Dan Loeb Q1 2026 Portfolio: AMZN Tops at 19.4%, Exits PCG and MSFT Entirely
Third Point's Dan Loeb kept AMZN as his top holding at 19.4% in his Q1 2026 13F filing, fully exiting five positions including PCG, MSFT, and BN while adding new stakes in META and GOOGL.
- Third Point holds $2.0B AUM across 20 stocks in Q1 2026
- AMZN (19.4%) and TDS (13.3%) lead as PCG and MSFT are fully exited
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
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.
Frequently Asked Questions
What has Dan Loeb recently bought?
As of Q1 2026, Dan Loeb's Third Point made new purchases in META ($51M), GOOGL ($50M), GLD ($41M), HUT ($41M), and TDG ($29M).
What was the biggest change in Dan Loeb's Q1 2026 portfolio?
The biggest change was the full exit of five positions, including PCG ($551M) and MSFT ($447M), while simultaneously adding new Big Tech positions such as META and GOOGL.
What is Dan Loeb's largest holding?
As of Q1 2026, AMZN is the largest holding at $404M (19.4%), followed by TDS (13.3%) and CRH (9.6%).
What is Third Point's AUM?
As of its Q1 2026 13F filing, Third Point's total assets under management (AUM) is $2.0 billion across 20 holdings.
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