Daniel Loeb - Third Point Portfolio Q2'2025: Top Holdings & Recent Changes
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Daniel Loeb, founder of Third Point, continues to showcase his reputation as one of Wall Street’s most agile and opportunistic investors. His Q2’2025 portfolio reflects a dynamic approach, with $7.62 billion allocated across 51 positions and a notable tilt toward high-growth technology and special situation plays. This quarter’s moves reveal a willingness to size up winners like NVIDIA and Amazon, while tactically trimming or rotating out of others to keep the portfolio nimble and opportunity-driven.
Dynamic Allocation: Third Point’s Portfolio at a Glance
Portfolio Highlights (Q2’2025): - Market Value: $7,620.0M - Top 10 Holdings: 50.4% - Portfolio Size: 51 +3 - Average Holding Period: 5 quarters - Turnover: 45.1%
Third Point’s Q2’2025 portfolio remains a study in active management, with a top-heavy allocation—over half the capital concentrated in the top 10 holdings. The addition of three new positions this quarter signals ongoing idea generation and a willingness to adapt to shifting market conditions. With an average holding period of just five quarters and turnover at 45.1%, Loeb’s approach is far more dynamic than the typical buy-and-hold superinvestor, reflecting a readiness to capitalize on both secular trends and short-term dislocations.
This quarter’s activity underscores Third Point’s dual focus: maintaining core positions in high-conviction names while opportunistically scaling into or out of stocks as the risk/reward profile evolves. The portfolio’s sector mix leans heavily toward technology, financials, and special situations, with a global reach that includes both U.S. and international equities.
Top Holdings Analysis: Tech Momentum and Opportunistic Moves
Third Point’s portfolio this quarter is defined by bold moves in both established tech giants and emerging opportunities. The largest change was a dramatic increase in NVIDIA, with the position nearly doubling +93.10% to 5.8% of the portfolio, reflecting conviction in AI-driven growth. Amazon was also boosted +15.32% to 7.8%, cementing its role as a core holding.
Financials saw significant action: the stake in CAPITAL ONE FINL CORP was ramped up by 71.83% to 5.0%, while Taiwan Semiconductor Manufacturing Company Limited was trimmed by 19.66% to 4.3%, likely reflecting profit-taking after a strong run. Flutter Entertainment was increased by 10.31%, and Live Nation Entertainment was slightly reduced -5.95%, signaling tactical adjustments in consumer and entertainment exposure.
Other notable moves include a 56.20% addition to COSTAR GROUP INC, a 47.06% increase in Vistra Corp., and a 10.26% boost to BROOKFIELD CORP. Meanwhile, Telephone and Data Systems was marginally reduced -0.52%, suggesting a fine-tuning rather than a strategic shift.
Rounding out the top 10, PG&E Corporation remains a significant holding at 9.3% with no change, providing a stable anchor amid the more dynamic moves elsewhere. The portfolio’s breadth is further demonstrated by the inclusion of 51 positions, but the bulk of capital remains tightly focused in these high-conviction bets.
What the Portfolio Reveals About Third Point’s Strategy
- Conviction in Tech and AI: Large increases in NVIDIA and Amazon highlight a strong belief in the continued secular growth of technology and AI-driven business models.
- Opportunistic Financials: The aggressive addition to CAPITAL ONE FINL CORP and BROOKFIELD CORP suggests a tactical approach to financials, seeking value and upside in select names.
- Active Risk Management: High turnover and frequent position adjustments indicate a willingness to take profits and cut risk when necessary, rather than simply riding winners indefinitely.
- Global and Sector Diversification: Exposure to international leaders like TSMC and sector plays such as Flutter Entertainment and Vistra Corp. demonstrates a broad opportunity set.
- Special Situations and Event-Driven: The portfolio’s composition and changes reflect Loeb’s roots in event-driven investing, with a readiness to pivot as catalysts emerge.
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Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| PG&E Corporation (PCG) | $712.3M | 9.3% | No change |
| Amazon.com, Inc. (AMZN) | $594.5M | 7.8% | Add 15.32% |
| NVIDIA Corporation (NVDA) | $442.4M | 5.8% | Add 93.10% |
| CAPITAL ONE FINL CORP | $383.9M | 5.0% | Add 71.83% |
| Taiwan Semiconductor Manufacturing (TSM) | $323.9M | 4.3% | Reduce 19.66% |
| Flutter Entertainment plc (FLUT) | $305.8M | 4.0% | Add 10.31% |
| Live Nation Entertainment, Inc. (LYV) | $298.8M | 3.9% | Reduce 5.95% |
| BROOKFIELD CORP | $289.1M | 3.8% | Add 10.26% |
| COSTAR GROUP INC | $248.0M | 3.3% | Add 56.20% |
| (10th holding not specified in data) | — | — | — |
Third Point’s top 10 holdings account for just over half the portfolio, with the largest single position (PG&E) at 9.3%. The rest of the capital is spread across a diverse set of names, but the top five alone make up nearly a third of the total. This structure allows for both conviction and flexibility—Loeb can make outsized bets on his highest-conviction ideas while retaining the ability to rotate capital as new opportunities arise. The significant changes in position sizes this quarter, especially in tech and financials, underscore a willingness to act decisively when the risk/reward shifts.
Investment Lessons from Daniel Loeb’s Third Point Approach
- Be Dynamic, Not Dogmatic: Loeb’s willingness to adjust position sizes and rotate capital shows the value of staying nimble in response to new information.
- Concentrate Where Conviction Is Highest: The portfolio’s top-heavy structure demonstrates that when you have high conviction, it pays to size up.
- Embrace Both Growth and Value: Third Point’s mix of high-growth tech and undervalued financials reflects a flexible, opportunity-driven mindset.
- Risk Management Is Ongoing: Frequent trims and additions reveal that risk is actively managed, not set-and-forget.
- Global Perspective: Exposure to international leaders and special situations broadens the opportunity set and reduces home bias.
Looking Ahead: What Comes Next?
With a portfolio turnover of 45.1% and an average holding period of just five quarters, investors should expect continued dynamism from Third Point. The fund’s cash position and willingness to add new names suggest it is well-positioned to capitalize on volatility or market dislocations. Areas to watch include further moves in AI and tech, opportunistic plays in financials, and potential new event-driven positions as global markets evolve. As always, Loeb’s ability to pivot quickly will be key to navigating whatever the next quarter brings.
FAQ about Daniel Loeb’s Third Point Portfolio
Q: What were the most significant changes in Third Point’s Q2 2025 portfolio?
The most notable moves were a 93.10% increase in NVIDIA, a 71.83% addition to CAPITAL ONE FINL CORP, and a 15.32% boost to Amazon. There were also trims to TSMC and Live Nation.
Q: How concentrated is Daniel Loeb’s portfolio?
The top 10 holdings make up 50.4% of the portfolio, with the largest single position at 9.3%. This reflects a balance between high-conviction bets and broad diversification.
Q: What is Third Point’s approach to risk management?
Third Point actively manages risk through frequent position adjustments, high turnover, and a willingness to trim or add to positions as the market environment changes.
Q: Which sectors does Third Point favor?
The portfolio is heavily weighted toward technology, financials, and special situations, with significant positions in NVIDIA, Amazon, and CAPITAL ONE FINL CORP.
Q: How can I track Daniel Loeb’s portfolio changes?
You can follow Third Point’s latest moves and 13F filing updates on ValueSense, which provides timely analysis and portfolio breakdowns. Remember, 13F filings are reported with a 45-day lag, so use them as a research tool rather than a real-time trading signal.
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