Great investors · Dan Loeb · Q2 2025
What Dan Loeb bought and sold in Q2 2025
Third Point 13F portfolio as of Jun 30, 2025: 50 positions worth $7.6 bn. Largest: PCG, AMZN, NVDA, COF. Filed with the SEC on Aug 14, 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 Q2 2025
- IncreasedNVIDIANVDA+2.8 pp
- IncreasedCapital One FinancialCOF+2.1 pp
- NewMr. Cooper GroupCOOP+1.8 pp
- NewMeta PlatformsMETA+1.5 pp
- NewComfort Systems USAFIX+1.3 pp
- NewDanaherDHR+1.3 pp
- IncreasedCoStar GroupCSGP+1.2 pp
- IncreasedPrimo BrandsPRMB+1.2 pp
- IncreasedAmazon.comAMZN+1.0 pp
- IncreasedVistra OperationsVST+1.0 pp
- NewWorkdayWDAY+0.9 pp
- NewRocket CompaniesRKT+0.9 pp
Sells in Q2 2025
- Sold outEQTEQT−2.1 pp
- Sold outAt&tT−1.4 pp
- Sold outHess MidstreamHES−1.3 pp
- ReducedTaiwan Semiconductor ManufacturingTSM−1.0 pp
- ReducedFortiveFTV−0.5 pp
22 companies with material moves, out of 43 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 Q2 2025 13F lists 50 lines of US-listed securities worth $7.6 bn; the largest is PCG at 9.36% of the portfolio. It was accepted by the SEC on Aug 14, 2025 at 4:12 PM ET.
Against the previous quarter, it opened 15 positions (COOP, META, FIX and DHR and 11 more), closed 6 (EQT, T, HES and PINS and 2 more), added to 13 (NVDA, COF, PRMB and SN and 9 more) and trimmed 10 (TSM, CRS, APO and ICE and 6 more). 11 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Pg&e PCG | 51.1 M | $712M | 9.36% | no change |
| 2 | Amazon.com AMZN | 2.7 M | $595M | 7.81% | +15% |
| 3 | NVIDIA NVDA | 2.8 M | $442M | 5.81% | +93% |
| 4 | Capital One Financial COF | 1.8 M | $384M | 5.04% | +72% |
| 5 | Taiwan Semiconductor Manufacturing TSM | 1.4 M | $324M | 4.26% | −20% |
| 6 | Flutter Entertainment FLUT | 1.1 M | $306M | 4.02% | +10% |
| 7 | Live Nation Entertainment LYV | 2.0 M | $299M | 3.93% | −6% |
| 8 | Brookfield BN | 4.7 M | $289M | 3.80% | +10% |
| 9 | CoStar Group CSGP | 3.1 M | $248M | 3.26% | +56% |
| 10 | Vistra Operations VST | 1.3 M | $242M | 3.18% | +47% |
| 11 | Telephone and Data Systems TDS | 6.7 M | $239M | 3.14% | no change |
| 12 | CRH public CRH | 2.6 M | $238M | 3.12% | −4.6% |
| 13 | LPL Financial Holdings LPLA | 625,000 | $234M | 3.08% | no change |
| 14 | Talen Energy TLN | 785,000 | $228M | 3.00% | +34% |
| 15 | Corpay CPAY | 685,000 | $227M | 2.99% | +12% |
| 16 | Carpenter Technology CRS | 750,000 | $207M | 2.72% | −14% |
| 17 | Microsoft MSFT | 400,000 | $199M | 2.61% | +27% |
| 18 | Casey’s General Stores CASY | 360,000 | $184M | 2.41% | +20% |
| 19 | Apollo Global Management APO | 1.3 M | $181M | 2.38% | −15% |
| 20 | Kenvue KVUE | 8.5 M | $178M | 2.34% | −4.2% |
| 21 | Intercontinental Exchange ICE | 950,000 | $174M | 2.29% | −14% |
| 22 | Primo Brands PRMB | 5.8 M | $171M | 2.25% | +108% |
| 23 | Jacobs Solutions J | 1.3 M | $166M | 2.18% | −9.7% |
| 24 | Mr. Cooper Group COOP | 925,000 | $138M | 1.81% | new |
| 25 | Sharkninja SN | 1.2 M | $119M | 1.56% | +118% |
| 26 | Meta Platforms META | 150,000 | $111M | 1.45% | new |
| 27 | Comfort Systems USA FIX | 185,000 | $99.2M | 1.30% | new |
| 28 | Danaher DHR | 500,000 | $98.8M | 1.30% | new |
| 29 | RB Global RBA | 695,000 | $73.8M | 0.97% | −27% |
| 30 | Workday WDAY | 300,000 | $72.0M | 0.95% | new |
| 31 | Apollo Global Management | 900,000 | $67.4M | 0.89% | no change |
| 32 | Rocket Companies RKT | 4.8 M | $67.4M | 0.89% | new |
| 33 | Flowserve FLS | 1.2 M | $62.6M | 0.82% | new |
| 34 | Fortive FTV | 1.2 M | $60.5M | 0.79% | −39% |
| 35 | Docusign DOCU | 625,000 | $48.7M | 0.64% | new |
| 36 | Soho House | 5.2 M | $38.0M | 0.50% | no change |
| 37 | Chart Industries | 215,000 | $35.4M | 0.47% | new |
| 38 | Hertz Global Holdings HTZWW | 4.0 M | $14.5M | 0.19% | no change |
| 39 | Sea SE | 50,000 | $8.0M | 0.11% | new |
| 40 | Ralliant RAL | 125,003 | $6.1M | 0.08% | from a spin-off |
| 41 | Aurora Innovation AUR | 1.0 M | $5.4M | 0.07% | no change |
| 42 | Pg&e | 140,000 | $5.3M | 0.07% | no change |
| 43 | Sabre SABR | 750,000 | $2.4M | 0.03% | new |
| 44 | flyExclusive FLYX | 1.0 M | $2.0M | 0.03% | no change |
| 45 | ServiceTitan TTAN | 15,000 | $1.6M | 0.02% | new |
| 46 | Aurora Innovation AUROW | 1.8 M | $1.6M | 0.02% | no change |
| 47 | Claritev CTEV | 30,000 | $1.4M | 0.02% | new |
| 48 | Ategrity Specialty Insurance Company Holdings ASIC | 50,000 | $1.1M | 0.01% | new |
| 49 | Ardent Health ARDT | 75,000 | $1.0M | 0.01% | new |
| 50 | Flyexclusive FLYX/WS | 367,499 | $36.8K | 0.00% | no change |
Positions it closed (6)
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.