Great investors · Dan Loeb · Q1 2025
What Dan Loeb bought and sold in Q1 2025
Third Point 13F portfolio as of Mar 31, 2025: 43 positions worth $6.4 bn. Largest: PCG, AMZN, TSM, LYV. Filed with the SEC on May 15, 2025.
The 13F is filed by Third Point, not by Dan Loeb personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q1 2025
- NewKenvueKVUE+2.9 pp
- NewNVIDIANVDA+2.1 pp
- NewCoStar GroupCSGP+2.1 pp
- NewUnited States Steel+2.1 pp
- IncreasedApollo Global ManagementAPO+2.0 pp
- NewCasey’s General StoresCASY+1.7 pp
- NewTalen EnergyTLN+1.6 pp
- NewAt&tT+1.4 pp
- NewRB GlobalRBA+1.3 pp
- IncreasedLive Nation EntertainmentLYV+0.7 pp
- NewSharkninjaSN+0.6 pp
- IncreasedPg&ePCG+0.6 pp
Sells in Q1 2025
- Sold outDanaherDHR−5.9 pp
- Sold outMeta PlatformsMETA−5.2 pp
- ReducedAmazon.comAMZN−2.8 pp
- Sold outFerguson EnterprisesFERG−2.8 pp
- Sold outTeslaTSLA−2.7 pp
- Sold outThermo Fisher ScientificTMO−2.4 pp
- ReducedIntercontinental ExchangeICE−2.3 pp
- Sold outWorkdayWDAY−1.7 pp
- Sold outCinemark HoldingsCNK−1.6 pp
- ReducedMicrosoftMSFT−1.4 pp
- Sold outGlobal Blue Group Holding−0.8 pp
- ReducedBrookfieldBN−0.5 pp
24 companies with material moves, out of 36 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Third Point's Q1 2025 13F lists 43 lines of US-listed securities worth $6.4 bn; the largest is PCG at 13.8% of the portfolio. It was accepted by the SEC on May 15, 2025 at 4:19 PM ET.
Against the previous quarter, it opened 10 positions (KVUE, NVDA, CSGP and United States Steel and 6 more), closed 10 (DHR, META, FERG and TSLA and 6 more), added to 9 (APO, LYV, PCG and Soho House and 5 more) and trimmed 7 (AMZN, ICE, MSFT and BN and 3 more). 17 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Pg&e PCG | 51.1 M | $878M | 13.8% | +5.4% |
| 2 | Amazon.com AMZN | 2.4 M | $447M | 7.03% | −32% |
| 3 | Taiwan Semiconductor Manufacturing TSM | 1.8 M | $295M | 4.65% | no change |
| 4 | Live Nation Entertainment LYV | 2.1 M | $274M | 4.31% | +22% |
| 5 | Telephone and Data Systems TDS | 6.8 M | $262M | 4.12% | +13% |
| 6 | CRH public CRH | 2.7 M | $239M | 3.76% | no change |
| 7 | Brookfield BN | 4.2 M | $222M | 3.50% | −15% |
| 8 | Flutter Entertainment FLUT | 970,000 | $215M | 3.38% | +11% |
| 9 | Kenvue KVUE | 8.9 M | $213M | 3.36% | new |
| 10 | Corpay CPAY | 610,000 | $213M | 3.35% | no change |
| 11 | Apollo Global Management APO | 1.5 M | $205M | 3.23% | +275% |
| 12 | LPL Financial Holdings LPLA | 625,000 | $204M | 3.22% | −4.6% |
| 13 | Intercontinental Exchange ICE | 1.1 M | $190M | 2.99% | −47% |
| 14 | Capital One Financial COF | 1.1 M | $188M | 2.96% | +14% |
| 15 | Jacobs Solutions J | 1.4 M | $169M | 2.66% | −15% |
| 16 | Carpenter Technology CRS | 870,000 | $158M | 2.48% | no change |
| 17 | EQT EQT | 3.0 M | $158M | 2.48% | no change |
| 18 | NVIDIA NVDA | 1.5 M | $157M | 2.47% | new |
| 19 | CoStar Group CSGP | 2.0 M | $156M | 2.46% | new |
| 20 | United States Steel | 3.6 M | $153M | 2.41% | new |
| 21 | Fortive FTV | 1.9 M | $139M | 2.19% | no change |
| 22 | Casey’s General Stores CASY | 300,000 | $130M | 2.05% | new |
| 23 | Discover Financial Services | 740,000 | $126M | 1.99% | +16% |
| 24 | Microsoft MSFT | 315,000 | $118M | 1.86% | −48% |
| 25 | Talen Energy TLN | 585,000 | $117M | 1.84% | new |
| 26 | At&t T | 3.8 M | $106M | 1.66% | new |
| 27 | Hess Midstream HES | 625,000 | $99.8M | 1.57% | no change |
| 28 | Vistra Operations VST | 850,000 | $99.8M | 1.57% | −15% |
| 29 | Primo Brands PRMB | 2.8 M | $98.5M | 1.55% | +16% |
| 30 | RB Global RBA | 950,000 | $95.3M | 1.50% | new |
| 31 | Apollo Global Management | 900,000 | $65.8M | 1.03% | no change |
| 32 | Sharkninja SN | 550,000 | $45.9M | 0.72% | new |
| 33 | Soho House | 5.2 M | $32.1M | 0.51% | +121% |
| 34 | Pinterest PINS | 1.0 M | $31.0M | 0.49% | new |
| 35 | Seadrill SDRL | 1.0 M | $25.6M | 0.40% | no change |
| 36 | Hertz Global Holdings HTZWW | 4.0 M | $9.0M | 0.14% | no change |
| 37 | Aurora Innovation AUR | 1.0 M | $6.9M | 0.11% | no change |
| 38 | Pg&e | 140,000 | $6.3M | 0.10% | no change |
| 39 | flyExclusive FLYX | 1.0 M | $3.2M | 0.05% | no change |
| 40 | Aurora Innovation AUROW | 1.8 M | $2.6M | 0.04% | no change |
| 41 | Net Power NPWR/WS | 500,000 | $153K | 0.00% | no change |
| 42 | Flyexclusive FLYX/WS | 367,499 | $36.8K | 0.00% | no change |
| 43 | Global Blue Group Holding | 1.3 M | $29.6K | 0.00% | no change |
Positions it closed (10)
- Danaher DHRwas 5.86% · 1.9 M shares
- Meta Platforms METAwas 5.23% · 665,000 shares
- Ferguson Enterprises FERGwas 2.80% · 1.2 M shares
- Tesla TSLAwas 2.71% · 500,000 shares
- Thermo Fisher Scientific TMOwas 2.45% · 350,000 shares
- Workday WDAYwas 1.73% · 500,000 shares
- Cinemark Holdings CNKwas 1.56% · 3.8 M shares
- Global Blue Group Holding was 0.78% · 8.4 M shares
- Pg&e was 0.15% · 10.0 M shares
- Clear Channel Outdoor Holdings CCOwas 0.02% · 900,000 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Third Point's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.