Insights from the Latest 13F Filing Reveal Significant Portfolio Adjustments
Daniel Loeb (Trades, Portfolio), the founder and driving force behind Third Point LLC, has made notable changes to his investment portfolio in the third quarter of 2023. Known for his sharp critiques and activist approach, Loeb's investment strategy often involves pushing for value-unlocking changes within companies. His latest 13F filing reveals a series of strategic moves, including new buys, increased stakes, complete exits, and reduced positions, offering a glimpse into his latest investment tactics.
New Additions to Loeb's Portfolio
Daniel Loeb (Trades, Portfolio)'s Third Point has expanded its portfolio with eight new stocks in the third quarter. The highlights include:
- Meta Platforms Inc (META, Financial), with 1,100,000 shares, now represents 5.01% of the portfolio, amounting to $330.23 million.
- United States Steel Corp (X, Financial), comprising 4,750,000 shares and accounting for 2.34% of the portfolio, valued at $154.28 million.
- T-Mobile US Inc (TMUS, Financial), with 1,000,000 shares, making up 2.12% of the portfolio, with a total value of $140.05 million.
Significant Increases in Existing Holdings
Loeb has also bolstered his positions in ten existing holdings, with the most significant increases being:
- Microsoft Corp (MSFT, Financial), with an additional 705,000 shares, bringing the total to 2,225,000 shares. This represents a 46.38% increase in share count and a 3.38% impact on the current portfolio, valued at $702.54 million.
- Amazon.com Inc (AMZN, Financial), with an additional 580,000 shares, increasing the total to 4,680,000 shares. This adjustment marks a 14.15% increase in share count, with a total value of $594.92 million.
Strategic Exits from Loeb's Portfolio
The third quarter also saw Daniel Loeb (Trades, Portfolio) exit 13 positions entirely, including:
- Alibaba Group Holding Ltd (BABA, Financial), where Loeb sold all 2,950,000 shares, impacting the portfolio by -3.6%.
- NVIDIA Corp (NVDA, Financial), with the liquidation of all 500,000 shares, causing a -3.1% impact on the portfolio.
Reductions in Key Positions
Loeb's portfolio adjustments also involved reducing stakes in six stocks. The most notable reductions are:
- Taiwan Semiconductor Manufacturing Co Ltd (TSM, Financial), reduced by 675,000 shares, leading to a -27.55% decrease in shares and a -1% impact on the portfolio. The stock traded at an average price of $94.56 during the quarter and has returned 8.67% over the past three months and 34.99% year-to-date.
- Alphabet Inc (GOOGL, Financial), reduced by 525,000 shares, resulting in a -36.84% reduction in shares and a -0.92% impact on the portfolio. The stock traded at an average price of $129.36 during the quarter and has returned 3.47% over the past three months and 52.19% year-to-date.
Overview of Loeb's Current Portfolio
As of the third quarter of 2023, Daniel Loeb (Trades, Portfolio)'s portfolio consists of 43 stocks. The top holdings include 13.91% in PG&E Corp (PCG, Financial), 10.66% in Microsoft Corp (MSFT, Financial), 9.02% in Amazon.com Inc (AMZN, Financial), 8.17% in Danaher Corp (DHR, Financial), and 7.1% in Bath & Body Works Inc (BBWI, Financial). The investments are primarily concentrated across eight industries: Technology, Consumer Cyclical, Utilities, Industrials, Healthcare, Communication Services, Basic Materials, and Financial Services.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
