What does an activist fund actually do?

It buys a stake large enough to be taken seriously, then argues in public for a change such as selling a division, buying back shares or replacing management.

Why do the positions change so often?

A campaign has an end. Once the change is made or refused, the reason to hold the stake is gone, so the position is sold and a new one is opened elsewhere.

Are the short positions shown here?

No. A 13F reports long positions only. Third Point's shorts, its credit book and its reinsurance business are not on this form.

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Hedge fund

The Third Point portfolio

Daniel Loeb buys a large stake, then writes the letter that makes the argument public.

Size$4.7BPositions38Turnover105%Current weights, 12 m-4.5%

Create an account and we will tell you when this investor reports a trade.

The Third Point portfolio

Size$4.7B

Current weights, 12 m-4.5%

Create an account and we will tell you when this investor reports a trade.

CompanyPortfolio weightDisclosed sincePrice24h30dValue

Warner Bros. Discovery, Inc.WBD11.4%since 2026$30.84+0.3%—$533M

Alphabet Inc.GOOGL9.5%since 2016$342.36+1.3%—$443M

11.4%

Warner Bros. Discovery, Inc.WBD · $30.84+0.3%

9.5%

Alphabet Inc.GOOGL · $342.36+1.3%

Amazon.com, Inc.AMZN8.9%since 2019$249.38+0.0%—$417M

CRH plcCRH5.0%since 2024$83.96−1.5%—$235M

Telephone and Data Systems, Inc.TDS5.0%since 2023$36.33−0.3%—$232M

Taiwan Semiconductor Manufacturing Company LimitedTSM4.7%since 2023$451.15+1.0%—$220M

Live Nation Entertainment, Inc.LYV4.4%since 2024$171.06+1.2%—$208M

Keysight Technologies, Inc.KEYS4.4%since 2026$357.54+1.2%—$205M

Somnigroup International IncSGI4.3%since 2025$62.31−0.9%—$202M

Block, Inc.XYZ4.2%since 2020$76.74+2.8%—$194M

Norfolk Southern CorporationNSC4.0%since 2025$313.17−0.6%—$189M

Flex Ltd.FLEX3.6%since 2026$112.40+0.1%—$167M

Capital One Financial CorporationCOF3.5%since 2024$196.61+0.3%—$166M

Hut 8 Corp.HUT3.2%since 2026$101.54−0.9%—$152M

Carpenter Technology CorporationCRS2.8%since 2024$400.85+1.5%—$133M

APi Group CorporationAPG2.6%—$37.83+0.0%—$121M

MasTec, Inc.MTZ2.6%—$211.95−2.6%—$121M

TransDigm Group IncorporatedTDG2.3%—$1105.28+0.0%—$105M

Danaher CorporationDHR2.2%—$223.77+1.0%—$103M

Union Pacific CorporationUNP2.0%—$274.07−0.5%—$95M

TTM Technologies, Inc.TTMI2.0%—$126.98+0.9%—$94M

Performance Food Group CoPFGC1.6%—$90.32−0.5%—$75M

ASML Holding N.V.ASML1.3%—$1722.50−1.3%—$60M

Sysco CorporationSYY1.0%—$78.19+1.4%—$48M

Ares Management CorporationARES0.9%—$120.11−1.1%—$42M

Space Exploration Technologies Corp.SPCX0.7%—$148.03−0.2%—$31M

State Street SPDR S&P 500 ETFSPY0.6%————$29M

Strata Critical Medical, Inc.SRTA0.6%—$5.27−2.0%—$26M

ARS Pharmaceuticals, Inc.SPRY0.2%—$4.15−0.7%—$8M

Aurora Innovation, Inc.AUR0.2%—$6.06−4.1%—$8M

Hertz Global Holdings, Inc.HTZWW0.1%—$0.86−0.7%—$4M

flyExclusive, Inc.FLYX0.1%—$1.24+2.5%—$2M

Bausch + Lomb CorporationBLCO0.0%—$16.80−1.5%—$1M

Core Scientific, Inc.CORZ0.0%—$18.12+0.1%—$1M

ERock, Inc.EROC0.0%—$12.06−3.7%—$1M

Applied Digital Corp.APLD0.0%—$27.06−0.6%—$820600

Lithium Argentina AGLAR0.0%—$5.68−1.7%—$611750

Wolfspeed Inc.WOLF0.0%—$26.30−3.1%—$482500

8.9%

Amazon.com, Inc.AMZN · $249.38+0.0%

5.0%

CRH plcCRH · $83.96−1.5%

5.0%

Telephone and Data Systems, Inc.TDS · $36.33−0.3%

4.7%

Taiwan Semiconductor Manufacturing Company LimitedTSM · $451.15+1.0%

4.4%

Live Nation Entertainment, Inc.LYV · $171.06+1.2%

4.4%

Keysight Technologies, Inc.KEYS · $357.54+1.2%

4.3%

Somnigroup International IncSGI · $62.31−0.9%

4.2%

Block, Inc.XYZ · $76.74+2.8%

4.0%

Norfolk Southern CorporationNSC · $313.17−0.6%

3.6%

Flex Ltd.FLEX · $112.40+0.1%

3.5%

Capital One Financial CorporationCOF · $196.61+0.3%

3.2%

Hut 8 Corp.HUT · $101.54−0.9%

2.8%

Carpenter Technology CorporationCRS · $400.85+1.5%

2.6%

APi Group CorporationAPG · $37.83+0.0%

2.6%

MasTec, Inc.MTZ · $211.95−2.6%

2.3%

TransDigm Group IncorporatedTDG · $1105.28+0.0%

2.2%

Danaher CorporationDHR · $223.77+1.0%

2.0%

Union Pacific CorporationUNP · $274.07−0.5%

2.0%

TTM Technologies, Inc.TTMI · $126.98+0.9%

1.6%

Performance Food Group CoPFGC · $90.32−0.5%

1.3%

ASML Holding N.V.ASML · $1722.50−1.3%

1.0%

Sysco CorporationSYY · $78.19+1.4%

0.9%

Ares Management CorporationARES · $120.11−1.1%

0.7%

Space Exploration Technologies Corp.SPCX · $148.03−0.2%

0.6%

State Street SPDR S&P 500 ETFSPY

0.6%

Strata Critical Medical, Inc.SRTA · $5.27−2.0%

0.2%

ARS Pharmaceuticals, Inc.SPRY · $4.15−0.7%

0.2%

Aurora Innovation, Inc.AUR · $6.06−4.1%

0.1%

Hertz Global Holdings, Inc.HTZWW · $0.86−0.7%

0.1%

flyExclusive, Inc.FLYX · $1.24+2.5%

0.0%

Bausch + Lomb CorporationBLCO · $16.80−1.5%

0.0%

Core Scientific, Inc.CORZ · $18.12+0.1%

0.0%

ERock, Inc.EROC · $12.06−3.7%

0.0%

Applied Digital Corp.APLD · $27.06−0.6%

0.0%

Lithium Argentina AGLAR · $5.68−1.7%

0.0%

Wolfspeed Inc.WOLF · $26.30−3.1%

SourceSEC Form 13F filings (US)Holdings as of 30 Jun 2026

The -4.5% above is the 12-month change these weights would have produced. It is not Third Point's return.

Why people follow this portfolio

Third Point is the hedge fund Daniel Loeb founded in 1995. These are its US-listed positions from the latest filing.

Third Point is an activist fund, which means it buys enough of a company to be heard and then presses for a specific change. Daniel Loeb became known for the letters he sends to boards and publishes, some of them blunt enough to move a share price on their own. The targets have included Yahoo, Sony, Nestle and Disney.

The book is concentrated and it turns over. A few dozen positions appear in a filing, and the largest handful carries most of the value. A campaign runs for a year or two and then the position is sold, so the names change more than they would at a buy-and-hold manager.

The firm also runs credit and structured strategies that never appear on this form. A 13F covers long positions in US-listed shares, so the bonds, the shorts and the reinsurance business sit outside what you see here.

Where this data comes from

Positions come from the 13F form the firm files with the SEC each quarter. The form covers US-listed shares and options on them, so the firm's credit positions and anything held outside the United States do not appear. Its short book does not appear either.

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