Third Point is a multi-strategy hedge fund founded in 1995 by activist investor Daniel Loeb, known for his sharply worded letters to underperforming company executives. The firm has generated annualized returns of approximately 15% since inception through opportunistic investments across equities, corporate credit, structured credit, and venture capital. Loeb's approach combines fundamental analysis with shareholder activism, pushing for strategic changes in target companies to unlock value through operational improvements, financial restructuring, or corporate governance reforms.
New positions: Third Point initiated eight new positions in Q4 2024, with the largest investments being Thermo Fisher Scientific (TMO) at $182.1M, Capital One Financial (COF) at $164.9M, Fortive Corporation (FTV) at $142.5M, Workday (WDAY) at $129.0M, and Discover Financial Services (DFS) at $110.9M.
Bought: The fund significantly increased its stake in Telephone and Data Systems (TDS) by 3.1M shares (+206% return), EQT Corporation (EQT) by 1M shares (+90% return), Flutter (PDYPF) by 360K shares (+86% return), CRH plc (CRH) by 665K shares (+32% return), and Tesla (TSLA) by 100K shares (+93% return).
Sold: Third Point completely exited positions in Bath & Body Works (BBWI) ($376.2M), Apple (AAPL) ($216.7M), Roper Technologies (ROP) ($133.5M), Amphenol (APH) ($104.3M), and CVS Health (CVS) ($99.0M), while significantly reducing stakes in Cinemark Holdings (CNK) (-3.25M shares), Vistra Corp (VST) (-2.18M shares), and Microsoft (MSFT) (-270K shares).
Wikipedia: en.wikipedia.org/wiki/Third_Point
| Ticker | Company | Weight | Shares | Value | Q4 Return |
|---|---|---|---|---|---|
| PCG | PG&E Corporation | 13.2% | ▼ Trimmed | $978,730,000 | - 0.49% |
| AMZN | Amazon.com, Inc. | 10.2% | ▼ Trimmed | $756,895,500 | + 9.79% |
| DHR | Danaher Corporation | 5.9% | ▼ Trimmed | $436,145,000 | - 19.55% |
| META | Meta Platforms, Inc. | 5.2% | ▲ Added | $389,364,150 | + 24.80% |
| TSM | Taiwan Semiconductor Manufacturing Company Limited | 4.7% | $351,532,200 | + 13.72% | |
| ICE | Intercontinental Exchange, Inc. | 4.2% | $310,685,850 | - 7.24% | |
| BN | Brookfield Corporation | 3.9% | ▲ Added | $286,675,500 | + 14.15% |
| MSFT | Microsoft Corporation | 3.4% | ▼ Trimmed | $252,900,000 | - 32.44% |
| CRH | CRH plc | 3.4% | ▲ Added | $251,191,800 | + 32.12% |
| PDYPF | Flutter | 3.0% | ▲ Added | $224,851,500 | + 85.81% |
| LYV | Live Nation Entertainment, Inc. | 3.0% | ▼ Trimmed | $222,740,000 | - 13.06% |
| J | Jacobs Engineering Group Inc. | 3.0% | $220,473,000 | + 2.08% | |
| LPLA | LPL Financial Holdings Inc. | 2.9% | ▲ Added | $213,864,050 | + 89.55% |
| FERG | Ferguson plc | 2.8% | ▲ Added | $208,284,000 | + 8.70% |
| CPAY | Corpay | 2.8% | ▼ Trimmed | $206,436,200 | - 13.72% |
| TDS | Telephone and Data Systems, Inc. | 2.8% | ▲ Added | $204,660,000 | + 206.18% |
| TSLA | Tesla, Inc. | 2.7% | ▲ Added | $201,920,000 | + 92.94% |
| TMO | Thermo Fisher Scientific Inc. | 2.4% | ▲ New | $182,080,500 | |
| COF | Capital One Financial Corporation | 2.2% | ▲ New | $164,946,000 | |
| CRS | Carpenter Technology Corporation | 2.0% | ▲ Added | $147,647,700 | + 40.19% |
| FTV | Fortive Corporation | 1.9% | ▲ New | $142,500,000 | |
| VST | Vistra Corp. | 1.9% | ▼ Trimmed | $137,870,000 | - 63.37% |
| EQT | EQT Corporation | 1.8% | ▲ Added | $136,024,500 | + 90.38% |
| WDAY | Workday, Inc. | 1.7% | ▲ New | $129,015,000 | |
| CNK | Cinemark Holdings, Inc. | 1.6% | ▼ Trimmed | $116,175,000 | - 40.39% |
| DFS | Discover Financial Services | 1.5% | ▲ New | $110,867,200 | |
| HES | Hess Corporation | 1.1% | $83,131,250 | - 2.05% | |
| Apollo Global Management | 1.1% | $78,219,000 | + 27.83% | ||
| PRMB | Primo Brands Corporation | 1.0% | ▲ New | $73,848,000 | |
| APO | Apollo Global Management, Inc. | 0.9% | ▼ Trimmed | $66,064,000 | - 44.33% |
| GB | Global Blue Group Holding AG | 0.8% | $58,126,075 | + 26.69% | |
| SDRL | Seadrill | 0.5% | ▲ New | $39,903,250 | |
| SHCO | Membership Collective Group Inc. | 0.2% | ▲ New | $17,522,966 | |
| PG&E | 0.1% | $10,865,632 | - 98.90% | ||
| HTZWW | Hertz Global Holdings, Inc. | 0.1% | $8,535,500 | - 1.83% | |
| AUR | Aurora Innovation, Inc. | 0.1% | $6,504,517 | + 6.42% | |
| FLYX | flyExclusive, Inc. | 0.0% | $3,219,300 | + 5.70% | |
| AUROW | Aurora Innovation, Inc. | 0.0% | $1,945,100 | + 27.86% | |
| Net Power | 0.0% | $1,799,650 | + 210.28% | ||
| CCO | Clear Channel Outdoor Holdings, Inc. | 0.0% | ▲ Added | $1,233,000 | - 9.34% |
| FlyExclusive | 0.0% | $66,150 | - 43.75% | ||
| Global Blue | 0.0% | $40,667 | - 63.56% | ||
| Jaws Mustang | 0.0% | ▼ Liquidated | $0 | ||
| BBWI | Bath & Body Works, Inc. | 0.0% | ▼ Liquidated | $0 | |
| AAPL | Apple Inc. | 0.0% | ▼ Liquidated | $0 | |
| ROP | Roper Technologies, Inc. | 0.0% | ▼ Liquidated | $0 | |
| APH | Amphenol Corporation | 0.0% | ▼ Liquidated | $0 | |
| CVS | CVS Health Corporation | 0.0% | ▼ Liquidated | $0 | |
| ANSS | ANSYS, Inc. | 0.0% | ▼ Liquidated | $0 | |
| USM | United States Cellular Corporation | 0.0% | ▼ Liquidated | $0 | |
| HE | Hawaiian Electric Industries, Inc. | 0.0% | ▼ Liquidated | $0 |
New Positions
Thermo Fisher Scientific Inc. TMO
Dan Loeb bought 350,000 shares of Thermo Fisher Scientific Inc. in Q4 2024. Thermo Fisher Scientific has faced significant headwinds over the past 12 months, with its stock declining 30.04% versus the S&P 500's 9.87% gain. Despite this underperformance, the company reported 5% revenue growth in Q4 2024 and maintained 7% EPS growth for full-year 2024. Recent Q1 2025 results show continued operational execution with leadership expressing confidence in their ability to drive share gains and customer success.
- 22.44% year-to-date decline through May 2025 vs S&P 500's 9.87% 12-month gain.
- Normalized P/E ratio of 19.59 (Morningstar) suggests valuation compression from 30.14 in prior period.
- Q1 2025 results showed 4% organic revenue growth despite macroeconomic challenges.
Capital One Financial Corporation COF
Dan Loeb bought 925,000 shares of Capital One Financial Corporation in Q4 2024. Capital One Financial Corporation (COF) reached an all-time high stock price of $209.82 in February 2025, though it has since moderated to $187.76 as of May 2025. The company reported 3.93% revenue growth to $27.4 billion in 2024, though earnings dipped slightly by -2.99% due to acquisition costs. Recent strength in Q1 2025, including a 5% rise in credit card purchase volume and improved credit metrics, positions it for growth alongside its pending Discover Financial acquisition.
- Revenue increased 3.93% year-over-year to $27.4 billion in 2024, while earnings declined -2.99% to $4.45 billion .
- Q1 2025 credit card purchase volume rose 5% to $157.9 billion, offsetting higher acquisition expenses .
- Analysts project a 3.77% upside to the stock with a 12-month average price target of $206.14 .
Fortive Corporation FTV
Dan Loeb bought 1,900,000 shares of Fortive Corporation in Q4 2024. Fortive Corporation (FTV) reported a 3% year-over-year revenue decline to $1.47B in Q1 2025, driven by a 2% core revenue drop, though adjusted diluted EPS of $0.85 met expectations. The stock has traded between $60.39 and $83.32 over the past year, with a 30.91 P/E ratio reflecting premium valuation despite moderated demand in Precision Technologies. Recent updates include plans to spin off Ralliant by mid-2025 and revised 2025 EPS guidance accounting for tariff impacts, while analysts maintain a Buy rating with a 16.28% upside to the $82 price target.
- 12.2% stock price increase from 52-week low of $60.39 to current ~$73 levels.
- 25.3% adjusted operating profit margin in Q1 2025, up 20 bps YoY.
- 797.4M net income (TTM) with 3.5% dividend yield at current pricing.
Workday, Inc. WDAY
Dan Loeb bought 500,000 shares of Workday, Inc. in Q4 2024. Workday, Inc. demonstrated robust revenue growth of 16.4% in fiscal 2024, reaching $8.45 billion, though earnings contracted by 61.9% due to increased operational investments. Despite a -6.53% total return in 2024, the stock trades at a forward P/E ratio of 31.83, reflecting optimism about its cloud-based enterprise software growth. The upcoming earnings report on May 22, 2025, will provide critical insights into its margin recovery and subscription momentum.
- Revenue grew 16.4% YoY to $8.45 billion in fiscal 2024, outpacing many SaaS peers.
- EPS declined 61.9% to $1.95, highlighting near-term margin pressures from R&D and sales expansions.
- Stock underperformed the S&P 500 with a -6.53% return in 2024 despite recent rebound toward 52-week highs.
Discover Financial Services DFS
Dan Loeb bought 640,000 shares of Discover Financial Services in Q4 2024. Discover Financial Services (DFS) reported robust growth over the past year, with Q1 2025 net income up 30% to $1.1 billion and Q4 2024 net income soaring 253% to $1.3 billion. Strategic moves, including a pending Capital One merger and cost controls, offset a 7% loan decline, driving a 2% revenue increase in Q1 2025. The stock neared its 52-week high at $190.07, supported by a low P/E of 10.92 and a 1.40% dividend yield.
- EPS grew 31% YoY to $4.25 in Q1 2025, up from $3.25.
- Stock price surged 58% from its 52-week low of $119.95 to $190.07.
- 14 analysts rate DFS a Buy with a 7.5% downside to their $185.08 target.
Primo Brands Corporation PRMB
Dan Loeb bought 2,400,000 shares of Primo Brands Corporation in Q4 2024. Primo Brands Corporation (PRMB) has demonstrated mixed performance over the past year, with its stock rising 50.05% annually despite recent volatility (-4.84% weekly, -7.59% monthly). The company improved profitability in Q1 2025, delivering a 29.30% earnings surprise and reversing net income from -$157.70M to +$28.70M quarterly. Recent strategic initiatives, including $200M in cost synergies for 2025 and strong organic growth, position it for margin expansion and shareholder value creation.
- Stock price surged 50.05% over the last year despite recent pullback from 52-week high of $35.85.
- Q1 2025 EPS of $0.29 beat estimates by 29.30%, with revenue reaching $1.61B (vs. $1.62B estimate).
- Analysts maintain Strong Buy rating with 28.77% upside to $41.71 price target, supported by 3.71% dividend yield.
Seadrill SDRL
Dan Loeb bought 1,025,000 shares of Seadrill in Q4 2024. Seadrill (SDRL) has faced significant volatility over the past 12 months, declining 38.5% year-to-date but rebounding 16% in the last two weeks. The company reported a net loss of $14 million in Q1 2025, contrasting sharply with its $101 million net income in Q4 2024. Recent strategic moves like securing $1 billion in new contracts and executing a $100 million share repurchase program position it for long-term stability despite short-term turbulence.
- EPS swung from $1.54 in Q4 2024 to -$0.23 in Q1 2025, missing estimates by 157.34%.
- Revenue beat estimates at $335M in Q1 2025, with $368.12M projected for next quarter.
- Stock volatility remains high with 7.08% price fluctuations and a beta coefficient of 1.30.
Membership Collective Group Inc. SHCO
Dan Loeb bought 2,352,076 shares of Membership Collective Group Inc. in Q4 2024. Soho House & Co Inc. (SHCO) has demonstrated strong stock performance over the past year, with a 20.1% return compared to the US hospitality industry’s 7.7% and the broader market’s 7.7%. The company reported 8% year-over-year revenue growth in Q1 2025, driven by a 14.1% increase in membership revenue, though it continues to post net losses. Its valuation metrics, including a P/S ratio of 1.0x (below the sector average of 1.4x), suggest potential upside relative to peers.
- 1-year stock return of 20.1%, outperforming both the industry and market.
- Q1 2025 revenue reached $282.9 million, with membership revenue up 14.1% year-over-year.
- Analysts project a 44.9% upside based on price targets, despite a negative P/E ratio of -7.1x.
