Third Point's founder reshapes his portfolio with a bold bet on media giant WBD while trimming tech stalwarts
Daniel Loeb (Trades, Portfolio), the founder of Third Point LLC, has submitted his 13F filing for the second quarter of 2026, revealing a series of strategic shifts in his portfolio. Loeb, who established Third Point in 1995, is renowned for his activist investment approach and his often-scathing public letters to company executives. His event-driven, value-oriented philosophy focuses on identifying companies where catalysts can unlock hidden value, then actively pushing for change. This quarter, his most significant move was a massive new position in Warner Bros. Discovery Inc WBD, which now commands an 11.41% share of his portfolio.
Summary of New Buys
Daniel Loeb (Trades, Portfolio) added a total of 16 new stocks to his portfolio during the quarter. The most significant additions include:
- The largest new position was Warner Bros. Discovery Inc WBD, with 20,000,000 shares acquired, accounting for 11.41% of the portfolio and a total value of $533.2 million.
- The second largest addition was Keysight Technologies Inc KEYS, consisting of 585,000 shares, representing approximately 4.38% of the portfolio, with a total value of $204.79 million.
- The third largest addition was Block Inc XYZ, with 2,558,943 shares, accounting for 4.16% of the portfolio and a total value of $194.48 million.
Key Position Increases
Loeb also increased his stakes in 13 existing holdings. The most notable increases were:
- Alphabet Inc GOOGL saw an additional 850,000 shares, bringing the total to 1,025,000 shares. This adjustment represents a significant 485.71% increase in share count, a 6.5% impact on the current portfolio, and a total value of $366.3 million.
- Norfolk Southern Corp NSC received an additional 500,000 shares, bringing the total to 600,000. This represents a 500% increase in share count, with a total value of $188.75 million.
Summary of Sold Out Positions
In a move to rebalance his holdings, Loeb completely exited 9 positions in the second quarter of 2026. The most significant exits include:
- Meta Platforms Inc META: Loeb sold all 90,000 shares, resulting in a -2.47% impact on the portfolio.
- SPDR Gold Shares GLD: Loeb liquidated all 95,000 shares, causing a -1.96% impact on the portfolio.
Key Position Reductions
Loeb also reduced his position in 4 stocks. The most significant changes include:
- Reduced Amazon.com Inc AMZN by 190,000 shares, resulting in a -9.79% decrease in shares and a -1.9% impact on the portfolio. The stock traded at an average price of $250.33 during the quarter and has returned -1.71% over the past 3 months and 13.79% year-to-date.
- Reduced Carpenter Technology Corp CRS by 95,000 shares, resulting in a -30.65% reduction in shares and a -1.8% impact on the portfolio. The stock traded at an average price of $469.61 during the quarter and has returned 26.77% over the past 3 months and 73.15% year-to-date.
Portfolio Overview and Sector Allocation
At the end of the second quarter of 2026, Daniel Loeb (Trades, Portfolio)'s portfolio included 41 stocks. The top holdings were Warner Bros. Discovery Inc WBD at 11.41%, Amazon.com Inc (AMZN) at 8.93%, Alphabet Inc GOOGL at 7.84%, CRH PLC CRH at 5.03%, and Telephone and Data Systems Inc TDS at 4.97%.
The holdings are mainly concentrated across 8 of the 11 industries: Communication Services, Technology, Industrials, Consumer Cyclical, Financial Services, Basic Materials, Healthcare, and Consumer Defensive. This diversification reflects Loeb's strategy of seeking value across multiple sectors while maintaining a focus on companies where his activist approach can drive meaningful change.
For value investors tracking the moves of prominent activists, Loeb's significant bet on Warner Bros. Discovery signals a conviction in the media sector's potential for turnaround. The substantial increase in Alphabet also suggests a continued confidence in the tech giant's long-term growth prospects, despite trimming positions in other large-cap tech names like Amazon and Meta. As always, investors should consider these filings as a snapshot of past activity and conduct their own due diligence before making investment decisions.
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