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 |
JPMorgan Chase
JPM
|
+$400M |
| 2 |
Bank of America
BAC
|
+$337M |
| 3 |
TWX
Time Warner Inc
TWX
|
+$267M |
| 4 |
ZAYO
Zayo Group Holdings, Inc.
ZAYO
|
+$229M |
| 5 |
Humana
HUM
|
+$191M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AGN
Allergan plc
AGN
|
+$872M |
| 2 |
Alibaba
BABA
|
+$275M |
| 3 |
MON
Monsanto Co
MON
|
+$267M |
| 4 |
Meta Platforms (Facebook)
META
|
+$239M |
| 5 |
TransDigm Group
TDG
|
+$231M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 31.7% |
| 2 | Communication Services | 14.76% |
| 3 | Financials | 14.38% |
| 4 | Materials | 13.32% |
| 5 | Industrials | 9.09% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Baxter International
BAX
$12.7B
| $2.3B | 22.59% |
51,901,767
| – | – |
2015 Q2
6 quarters
|
|
2
DuPont de Nemours
DD
$20.1B
| $973M | 9.55% |
6,712,979
-1,184,643
| -15% | -$165M |
2013 Q4
12 quarters
|
|
|
3
Humana
HUM
$49.5B
| $490M | 4.81% |
2,400,000
+1,000,000
| +71% | +$191M |
2016 Q3
1 quarter
|
|
4
Constellation Brands
STZ
$23.4B
| $460M | 4.51% |
3,000,000
+800,000
| +36% | +$127M |
2013 Q2
14 quarters
|
|
|
5
JPMorgan Chase
JPM
$899B
| $453M | 4.45% |
+5,250,000
| New | +$400M |
2016 Q4
0 quarters
|
|
|
6
Meta Platforms (Facebook)
META
$1.61T
| $403M | 3.95% |
3,500,000
-1,950,000
| -36% | -$239M |
2016 Q2
2 quarters
|
|
|
7
Bank of America
BAC
$345B
| $387M | 3.8% |
+17,500,000
| New | +$337M |
2016 Q4
0 quarters
|
|
8
Alphabet (Google) Class A
GOOGL
$3.42T
| $337M | 3.31% |
8,500,000
-2,500,000
| -23% | -$100M |
2016 Q1
3 quarters
|
|
|
TWX
9
DELISTED
Time Warner Inc
TWX
| $290M | 2.84% |
+3,000,000
| New | +$267M |
2016 Q4
0 quarters
|
|
10
Sherwin-Williams
SHW
$83.6B
| $269M | 2.64% |
3,000,000
+375,000
| +14% | +$33.1M |
2016 Q2
2 quarters
|
|
|
BID
11
DELISTED
Sotheby's
BID
| $266M | 2.61% |
6,661,604
| – | – |
2013 Q2
14 quarters
|
|
12
Danaher
DHR
$163B
| $253M | 2.48% |
3,666,000
-1,410,000
| -28% | -$97.9M |
2015 Q3
5 quarters
|
|
13
Charter Communications
CHTR
$13.1B
| $245M | 2.4% |
850,000
-150,000
| -15% | -$40.4M |
2016 Q2
2 quarters
|
|
14
Mohawk Industries
MHK
$8.53B
| $240M | 2.35% |
1,200,000
+300,000
| +33% | +$58.9M |
2014 Q4
8 quarters
|
|
|
ZAYO
15
DELISTED
Zayo Group Holdings, Inc.
ZAYO
| $230M | 2.26% |
+7,000,000
| New | +$229M |
2016 Q4
0 quarters
|
|
16
General Dynamics
GD
$101B
| $224M | 2.2% |
1,300,000
-50,000
| -4% | -$8.18M |
2016 Q2
2 quarters
|
|
17
Apple
AAPL
$4.84T
| $214M | 2.1% |
7,400,000
-2,600,000
| -26% | -$73.7M |
2016 Q3
1 quarter
|
|
18
S&P Global
SPGI
$135B
| $172M | 1.69% |
1,600,000
-400,000
| -20% | -$47.8M |
2016 Q2
2 quarters
|
|
19
Molson Coors Class B
TAP
$7.91B
| $165M | 1.62% |
1,700,000
| – | – |
2015 Q2
6 quarters
|
|
|
PVTB
20
DELISTED
PrivateBancorp Inc
PVTB
| $163M | 1.6% |
+3,000,000
| New | +$144M |
2016 Q4
0 quarters
|
|
21
Honeywell
HON
$71.2B
| $159M | 1.56% |
+1,522,120
| New | +$155M |
2016 Q4
0 quarters
|
|
22
Chubb
CB
$140B
| $159M | 1.56% |
1,200,000
-600,000
| -33% | -$76.5M |
2015 Q4
4 quarters
|
|
23
Elevance Health
ELV
$89.7B
| $144M | 1.41% |
+1,000,000
| New | +$134M |
2016 Q4
0 quarters
|
|
24
Dell
DELL
$260B
| $143M | 1.4% |
9,264,419
+1,068,972
| +13% | +$15.3M |
2016 Q3
1 quarter
|
|
25
Union Pacific
UNP
$180B
| $119M | 1.17% |
1,150,000
-100,000
| -8% | -$9.8M |
2016 Q2
2 quarters
|
|
Similar funds
Third Point's Q4 2016 Portfolio in Review
As of Q4 2016, Third Point held 50 positions worth $10.2B, down 11% from $11.5B the previous quarter. Its ten largest holdings account for 62% of the portfolio.
Third Point withdrew a net $1.35B in Q4 2016, closing 12 positions and reducing 15 holdings. Its most notable exit was Allergan plc, an estimated $872M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 32% of assets, down from 38% a quarter earlier, followed by Communication Services and Financials.
Against the trend, Third Point opened a new position in JPMorgan Chase worth $453M.
- Third Point's largest Q4 2016 buy was JPMorgan Chase: 5,250,000 shares worth $453M.
- Third Point added most to Humana in Q4 2016, an estimated $191M increase.
- Third Point's biggest Q4 2016 reduction was Monsanto Co, cutting an estimated $267M.
- Third Point fully exited Allergan plc in Q4 2016, selling an estimated $872M.
- Third Point's ten largest holdings make up 62% of its $10.2B portfolio in Q4 2016.
- Third Point opened 12 new positions and closed 12 in Q4 2016.
- Third Point's portfolio value fell 11% quarter-over-quarter to $10.2B.
Based on Third Point's 13F filing for Q4 2016, filed 10 Feb 2017.