Tracking Dan Loeb's Third Point Portfolio - Q1 2025 Update

2025-06-03 19:20:37 ET

Summary

• Third Point’s Q1 2025 portfolio value declined to $6.55B, with new positions in Kenvue, Nvidia, CoStar Group, and United States Steel. Also, a short position in SPY through Puts.
• Significant stake increases were made in PG&E, Live Nation, Apollo Global, TDS, and Flutter, reflecting conviction in these names despite a challenging quarter.
• Major disposals included Meta, Tesla, Danaher, and Thermo Fisher, while Amazon and Microsoft positions were trimmed to harvest gains and manage risk.
• Third Point’s performance slightly outpaced the S&P 500 in Q1 2025, and the fund continues to focus on high-conviction, concentrated bets for long-term outperformance.

This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s 13F stock portfolio on a quarterly basis. It is based on Third Point’s regulatory 13F Form filed on 05/15/2025. Please visit our Tracking Dan Loeb’s Third Point Portfolio series to get an idea of their investment philosophy and our last update for the fund’s moves during Q4 2024....

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