Great investors · Dan Loeb · Q3 2025
What Dan Loeb bought and sold in Q3 2025
Third Point 13F portfolio as of Sep 30, 2025: 43 positions worth $8.4 bn. Largest: PCG, AMZN, MSFT, NVDA. Filed with the SEC on Nov 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 Q3 2025
- NewNorfolk SouthernNSC+5.9 pp
- IncreasedMicrosoftMSFT+4.3 pp
- NewSomnigroup InternationalSGI+3.0 pp
- NewUnion PacificUNP+2.5 pp
- NewMasTecMTZ+1.8 pp
- NewFloor & Decor HoldingsFND+1.2 pp
- IncreasedCasey’s General StoresCASY+0.9 pp
- IncreasedSharkninjaSN+0.7 pp
- NewCore ScientificCORZ+0.6 pp
- IncreasedMeta PlatformsMETA+0.6 pp
Sells in Q3 2025
- Sold outCorpayCPAY−2.7 pp
- ReducedTalen EnergyTLN−2.2 pp
- Sold outIntercontinental ExchangeICE−2.1 pp
- ReducedLive Nation EntertainmentLYV−1.2 pp
- ReducedTaiwan Semiconductor ManufacturingTSM−1.1 pp
- ReducedDanaherDHR−1.1 pp
- ReducedCapital One FinancialCOF−1.1 pp
- ReducedApollo Global ManagementAPO−1.0 pp
- Sold outRB GlobalRBA−0.9 pp
- Sold outWorkdayWDAY−0.9 pp
- Sold outFlowserveFLS−0.7 pp
- ReducedVistra OperationsVST−0.7 pp
26 companies with material moves, out of 48 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 Q3 2025 13F lists 43 lines of US-listed securities worth $8.4 bn; the largest is PCG at 9.02% of the portfolio. It was accepted by the SEC on Nov 14, 2025 at 4:17 PM ET.
Against the previous quarter, it opened 9 positions (NSC, SGI, UNP and MTZ and 5 more), closed 16 (CPAY, ICE, RBA and WDAY and 12 more), added to 10 (MSFT, CASY, SN and META and 6 more) and trimmed 13 (TLN, TSM, LYV and COF and 9 more). 11 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Pg&e PCG | 50.1 M | $756M | 9.02% | −2% |
| 2 | Amazon.com AMZN | 2.8 M | $617M | 7.37% | +3.7% |
| 3 | Microsoft MSFT | 1.1 M | $570M | 6.81% | +175% |
| 4 | NVIDIA NVDA | 2.9 M | $532M | 6.35% | +1.8% |
| 5 | Norfolk Southern NSC | 1.7 M | $496M | 5.92% | new |
| 6 | Brookfield BN | 4.7 M | $321M | 3.83% | no change |
| 7 | Taiwan Semiconductor Manufacturing TSM | 1.1 M | $307M | 3.67% | −23% |
| 8 | Capital One Financial COF | 1.4 M | $294M | 3.52% | −23% |
| 9 | Flutter Entertainment FLUT | 1.1 M | $284M | 3.40% | +4.7% |
| 10 | Casey’s General Stores CASY | 500,000 | $283M | 3.38% | +39% |
| 11 | Telephone and Data Systems TDS | 6.7 M | $263M | 3.14% | no change |
| 12 | CRH public CRH | 2.2 M | $260M | 3.10% | −16% |
| 13 | CoStar Group CSGP | 3.0 M | $255M | 3.04% | −2.2% |
| 14 | Somnigroup International SGI | 3.0 M | $253M | 3.02% | new |
| 15 | Live Nation Entertainment LYV | 1.4 M | $221M | 2.64% | −32% |
| 16 | Carpenter Technology CRS | 850,000 | $209M | 2.49% | +13% |
| 17 | Union Pacific UNP | 875,000 | $207M | 2.47% | new |
| 18 | LPL Financial Holdings LPLA | 594,143 | $198M | 2.36% | −4.9% |
| 19 | Mr. Cooper Group COOP | 925,000 | $195M | 2.33% | no change |
| 20 | Sharkninja SN | 1.8 M | $186M | 2.22% | +50% |
| 21 | Vistra Operations VST | 935,000 | $183M | 2.19% | −25% |
| 22 | Comfort Systems USA FIX | 200,000 | $165M | 1.97% | +8.1% |
| 23 | Meta Platforms META | 220,000 | $162M | 1.93% | +47% |
| 24 | MasTec MTZ | 725,000 | $154M | 1.84% | new |
| 25 | Talen Energy TLN | 350,000 | $149M | 1.78% | −55% |
| 26 | Kenvue KVUE | 9.0 M | $146M | 1.74% | +5.6% |
| 27 | Jacobs Solutions J | 915,000 | $137M | 1.64% | −28% |
| 28 | Primo Brands PRMB | 5.8 M | $128M | 1.52% | no change |
| 29 | Floor & Decor Holdings FND | 1.3 M | $98.0M | 1.17% | new |
| 30 | Apollo Global Management APO | 650,000 | $86.6M | 1.03% | −49% |
| 31 | Rocket Companies RKT | 4.0 M | $77.5M | 0.93% | −16% |
| 32 | Apollo Global Management | 900,000 | $63.3M | 0.76% | no change |
| 33 | Core Scientific CORZ | 3.0 M | $53.8M | 0.64% | new |
| 34 | Strata Critical Medical SRTA | 5.0 M | $25.3M | 0.30% | new |
| 35 | Hertz Global Holdings HTZWW | 4.0 M | $14.8M | 0.18% | no change |
| 36 | Danaher DHR | 50,000 | $9.9M | 0.12% | −90% |
| 37 | Pg&e | 140,000 | $5.5M | 0.07% | no change |
| 38 | flyExclusive FLYX | 1.0 M | $5.0M | 0.06% | no change |
| 39 | Aurora Innovation AUR | 1.0 M | $2.2M | 0.03% | no change |
| 40 | Aurora Innovation AUROW | 1.8 M | $877K | 0.01% | no change |
| 41 | Bausch Health Companies BHC | 100,000 | $645K | 0.01% | new |
| 42 | Community Health Systems CYH | 150,000 | $482K | 0.01% | new |
| 43 | Flyexclusive FLYX/WS | 367,499 | $117K | 0.00% | no change |
Positions it closed (16)
- Corpay CPAYwas 2.99% · 685,000 shares
- Intercontinental Exchange ICEwas 2.29% · 950,000 shares
- RB Global RBAwas 0.97% · 695,000 shares
- Workday WDAYwas 0.95% · 300,000 shares
- Flowserve FLSwas 0.82% · 1.2 M shares
- Fortive FTVwas 0.79% · 1.2 M shares
- Docusign DOCUwas 0.64% · 625,000 shares
- Soho House was 0.50% · 5.2 M shares
- Chart Industries was 0.47% · 215,000 shares
- Sea SEwas 0.11% · 50,000 shares
- Ralliant RALwas 0.08% · 125,003 shares
- Sabre SABRwas 0.03% · 750,000 shares
- ServiceTitan TTANwas 0.02% · 15,000 shares
- Claritev CTEVwas 0.02% · 30,000 shares
- Ategrity Specialty Insurance Company Holdings ASICwas 0.01% · 50,000 shares
- Ardent Health ARDTwas 0.01% · 75,000 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) ↗
Follow Dan Loeb and see their Q3 2026 13F once it is filed
Free. We email you (if you turn it on) and in Following you see what each manager you follow bought and sold.
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.