Dan Loeb's Trades in Q1 2024

We break down the stocks Dan Loeb (Third Point) bought, sold, and held in Q1 2024, including their holdings at the end of the quarter. All data sourced from Third Point's 13F filed on May 15, 2024.

Who are Dan Loeb and Third Point?

Third Point is a multi-strategy hedge fund founded in 1995 by activist investor Dan 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.

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Portfolio Changes in Q1 2024

New positions

Third Point initiated several significant new positions during Q1 2024, with the largest being a $452.8 million stake in Alphabet (GOOGL) comprising 3 million shares. Other notable new holdings include Corpay (CPAY) worth $200.6 million, S&P Global (SPGI) at $142.5 million, Advance Auto Parts (AAP) valued at $127.2 million, and Marvell Technology (MRVL) worth $108 million. The fund also established smaller positions in Goldman Sachs (GS), Cinemark (CNK), Gartner (IT), and Patterson-UTI Energy (PTEN).

Bought

Third Point significantly increased its holdings in Amazon (AMZN) by adding 900,000 shares, resulting in a 44.2% return on the position. The fund also boosted its stakes in Intercontinental Exchange (ICE) by 300,000 shares (52.9% return), Apollo Global (APO) by 100,000 shares (34.1% return), and Meta (META) by 76,000 shares (46.2% return). A smaller addition was made to Wesco (WCC) with 25,200 additional shares.

Sold

Third Point completely exited several major positions, including US Steel (X) (formerly worth $267.6 million), DuPont (DD) ($266.6 million), and FleetCor (FLT) ($173.8 million). Among existing holdings, the fund made substantial reductions to Telephone & Data Systems (TDS) by 1.39 million shares and Bath & Body Works (BBWI) by 1 million shares. Other notable trims included International Flavors & Fragrances (IFF), Uber (UBER), and Microsoft (MSFT).

New Investments in Q1 2024

Alphabet GOOGL

Dan Loeb bought $452.79M of Alphabet in Q1 2024. Alphabet (GOOGL) delivered strong Q1 2025 results with 12% revenue growth ($90.2B) and 46% net income growth ($34.5B), driven by AI-powered Search, 28% Google Cloud growth ($12.3B), and YouTube ads. The company raised its dividend by 5% and authorized a $70B stock buyback, while maintaining 34% operating margins. Recent AI advancements like Gemini 2.5 and AI Overviews (1.5B users/month) position it for continued momentum.

• EPS grew 49% to $2.81 compared to Q1 2024.
• Declared 5% dividend increase ($0.21/share) alongside $70B stock repurchase authorization.
• Shares rose 5% post-earnings despite being down 16% YTD through Thursday's close.

Corpay CPAY

Dan Loeb bought $200.55M of Corpay in Q1 2024. Corpay (CPAY) reported 8% YoY revenue growth to $1.6 billion in Q1 2025, with 9% organic growth driven by its Corporate Payments segment. While EPS of $4.51 met expectations, the company raised full-year revenue guidance to $4.42 billion (midpoint) and announced strategic initiatives including a Mastercard partnership. The stock gained 1.29% post-earnings as investors responded to sustained execution and technology investments.

• Q1 2025 revenue grew 7.5-8% YoY across multiple reports ($1.01B-$1.6B range).
• EPS increased 8.1% to $3.46-$4.51 depending on calculation methodology.
• 2025 revenue guidance raised 0.7% at midpoint to $4.38B-$4.46B.

S&P Global SPGI

Dan Loeb bought $142.53M of S&P Global in Q1 2024. S&P Global demonstrated strong performance in Q1 2025 with 8% year-over-year revenue growth to $3.78B and EPS beating estimates by $0.14 at $4.37. The company is gaining momentum through strategic initiatives including its planned Mobility Division spin-off and 20% growth in sustainability/energy transition products. Shares rose 1.9% immediately post-announcement, reflecting confidence in both current execution and future value creation.

• Q1 2025 revenue grew 8% YoY to $3.78B, exceeding forecasts by $60M.
• Sustainability products delivered 20% revenue growth, outpacing core segments.
• Stock price gained 1.9% in pre-market trading following earnings release.

Advance Auto Parts AAP

Dan Loeb bought $127.23M of Advance Auto Parts in Q1 2024. Advance Auto Parts reported a 6.8% YoY revenue decline to $2.58B in Q1 2025, but maintained profitability through cost controls with $24M net income. The company saw improved diluted EPS of $0.40 despite comparable store sales dipping 0.6%, while shares surged 46% post-earnings as restructuring efforts showed early promise. Management reaffirmed full-year guidance, signaling confidence in their turnaround strategy.

• Q1 comparable store sales declined 0.6% year-over-year .
• Diluted EPS improved to $0.40 from $0.29 in prior-year quarter .
• Stock price jumped 46% following earnings release .

Marvell Technology MRVL

Dan Loeb bought $108M of Marvell Technology in Q1 2024. Marvell Technology (MRVL) reported a 12% year-over-year revenue decline in Q1 FY2025, with net revenue of $1.161 billion, reflecting ongoing market challenges. Despite this, the company maintained a 62.4% non-GAAP gross margin, demonstrating strong operational efficiency in its semiconductor solutions business. Recent announcements about fiscal 2026 financial reviews suggest strategic positioning for future growth in AI and data infrastructure markets.

• Q1 FY2025 revenue of $1.161 billion (-12% YoY) with 45.5% GAAP/62.4% non-GAAP gross margins .
• Implemented 7.0% non-GAAP tax rate to enhance profitability metrics .
• Scheduled Q1 FY2026 earnings call announcement on April 7, 2025 signaling continued investor engagement .

Goldman Sachs GS

Dan Loeb bought $104.42M of Goldman Sachs in Q1 2024. Goldman Sachs (GS) reported strong Q1 2025 results with earnings per share of $14.12 and an annualized return on equity of 16.9%, driven by a 27% surge in equities trading revenue and record asset growth in wealth management. While outperforming in trading, the firm faces rising operating expenses (+5% YoY) and macroeconomic uncertainty tied to tariffs and consumer sentiment. Recent shareholder returns, including a $40B buyback program and $5.3B distributed in Q1, reflect confidence in its undervalued position despite peer comparisons showing mixed performance in investment banking fees.

• Q1 2025 EPS grew 17% YoY to $14.12, with annualized ROE at 16.9%.
• Equities trading revenue hit $4.19B (+27% YoY), offsetting a 3% decline in wealth management revenue.
• Returned $5.3B to shareholders in Q1 via buybacks and dividends, with a new $40B authorization.

Cinemark CNK

Dan Loeb bought $89.85M of Cinemark in Q1 2024. Cinemark Holdings (CNK) reported mixed Q1 2025 results with $540.7 million revenue beating estimates by 3.1%, but posted a net loss of $38.6 million versus a $25.3 million profit in Q1 2024. While admissions revenue declined 7.7% YoY, strong performance from the Minecraft movie and premium format upgrades supported better-than-expected results. The stock has surged 23.47% MTD as investors reward strategic investments in experiential offerings and anticipation for 2025's blockbuster film slate.

• Q1 2025 revenue declined 7.7% YoY to $474.5M but beat estimates by $16.5M.
• Missed EPS expectations with ($0.32) vs. estimated ($0.27), reflecting 252.6% net income decline.
• Stock gained 4.66% on earnings day and 23.47% MTD through May 2025.

Gartner IT

Dan Loeb bought $26.22M of Gartner in Q1 2024. Gartner (IT) reported mixed Q1 2025 results with revenue of $1.5 billion (+4.2% YoY) and adjusted EPS of $2.98 beating estimates by 8.4%, while contract value grew 7% YoY. Despite strong cash flow growth (+73.3% YoY) and $163 million in stock buybacks, shares dipped due to revised revenue guidance and macroeconomic headwinds. The company is investing in AI capabilities and expanded its sales force by 4% to drive future growth.

• Adjusted EPS grew 1.7% YoY to $2.98, beating estimates by $0.23.
• Free cash flow surged 73.3% to $288 million despite revenue guidance cut by $135 million.
• Repurchased $163 million in shares while maintaining 67.7% gross margins.

Patterson-UTI Energy PTEN

Dan Loeb bought $1.79M of Patterson-UTI Energy in Q1 2024. Patterson-UTI Energy reported mixed Q1 2025 results with $1.28 billion revenue but a 97.5% YoY net income decline to $1.29 million. While completion services rebounded strongly, the company faces margin pressures from reduced drilling activity and natural gas price volatility. Strategic investments in 100% natural gas-powered equipment and automation technology position it to capitalize on growing LNG demand.

• Adjusted EBITDA of $251 million in Q1 2025 despite net income collapse, with $51 million returned to shareholders via dividends and buybacks.
• Completion Services segment drove $766 million revenue (60% of total), while Drilling Services revenue fell 15% YoY to $413 million.
• Maintained $741 million share repurchase authorization and committed $600 million 2025 capex for high-return projects in natural gas basins.

Holdings at the end of Q1 2024

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