In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Dan Loeb's Third Point reported 39 stock positions worth $7.2 billion . Its top holding was P G & E (PCG) at 7.6% of the portfolio, followed by Nvidia (NVDA, 7.6% ) and Amazon.com (AMZN, 6.9% ). Compared with Q3 2025, it opened 11 new positions, sold out of 10, added to 11 and reduced 14. The biggest buy was Union Pacific (UNP, shares +107% ) and the biggest sale an exit from Flutter Entertainment PLC-Di (FLUT).
Notable People Dan Loeb
Location NEW YORK, NY
CIK 0001040273
Portfolio Value $7.2B (Q4 2025) Holdings 39 stocks · $7.2B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2025 PCG P G & E Corp. 34,300,000 $551.2M Reduce -31.5% NVDA Nvidia Corp. 2,950,000 $550.2M Add +3.5% AMZN Amazon.com Inc. 2,165,000 $499.7M Reduce -22.9% MSFT Microsoft Corp. 925,000 $447.3M Reduce -15.9% UNP Union Pacific Corp. 1,810,000 $418.7M Add +106.9% CRH CRH PLC 2,600,000 $324.5M Add +20.1% SGI Somnigroup International Inc. 3,400,000 $303.6M Add +13.3% BN Brookfield Corp. 6,200,000 $284.5M Reduce -11.6% NSC Norfolk Southern Corp. 975,000 $281.5M Reduce -40.9% TDS Telephone and Data Systems 6,675,000 $273.7M Reduce -0.5% COF Capital One Financial Corp. 1,100,000 $266.6M Reduce -20.6% CASY Casey's General Stores Inc. 455,000 $251.5M Reduce -9.0% CRS Carpenter Technology 785,000 $247.1M Reduce -7.7% LYV Live Nation Entertainment Inc. 1,725,000 $245.8M Add +27.8% CSGP Costar Group Inc. 3,165,000 $212.8M Add +4.9% MTZ Mastec Inc. 925,000 $201.1M Add +27.6% RKT Rocket Cos Inc. Class A 9,515,000 $184.2M Add +137.9% LPLA LPL Financial Holdings Inc. 510,000 $182.2M Reduce -14.2% CMG Chipotle Mexican Grill Inc. 4,725,000 $174.8M New CEG Constellation Energy 475,000 $167.8M New VST Vistra Corp. 1,005,000 $162.1M Add +7.5% DHR Danaher Corp. 600,000 $137.4M Add +1100.0% SN Sharkninja Inc. 1,200,000 $134.3M Reduce -33.3% TSM Taiwan Semiconductor-SP ADR 425,000 $129.2M Reduce -61.4% BABA Alibaba Group Holding-SP ADR 825,000 $120.9M New APG Api Group Corp. 3,000,000 $114.8M New FIX Comfort Systems USA Inc. 105,000 $98.0M Reduce -47.5% SPOT Spotify Technology SA 100,000 $58.1M New KVUE Kenvue Inc. 3,250,000 $56.1M Reduce -63.9% PGR Progressive Corp. 220,000 $50.1M New TMO Thermo Fisher Scientific Inc. 50,000 $29.0M New SRTA Strata Critical Medical Inc. 5,000,000 $24.1M No change WIX Wix.com Ltd. 225,000 $23.4M New CSX CSX Corp. 500,000 $18.1M New SPRY Ars Pharmaceuticals Inc. 556,237 $6.5M New CTEV Claritev Corp. 145,000 $6.2M New FLYX Flyexclusive Inc. 1,022,000 $4.2M No change AUR Aurora Innovation Inc. 1,032,463 $4.0M No change BHC Bausch Health Cos Inc. 350,000 $2.4M Add +250.0%
Other holdings (5): bonds, preferreds, convertibles and warrants · $27.2M (not counted above) Security Class Shares / Principal Value Change HTZWW Hertz Global Hldgs Inc. -CW51 *W EXP 06/30/205 3,970,000 $10.6M No change PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 10,000,000 $10.3M No change PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 140,000 $5.7M No change AUROW Aurora Innovation Inc. -CW28 *W EXP 11/03/202 1,835,000 $413K No change FLYX.WS Eg Acquisition Corp.-A -CW28 *W EXP 99/99/999 367,499 $105K No change
Total filed on the 13F, all lines: $7.3B.
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ FLUT Flutter Entertainment PLC-Di Sold out 0.00% −3.43 COOP Mr Cooper Group Inc. Sold out 0.00% −2.35 NSC Norfolk Southern Corp. Reduce -40.9% 3.88% −2.10 META Meta Platforms Inc. Class A Sold out 0.00% −1.95 TSM Taiwan Semiconductor-SP ADR Reduce -61.4% 1.78% −1.93 TLN Talen Energy Corp. Sold out 0.00% −1.80 J Jacobs Solutions Inc. Sold out 0.00% −1.65 PRMB Primo Brands Corp. Sold out 0.00% −1.54 PCG P G & E Corp. Reduce -31.5% 7.61% −1.51 FND Floor & Decor Holdings Inc. Class A Sold out 0.00% −1.18 APO Apollo Global Management Inc. Sold out 0.00% −1.05 KVUE Kenvue Inc. Reduce -63.9% 0.77% −0.99 MSFT Microsoft Corp. Reduce -15.9% 6.17% −0.70 CORZ Core Scientific Inc. Sold out 0.00% −0.65 FIX Comfort Systems USA Inc. Reduce -47.5% 1.35% −0.64 AMZN Amazon.com Inc. Reduce -22.9% 6.90% −0.55 SN Sharkninja Inc. Reduce -33.3% 1.85% −0.39 CYH Community Health Systems Inc. Sold out 0.00% −0.01 BN Brookfield Corp. Reduce -11.6% 3.93% +0.06 CASY Casey's General Stores Inc. Reduce -9.0% 3.47% +0.06 COF Capital One Financial Corp. Reduce -20.6% 3.68% +0.13 LPLA LPL Financial Holdings Inc. Reduce -14.2% 2.51% +0.13 TDS Telephone and Data Systems Reduce -0.5% 3.78% +0.60 CRS Carpenter Technology Reduce -7.7% 3.41% +0.89
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ UNP Union Pacific Corp. Add +106.9% 5.78% +3.28 CMG Chipotle Mexican Grill Inc. New 2.41% +2.41 CEG Constellation Energy New 2.32% +2.32 DHR Danaher Corp. Add +1100.0% 1.90% +1.78 BABA Alibaba Group Holding-SP ADR New 1.67% +1.67 RKT Rocket Cos Inc. Class A Add +137.9% 2.54% +1.61 APG Api Group Corp. New 1.58% +1.58 CRH CRH PLC Add +20.1% 4.48% +1.34 NVDA Nvidia Corp. Add +3.5% 7.59% +1.17 SGI Somnigroup International Inc. Add +13.3% 4.19% +1.14 MTZ Mastec Inc. Add +27.6% 2.77% +0.91 SPOT Spotify Technology SA New 0.80% +0.80 LYV Live Nation Entertainment Inc. Add +27.8% 3.39% +0.73 PGR Progressive Corp. New 0.69% +0.69 TMO Thermo Fisher Scientific Inc. New 0.40% +0.40 WIX Wix.com Ltd. New 0.32% +0.32 CSX CSX Corp. New 0.25% +0.25 SPRY Ars Pharmaceuticals Inc. New 0.09% +0.09 CTEV Claritev Corp. New 0.09% +0.09 VST Vistra Corp. Add +7.5% 2.24% +0.03 BHC Bausch Health Cos Inc. Add +250.0% 0.03% +0.03 CSGP Costar Group Inc. Add +4.9% 2.94% −0.14
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Sold out 875,000 $582.9Mbefore exit KVUE Kenvue Inc. call Sold out 1,500,000 $24.3Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025 Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 35 $4.6B WBD, AMZN, GOOGL, CRH, TDS Q1 2026 30 $2.1B AMZN, TDS, CRH, SGI, CRS Q4 2025 39 $7.2B PCG, NVDA, AMZN, MSFT, UNP Q3 2025 38 $8.3B PCG, AMZN, MSFT, NVDA, NSC Q2 2025 45 $7.5B PCG, AMZN, NVDA, COF, TSM Q1 2025 36 $6.3B PCG, AMZN, TSM, LYV, TDS Q4 2024 36 $7.3B PCG, AMZN, DHR, META, TSM Q3 2024 35 $7.4B PCG, AMZN, DHR, VST, BBWI Q2 2024 37 $8.7B AMZN, PCG, MSFT, META, DHR Q1 2024 32 $7.8B PCG, AMZN, MSFT, BBWI, META