In the most recently reported quarter, Dan Loeb’s Third Point LLC executed a series of meaningful trims across its equity portfolio. Known for his opportunistic and often activist style, Loeb appears to be rebalancing away from certain positions where either valuations have run ahead or conviction has moderated.
Below are the top five reductions by percentage change in common stock holdings:
Fortive Corp (FTV) – ↓38.95% (Industrial Technology)
Loeb sold 740,000 shares, leaving 1.16M shares remaining. This sizable reduction suggests a reassessment of exposure to diversified industrial technology, possibly reflecting valuation discipline or capital reallocation toward higher-conviction ideas.
RB Global Inc (RBA) – ↓26.84% (Business Services)
Third Point reduced its position by 255,000 shares, holding 695,000 post-trim. The move indicates a measured pullback in this auction and marketplace operator, perhaps reflecting concerns about cyclical demand trends or margin sustainability.
Taiwan Semiconductor (TSM) – ↓19.68% (Semiconductors)
The fund trimmed 350,000 shares, retaining 1.43M. Given TSM’s global leadership in chipmaking, this move likely represents profit-taking after strong performance rather than a wholesale loss of conviction.
Apollo Global Management (APO) – ↓15.00% (Asset Management)
Loeb cut 225,000 shares, leaving 1.28M. With alternative asset managers trading near record valuations, Third Point’s reduction could signal caution on forward returns or a desire to redeploy capital elsewhere.
Carpenter Technology (CRS) – ↓13.79% (Materials)
Third Point sold 120,000 shares, leaving 750,000. The trimming of this specialty metals producer may reflect tactical portfolio management in response to commodity price volatility or demand expectations.
Conclusion
Overall, Loeb’s recent moves reflect a disciplined pruning of winners and selective trimming across diverse sectors, maintaining flexibility while continuing to back core positions.
Exits
In addition to trimming several core holdings, Dan Loeb’s Third Point executed a number of full exits this quarter, marking a decisive shift in the portfolio. The fund completely sold out of SPDR S&P 500 ETF (SPY Put, $184M), EQT Corp ($158M), United States Steel ($153M), Discover Financial Services ($126M), AT&T ($106M), Hess Corp ($100M), Pinterest ($31M), and Seadrill ($26M). These liquidations represent sizable reallocations across energy, financials, telecom, and industrials, underscoring Loeb’s willingness to exit entire positions when conviction wanes or better opportunities emerge.
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