Great investors · Dan Loeb · Q4 2025
What Dan Loeb bought and sold in Q4 2025
Third Point 13F portfolio as of Dec 31, 2025: 43 positions worth $7.3 bn. Largest: PCG, NVDA, AMZN, MSFT. Filed with the SEC on Feb 17, 2026.
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 Q4 2025
- IncreasedUnion PacificUNP+2.6 pp
- NewChipotle Mexican GrillCMG+2.1 pp
- NewConstellation EnergyCEG+2.0 pp
- IncreasedDanaherDHR+1.5 pp
- NewAlibaba Group HoldingBABA+1.4 pp
- NewAPi GroupAPG+1.4 pp
- IncreasedRocket CompaniesRKT+1.3 pp
- NewSpotify TechnologySPOT+0.7 pp
- IncreasedCRH publicCRH+0.6 pp
- IncreasedLive Nation EntertainmentLYV+0.6 pp
- NewProgressivePGR+0.6 pp
- IncreasedMasTecMTZ+0.5 pp
Sells in Q4 2025
- Sold outFlutter EntertainmentFLUT−3.4 pp
- ReducedPg&ePCG−3.0 pp
- ReducedTaiwan Semiconductor ManufacturingTSM−2.5 pp
- ReducedNorfolk SouthernNSC−2.3 pp
- Sold outMeta PlatformsMETA−1.9 pp
- Sold outTalen EnergyTLN−1.8 pp
- ReducedAmazon.comAMZN−1.8 pp
- Sold outJacobs SolutionsJ−1.6 pp
- Sold outPrimo BrandsPRMB−1.5 pp
- ReducedKenvueKVUE−1.2 pp
- Sold outFloor & Decor HoldingsFND−1.2 pp
- ReducedComfort Systems USAFIX−1.1 pp
30 companies with material moves, out of 45 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 Q4 2025 13F lists 43 lines of US-listed securities worth $7.3 bn; the largest is PCG at 7.59% of the portfolio. It was accepted by the SEC on Feb 17, 2026 at 4:42 PM ET.
Against the previous quarter, it opened 11 positions (CMG, CEG, BABA and APG and 7 more), closed 10 (FLUT, META, TLN and J and 6 more), added to 11 (DHR, UNP, RKT and LYV and 7 more) and trimmed 13 (PCG, NSC, AMZN and TSM and 9 more). 8 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Pg&e PCG | 34.3 M | $551M | 7.59% | −32% |
| 2 | NVIDIA NVDA | 3.0 M | $550M | 7.57% | +3.5% |
| 3 | Amazon.com AMZN | 2.2 M | $500M | 6.88% | −23% |
| 4 | Microsoft MSFT | 925,000 | $447M | 6.16% | −16% |
| 5 | Union Pacific UNP | 1.8 M | $419M | 5.76% | +107% |
| 6 | CRH public CRH | 2.6 M | $324M | 4.47% | +20% |
| 7 | Somnigroup International SGI | 3.4 M | $304M | 4.18% | +13% |
| 8 | Brookfield BN | 6.2 M | $285M | 3.92% | −12% |
| 9 | Norfolk Southern NSC | 975,000 | $282M | 3.88% | −41% |
| 10 | Telephone and Data Systems TDS | 6.7 M | $274M | 3.77% | no change |
| 11 | Capital One Financial COF | 1.1 M | $267M | 3.67% | −21% |
| 12 | Casey’s General Stores CASY | 455,000 | $251M | 3.46% | −9% |
| 13 | Carpenter Technology CRS | 785,000 | $247M | 3.40% | −7.6% |
| 14 | Live Nation Entertainment LYV | 1.7 M | $246M | 3.38% | +28% |
| 15 | CoStar Group CSGP | 3.2 M | $213M | 2.93% | +4.9% |
| 16 | MasTec MTZ | 925,000 | $201M | 2.77% | +28% |
| 17 | Rocket Companies RKT | 9.5 M | $184M | 2.54% | +138% |
| 18 | LPL Financial Holdings LPLA | 510,000 | $182M | 2.51% | −14% |
| 19 | Chipotle Mexican Grill CMG | 4.7 M | $175M | 2.41% | new |
| 20 | Constellation Energy CEG | 475,000 | $168M | 2.31% | new |
| 21 | Vistra Operations VST | 1.0 M | $162M | 2.23% | +7.5% |
| 22 | Danaher DHR | 600,000 | $137M | 1.89% | ×12 |
| 23 | Sharkninja SN | 1.2 M | $134M | 1.85% | −33% |
| 24 | Taiwan Semiconductor Manufacturing TSM | 425,000 | $129M | 1.78% | −61% |
| 25 | Alibaba Group Holding BABA | 825,000 | $121M | 1.66% | new |
| 26 | APi Group APG | 3.0 M | $115M | 1.58% | new |
| 27 | Comfort Systems USA FIX | 105,000 | $98.0M | 1.35% | −48% |
| 28 | Spotify Technology SPOT | 100,000 | $58.1M | 0.80% | new |
| 29 | Kenvue KVUE | 3.3 M | $56.1M | 0.77% | −64% |
| 30 | Progressive PGR | 220,000 | $50.1M | 0.69% | new |
| 31 | Thermo Fisher Scientific TMO | 50,000 | $29.0M | 0.40% | new |
| 32 | Strata Critical Medical SRTA | 5.0 M | $24.1M | 0.33% | no change |
| 33 | WIX WIX | 225,000 | $23.4M | 0.32% | new |
| 34 | CSX CSX | 500,000 | $18.1M | 0.25% | new |
| 35 | Hertz Global Holdings HTZWW | 4.0 M | $10.6M | 0.15% | no change |
| 36 | ARS Pharmaceuticals SPRY | 556,237 | $6.5M | 0.09% | new |
| 37 | Claritev CTEV | 145,000 | $6.2M | 0.09% | new |
| 38 | Pg&e | 140,000 | $5.7M | 0.08% | no change |
| 39 | flyExclusive FLYX | 1.0 M | $4.2M | 0.06% | no change |
| 40 | Aurora Innovation AUR | 1.0 M | $4.0M | 0.05% | no change |
| 41 | Bausch Health Companies BHC | 350,000 | $2.4M | 0.03% | +250% |
| 42 | Aurora Innovation AUROW | 1.8 M | $413K | 0.01% | no change |
| 43 | Flyexclusive FLYX/WS | 367,499 | $105K | 0.00% | no change |
Positions it closed (10)
- Flutter Entertainment FLUTwas 3.40% · 1.1 M shares
- Meta Platforms METAwas 1.93% · 220,000 shares
- Talen Energy TLNwas 1.78% · 350,000 shares
- Jacobs Solutions Jwas 1.64% · 915,000 shares
- Primo Brands PRMBwas 1.52% · 5.8 M shares
- Floor & Decor Holdings FNDwas 1.17% · 1.3 M shares
- Apollo Global Management APOwas 1.03% · 650,000 shares
- Apollo Global Mgmt was 0.76% · 900,000 shares
- Core Scientific CORZwas 0.64% · 3.0 M shares
- Community Health Systems CYHwas 0.01% · 150,000 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.