Third Point

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Dan Loeb's Third Point reported 38 stock positions worth $8.3 billion. Its top holding was P G & E (PCG) at 9.1% of the portfolio, followed by Amazon.com (AMZN, 7.4%) and Microsoft (MSFT, 6.9%). Compared with Q2 2025, it opened 9 new positions, sold out of 16, added to 10 and reduced 14. The biggest buy was a new position in Norfolk Southern (NSC) and the biggest sale an exit from Corpay (CPAY).

Most Recent 13F
Q2 2026
Notable People
Dan Loeb
Location
NEW YORK, NY
CIK
0001040273
Portfolio Value
$8.3B (Q3 2025)
SEC Filing
0001040273-25-000003 ↗ filed Nov 14, 2025

Holdings Value

0$2.0B$4.0B$6.0B$8.0B$10.0B Q1 2024: $7.8B Q1 2024 Q2 2024: $8.7B Q2 2024 Q3 2024: $7.4B Q3 2024 Q4 2024: $7.3B Q4 2024 Q1 2025: $6.3B Q1 2025 Q2 2025: $7.5B Q2 2025 Q3 2025: $8.3B $8.3B Q3 2025 Q4 2025: $7.2B Q4 2025 Q1 2026: $2.1B Q1 2026 Q2 2026: $4.6B Q2 2026

Holdings 38 stocks · $8.3B
PCG P G & E Corp. 9.12% 50,100,000 $755.5M Reduce -2.0%
AMZN Amazon.com Inc. 7.45% 2,810,000 $617.0M Add +3.7%
MSFT Microsoft Corp. 6.88% 1,100,000 $569.7M Add +175.0%
NVDA Nvidia Corp. 6.42% 2,850,000 $531.8M Add +1.8%
NSC Norfolk Southern Corp. 5.98% 1,650,000 $495.7M New
BN Brookfield Corp. 3.87% 4,675,000 $320.6M No change
TSM Taiwan Semiconductor-SP ADR 3.71% 1,100,000 $307.2M Reduce -23.1%
COF Capital One Financial Corp. 3.55% 1,385,000 $294.4M Reduce -23.2%
FLUT Flutter Entertainment PLC-Di 3.43% 1,120,000 $284.5M Add +4.7%
CASY Casey's General Stores Inc. 3.41% 500,000 $282.7M Add +38.9%
TDS Telephone and Data Systems 3.18% 6,707,274 $263.2M Reduce -0.3%
CRH CRH PLC 3.13% 2,165,000 $259.6M Reduce -16.4%
CSGP Costar Group Inc. 3.07% 3,017,000 $254.5M Reduce -2.2%
SGI Somnigroup International Inc. 3.05% 3,000,000 $253.0M New
LYV Live Nation Entertainment Inc. 2.66% 1,350,000 $220.6M Reduce -31.6%
CRS Carpenter Technology 2.52% 850,000 $208.7M Add +13.3%
UNP Union Pacific Corp. 2.50% 875,000 $206.8M New
LPLA LPL Financial Holdings Inc. 2.39% 594,143 $197.7M Reduce -4.9%
COOP Mr Cooper Group Inc. 2.35% 925,000 $195.0M No change
SN Sharkninja Inc. 2.24% 1,800,000 $185.7M Add +50.0%
VST Vistra Corp. 2.21% 935,000 $183.2M Reduce -25.2%
FIX Comfort Systems USA Inc. 1.99% 200,000 $165.0M Add +8.1%
META Meta Platforms Inc. Class A 1.95% 220,000 $161.6M Add +46.7%
MTZ Mastec Inc. 1.86% 725,000 $154.3M New
TLN Talen Energy Corp. 1.80% 350,000 $148.9M Reduce -55.4%
KVUE Kenvue Inc. 1.76% 9,000,000 $146.1M Add +5.6%
J Jacobs Solutions Inc. 1.65% 915,000 $137.1M Reduce -27.6%
PRMB Primo Brands Corp. 1.54% 5,775,000 $127.6M No change
FND Floor & Decor Holdings Inc. Class A 1.18% 1,330,000 $98.0M New
APO Apollo Global Management Inc. 1.05% 650,000 $86.6M Reduce -49.0%
RKT Rocket Cos Inc. Class A 0.94% 4,000,000 $77.5M Reduce -15.8%
CORZ Core Scientific Inc. 0.65% 3,000,000 $53.8M New
SRTA Strata Critical Medical Inc. 0.31% 5,000,000 $25.3M New
DHR Danaher Corp. 0.12% 50,000 $9.9M Reduce -90.0%
FLYX Flyexclusive Inc. 0.06% 1,022,000 $5.0M No change
AUR Aurora Innovation Inc. 0.03% 1,032,463 $2.2M No change
BHC Bausch Health Cos Inc. 0.01% 100,000 $645K New
CYH Community Health Systems Inc. 0.01% 150,000 $482K New

Options reported separately and not counted above: SPY puts ($582.9M), KVUE calls ($24.3M).

Other holdings (6): bonds, preferreds, convertibles and warrants · $94.6M (not counted above)
SecurityClassShares / PrincipalValueChange
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV 900,000$63.3MNo change
HTZWW Hertz Global Hldgs Inc. -CW51 *W EXP 06/30/205 3,970,000$14.8MNo change
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 10,000,000$10.1MNo change
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 140,000$5.5MNo change
AUROW Aurora Innovation Inc. -CW28 *W EXP 11/03/202 1,835,000$877KNo change
FLYX.WS Eg Acquisition Corp.-A -CW28 *W EXP 99/99/999 367,499$117KNo change

Total filed on the 13F, all lines: $8.4B.

Portfolio Sells Q2 2025 → Q3 2025
CPAY Corpay Inc. Sold out 0.00% −3.02
ICE Intercontinental Exchange Inc. Sold out 0.00% −2.32
COF Capital One Financial Corp. Reduce -23.2% 3.55% −1.55
APO Apollo Global Management Inc. Reduce -49.0% 1.05% −1.36
LYV Live Nation Entertainment Inc. Reduce -31.6% 2.66% −1.31
TLN Talen Energy Corp. Reduce -55.4% 1.80% −1.24
DHR Danaher Corp. Reduce -90.0% 0.12% −1.19
VST Vistra Corp. Reduce -25.2% 2.21% −1.01
RBA RB Global Inc. Sold out 0.00% −0.98
WDAY Workday Inc. Class A Sold out 0.00% −0.96
FLS Flowserve Corp. Sold out 0.00% −0.83
FTV Fortive Corp. Sold out 0.00% −0.80
LPLA LPL Financial Holdings Inc. Reduce -4.9% 2.39% −0.73
DOCU Docusign Inc. Sold out 0.00% −0.65
TSM Taiwan Semiconductor-SP ADR Reduce -23.1% 3.71% −0.60
J Jacobs Solutions Inc. Reduce -27.6% 1.65% −0.55
SHCO Soho House & Co. Inc. Sold out 0.00% −0.51
GTLS Chart Industries Inc. Sold out 0.00% −0.47
PCG P G & E Corp. Reduce -2.0% 9.12% −0.35
CSGP Costar Group Inc. Reduce -2.2% 3.07% −0.23
SE Sea Ltd.-ADR Sold out 0.00% −0.11
RAL Ralliant Corp. Sold out 0.00% −0.08
SABR Sabre Corp. Sold out 0.00% −0.03
CRH CRH PLC Reduce -16.4% 3.13% −0.03
TTAN Servicetitan Inc. Class A Sold out 0.00% −0.02
CTEV Claritev Corp. Sold out 0.00% −0.02
ASIC Ategrity Specialty Holdings Sold out 0.00% −0.01
ARDT Ardent Health Inc. Sold out 0.00% −0.01
TDS Telephone and Data Systems Reduce -0.3% 3.18% −0.01
RKT Rocket Cos Inc. Class A Reduce -15.8% 0.94% +0.04

Portfolio Buys Q2 2025 → Q3 2025
NSC Norfolk Southern Corp. New 5.98% +5.98
MSFT Microsoft Corp. Add +175.0% 6.88% +4.23
SGI Somnigroup International Inc. New 3.05% +3.05
UNP Union Pacific Corp. New 2.50% +2.50
MTZ Mastec Inc. New 1.86% +1.86
FND Floor & Decor Holdings Inc. Class A New 1.18% +1.18
CASY Casey's General Stores Inc. Add +38.9% 3.41% +0.97
FIX Comfort Systems USA Inc. Add +8.1% 1.99% +0.67
SN Sharkninja Inc. Add +50.0% 2.24% +0.66
CORZ Core Scientific Inc. New 0.65% +0.65
NVDA Nvidia Corp. Add +1.8% 6.42% +0.54
META Meta Platforms Inc. Class A Add +46.7% 1.95% +0.48
SRTA Strata Critical Medical Inc. New 0.31% +0.31
BHC Bausch Health Cos Inc. New 0.01% +0.01
CYH Community Health Systems Inc. New 0.01% +0.01
CRS Carpenter Technology Add +13.3% 2.52% −0.24
AMZN Amazon.com Inc. Add +3.7% 7.45% −0.46
KVUE Kenvue Inc. Add +5.6% 1.76% −0.61
FLUT Flutter Entertainment PLC-Di Add +4.7% 3.43% −0.63

Options Activity Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US put New 875,000 $582.9M
KVUE Kenvue Inc. call New 1,500,000 $24.3M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 35$4.6BWBD, AMZN, GOOGL, CRH, TDS
Q1 2026 30$2.1BAMZN, TDS, CRH, SGI, CRS
Q4 2025 39$7.2BPCG, NVDA, AMZN, MSFT, UNP
Q3 2025 38$8.3BPCG, AMZN, MSFT, NVDA, NSC
Q2 2025 45$7.5BPCG, AMZN, NVDA, COF, TSM
Q1 2025 36$6.3BPCG, AMZN, TSM, LYV, TDS
Q4 2024 36$7.3BPCG, AMZN, DHR, META, TSM
Q3 2024 35$7.4BPCG, AMZN, DHR, VST, BBWI
Q2 2024 37$8.7BAMZN, PCG, MSFT, META, DHR
Q1 2024 32$7.8BPCG, AMZN, MSFT, BBWI, META