Third Point (Loeb)

CIK: 0001040273 · Filing period: 2025-12-31

Bold Strategists

Dan Loeb mixes sharp value investing with activist campaigns, delivered in some of the most quotable shareholder letters on Wall Street.

A Copyable return: +25.8%/yr vs S&P +20.8%/yr if you'd mirrored their filings (2022-03-31 → 2025-09-30) · beat the market 54% of quarters how?

1.2×

Trust Weight

Positions

In our model

New

Increasing

Decreasing

Unchanged

In Our Model Portfolio

These holdings also appear in the Big Money Radar model

NVDA 7.6% AMZN 6.9% DHR 1.9% TMO 0.4%

Recent Moves

What Third Point opened, added to, or trimmed in their latest 13F — 33 position changes

WBD WARNER BROS DISCOVERY INC ● New 11.5% of port. AMZN AMAZON COM INC ▼ Trimmed -10% 9.0% of port. GOOGL ALPHABET INC ▲ Added +486% 7.9% of port. CRH CRH PLC ▲ Added +16% 5.1% of port. TDS TELEPHONE & DATA SYS INC ▼ Trimmed -5% 5.0% of port. TSM TAIWAN SEMICONDUCTOR MANUFAC ▲ Added +67% 4.7% of port. LYV LIVE NATION ENTERTAINMENT IN ▲ Added +144% 4.5% of port. KEYS KEYSIGHT TECHNOLOGIES INC ● New 4.4% of port. TPD SOMNIGROUP INTERNATIONAL INC ▲ Added +13% 4.3% of port. SQ BLOCK INC ● New 4.2% of port.

Top 10 positions (% of portfolio)

Sector breakdown

All Holdings

43 positions, sorted by portfolio weight

← swipe to see all columns

#	Company	Ticker	Sector	% of Portfolio	Activity	Change
1	PG&E CORP	PCG	Other	7.6%	▼ Decreasing	-32%
2	NVIDIA CORPORATION	NVDA	Technology	7.6%	▲ Increasing	+4%
3	AMAZON COM INC	AMZN	Consumer	6.9%	▼ Decreasing	-23%
4	MICROSOFT CORP	MSFT	Technology	6.2%	▼ Decreasing	-16%
5	UNION PAC CORP	UNP	Other	5.8%	▲ Increasing	+107%
6	CRH PLC	CRH	Industrials	4.5%	▲ Increasing	+20%
7	SOMNIGROUP INTERNATIONAL INC	TPD	Other	4.2%	▲ Increasing	+13%
8	BROOKFIELD CORP	BN	Financials	3.9%	▲ Increasing	+33%
9	NORFOLK SOUTHN CORP	NSC	Other	3.9%	▼ Decreasing	-41%
10	TELEPHONE & DATA SYS INC	TDS	Other	3.8%	— Unchanged	-0%
11	CAPITAL ONE FINL CORP	COF	Financials	3.7%	▼ Decreasing	-21%
12	CASEYS GEN STORES INC	CASY	Other	3.5%	▼ Decreasing	-9%
13	CARPENTER TECHNOLOGY CORP	CRS	Other	3.4%	▼ Decreasing	-8%
14	LIVE NATION ENTERTAINMENT IN	LYV	Other	3.4%	▲ Increasing	+28%
15	COSTAR GROUP INC	COYA	Healthcare	2.9%	▲ Increasing	+5%
16	MASTEC INC	MSTR	Other	2.8%	▲ Increasing	+28%
17	ROCKET COS INC	RKT	Other	2.5%	▲ Increasing	+138%
18	LPL FINL HLDGS INC	LPLA	Other	2.5%	▼ Decreasing	-14%
19	CHIPOTLE MEXICAN GRILL INC	CMG	Other	2.4%	● New	NEW
20	CONSTELLATION ENERGY CORP	CEG	Energy	2.3%	● New	NEW
21	VISTRA CORP	VST	Other	2.2%	▲ Increasing	+8%
22	DANAHER CORPORATION	DHR	Industrials	1.9%	▲ Increasing	+1100%
23	SHARKNINJA INC	—	Other	1.9%	▼ Decreasing	-33%
24	TAIWAN SEMICONDUCTOR MFG LTD	TSM	Technology	1.8%	▼ Decreasing	-61%
25	ALIBABA GROUP HLDG LTD	BABA	Other	1.7%	● New	NEW
26	API GROUP CORP	APG	Other	1.6%	● New	NEW
27	COMFORT SYS USA INC	FIX	Other	1.4%	▼ Decreasing	-48%
28	SPOTIFY TECHNOLOGY S A	SPOT	Communications	0.8%	● New	NEW
29	KENVUE INC	KVUE	Other	0.8%	▼ Decreasing	-64%
30	PROGRESSIVE CORP	PGR	Other	0.7%	● New	NEW
31	THERMO FISHER SCIENTIFIC INC	TMO	Other	0.4%	● New	NEW
32	STRATA CRITICAL MEDICAL INC	SRTA	Other	0.3%	— Unchanged	—
33	WIX COM LTD	—	Other	0.3%	● New	NEW
34	CSX CORP	CSX	Other	0.2%	● New	NEW
35	HERTZ GLOBAL HLDGS INC	HTZWW	Other	0.1%	— Unchanged	—
36	ARS PHARMACEUTICALS INC	SPRY	Other	0.1%	● New	NEW
37	CLARITEV CORPORATION	CTEV	Other	0.1%	● New	NEW
38	PG&E CORP	PCG 6 12-01-27 A	Other	0.1%	— Unchanged	—
39	FLYEXCLUSIVE INC	FLYX	Other	0.1%	— Unchanged	—
40	AURORA INNOVATION INC	AUR	Other	0.1%	— Unchanged	—
41	BAUSCH HEALTH COS INC	BHC	Other	0.0%	▲ Increasing	+250%
42	AURORA INNOVATION INC	AUROW	Other	0.0%	— Unchanged	—
43	FLYEXCLUSIVE INC	FLYX-WS	Other	0.0%	— Unchanged	—

#1 PG&E CORP 7.6%

PCG · Other ▼ Decreasing -32%

#2 NVIDIA CORPORATION 7.6%

NVDA · Technology ▲ Increasing +4%

#3 AMAZON COM INC 6.9%

AMZN · Consumer ▼ Decreasing -23%

#4 MICROSOFT CORP 6.2%

MSFT · Technology ▼ Decreasing -16%

#5 UNION PAC CORP 5.8%

UNP · Other ▲ Increasing +107%

#6 CRH PLC 4.5%

CRH · Industrials ▲ Increasing +20%

#7 SOMNIGROUP INTERNATIONAL INC 4.2%

TPD · Other ▲ Increasing +13%

#8 BROOKFIELD CORP 3.9%

BN · Financials ▲ Increasing +33%

#9 NORFOLK SOUTHN CORP 3.9%

NSC · Other ▼ Decreasing -41%

#10 TELEPHONE & DATA SYS INC 3.8%

TDS · Other — Unchanged

#11 CAPITAL ONE FINL CORP 3.7%

COF · Financials ▼ Decreasing -21%

#12 CASEYS GEN STORES INC 3.5%

CASY · Other ▼ Decreasing -9%

#13 CARPENTER TECHNOLOGY CORP 3.4%

CRS · Other ▼ Decreasing -8%

#14 LIVE NATION ENTERTAINMENT IN 3.4%

LYV · Other ▲ Increasing +28%

#15 COSTAR GROUP INC 2.9%

COYA · Healthcare ▲ Increasing +5%

#16 MASTEC INC 2.8%

MSTR · Other ▲ Increasing +28%

#17 ROCKET COS INC 2.5%

RKT · Other ▲ Increasing +138%

#18 LPL FINL HLDGS INC 2.5%

LPLA · Other ▼ Decreasing -14%

#19 CHIPOTLE MEXICAN GRILL INC 2.4%

CMG · Other ● New

#20 CONSTELLATION ENERGY CORP 2.3%

CEG · Energy ● New

#21 VISTRA CORP 2.2%

VST · Other ▲ Increasing +8%

#22 DANAHER CORPORATION 1.9%

DHR · Industrials ▲ Increasing +1100%

#23 SHARKNINJA INC 1.9%

Other ▼ Decreasing -33%

#24 TAIWAN SEMICONDUCTOR MFG LTD 1.8%

TSM · Technology ▼ Decreasing -61%

#25 ALIBABA GROUP HLDG LTD 1.7%

BABA · Other ● New

#26 API GROUP CORP 1.6%

APG · Other ● New

#27 COMFORT SYS USA INC 1.4%

FIX · Other ▼ Decreasing -48%

#28 SPOTIFY TECHNOLOGY S A 0.8%

SPOT · Communications ● New

#29 KENVUE INC 0.8%

KVUE · Other ▼ Decreasing -64%

#30 PROGRESSIVE CORP 0.7%

PGR · Other ● New

#31 THERMO FISHER SCIENTIFIC INC 0.4%

TMO · Other ● New

#32 STRATA CRITICAL MEDICAL INC 0.3%

SRTA · Other — Unchanged

#33 WIX COM LTD 0.3%

Other ● New

#34 CSX CORP 0.2%

CSX · Other ● New

#35 HERTZ GLOBAL HLDGS INC 0.1%

HTZWW · Other — Unchanged

#36 ARS PHARMACEUTICALS INC 0.1%

SPRY · Other ● New

#37 CLARITEV CORPORATION 0.1%

CTEV · Other ● New

#38 PG&E CORP 0.1%

PCG 6 12-01-27 A · Other — Unchanged

#39 FLYEXCLUSIVE INC 0.1%

FLYX · Other — Unchanged

#40 AURORA INNOVATION INC 0.1%

AUR · Other — Unchanged

#41 BAUSCH HEALTH COS INC 0.0%

BHC · Other ▲ Increasing +250%

#42 AURORA INNOVATION INC 0.0%

AUROW · Other — Unchanged

#43 FLYEXCLUSIVE INC 0.0%

FLYX-WS · Other — Unchanged

⚠ Disclaimer: Holdings data from SEC EDGAR 13F filings for Third Point (Loeb), delayed up to 135 days after quarter-end. This is not investment advice. The investor may have already changed these positions.

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