M | 1.74% |
6,650,000
| – | – |
2013 Q2
10 quarters
|
|
18
eBay
EBAY
$52.5B
| $110M | 1.11% |
4,000,000
-5,000,000
| -56% | -$138M |
2014 Q3
5 quarters
|
|
|
19
Morgan Stanley
MS
$290B
| $95.4M | 0.97% |
+3,000,000
| New | +$100M |
2015 Q4
0 quarters
|
|
|
20
Axalta
AXTA
$7.56B
| $64M | 0.65% |
+2,400,000
| New | +$67M |
2015 Q4
0 quarters
|
|
21
Green Brick Partners
GRBK
$2.66B
| $58.2M | 0.59% |
8,083,022
| – | – |
2013 Q2
10 quarters
|
|
|
APIC
22
DELISTED
Apigee Corporation Common Stock
APIC
| $25.4M | 0.26% |
3,166,551
| – | – |
2015 Q2
2 quarters
|
|
23
Enphase Energy
ENPH
$4.03B
| $21.9M | 0.22% |
6,248,987
| – | – |
2013 Q2
10 quarters
|
|
|
CWEI
24
DELISTED
Clayton Williams Energy, Inc.
CWEI
| $11.8M | 0.12% |
400,000
-475,000
| -54% | -$24.9M |
2015 Q1
3 quarters
|
|
|
25
The Kraft Heinz Company
KHC
$28.9B
| $5.97M | 0.06% |
82,000
-8,168,000
| -99% | -$603M |
2015 Q3
1 quarter
|
|
Similar funds
Third Point's Q4 2015 Portfolio in Review
As of Q4 2015, Third Point held 35 positions worth $9.9B, down 7% from $10.6B the previous quarter. Its ten largest holdings account for 82% of the portfolio.
Third Point withdrew a net $1.52B in Q4 2015, closing 7 positions and reducing 10 holdings. Its most notable exit was T-Mobile US, an estimated $259M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 55% of assets, up from 41% a quarter earlier, followed by Materials and Consumer Discretionary.
Against the trend, Third Point opened a new position in Chubb worth $175M.
- Third Point's largest Q4 2015 buy was Chubb: 1,500,000 shares worth $175M.
- Third Point added most to Allergan plc in Q4 2015, an estimated $515M increase.
- Third Point's biggest Q4 2015 reduction was Yum! Brands, cutting an estimated $837M.
- Third Point fully exited T-Mobile US in Q4 2015, selling an estimated $259M.
- Third Point's ten largest holdings make up 82% of its $9.9B portfolio in Q4 2015.
- Third Point opened 3 new positions and closed 7 in Q4 2015.
- Third Point's portfolio value fell 7% quarter-over-quarter to $9.9B.
Based on Third Point's 13F filing for Q4 2015, filed 12 Feb 2016.