Third Point shifted away from some of the market's biggest semiconductor winners in the second quarter -- and put more money into a broader mix of media, financial, industrial, and technology companies, a regulatory filing shows.
The investment firm run by billionaire Daniel Loeb sold its entire stakes in Nvidia, Broadcom, KLA, and Lam Research, as well as the VanEck Semiconductor exchange-traded fund, according to Third Point's latest 13-F filing, which was released Friday. It also exited Meta Platforms entirely.
At the same time, Third Point made several large new investments. The biggest addition was Warner Bros. Discovery: Third Point established a 20 million-share position worth $533 million, immediately making the media company its largest disclosed U.S. stock holding as of the end of June.
Third Point also established sizable positions in Keysight Technologies, Block, and Flex.
Third Point also put substantially more money into U.S.-listed stocks during the quarter, with the value of holdings disclosed in its 13F more than doubling from March.
To be sure, that doesn't mean Third Point's overall assets doubled. The quarterly filing captures only certain long positions in U.S.-listed securities, and doesn't include much of the firm's broader portfolio, such as short positions, foreign, private, and credit investments.
Third Point also made large additions to several stocks it already owned. It increased its positions in Norfolk Southern and Capital One severalfold during the second quarter, while adding significantly to its holdings in Taiwan Semiconductor Manufacturing, Live Nation, and other names.
Not every major technology company was headed for the exit. Amazon remained one of Third Point's largest holdings, although the firm reduced its position modestly in the second quarter. It also substantially increased its investment in Alphabet.
The 13-F filing reflects Third Point's holdings as of June 30, meaning the firm may have changed or exited any of these positions since then.
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