Third Point, led by Dan Loeb, disclosed in its Q1 2026 13F filing that it kept AMZN as its largest holding at 19.4% ($404M). During the quarter, the fund fully exited five positions — PCG ($551M), MSFT ($447M), BN ($285M), CASY ($251M), and CSGP ($213M) — while adding new stakes in META ($51M) and GOOGL ($50M). The portfolio now holds 20 stocks with total AUM of $2.0B.
Top 5 Holdings — Q1 2026
- AMZN: $404M (19.4%)
- TDS: $278M (13.3%)
- CRH: $200M (9.6%)
- SGI: $168M (8.1%)
- CRS: $122M (5.9%)
Key Trading Highlights
The most notable shift this quarter was a series of large sales. The fund fully exited utility stock PCG, its largest sale at $551M, and completely liquidated its $447M stake in MSFT. Since both positions ranked among the top holdings as recently as last quarter, the scale of this rebalancing signals a significant portfolio shift. Third Point also slashed its NVDA, UNP, and NSC positions by 94%, 94%, and 90%, respectively, largely exiting what were previously sizable holdings.
- PCG: Fully exited, $551M — avoiding utility-sector risk, the fund's largest sale
- MSFT: Fully exited, $447M — departure from a core Big Tech holding
- META: New position, $51M — signals a Big Tech re-entry alongside GOOGL
New additions, meanwhile, were spread across Big Tech names like META and GOOGL as well as GLD (gold) and HUT (Bitcoin mining). Holding both gold and a Bitcoin miner simultaneously points to a hedge against macro uncertainty. The top holdings ranked AMZN (19.4%), TDS (13.3%), and CRH (9.6%), with the top three positions accounting for more than 42% of the total portfolio — concentration remains high.
Outlook
Dan Loeb's moves this quarter reflect a rotation within Big Tech — trimming a legacy holding (MSFT) in favor of others (META and GOOGL) — to diversify single-stock risk. At the same time, the additions of GLD and HUT reflect demand for a macro hedge. The sharp cuts to NVDA, UNP, and NSC are read as profit-taking after the AI and industrials rally. Whether Third Point continues to build its META and GOOGL positions in next quarter's filing will be a key signal of the fund's direction going forward.
