Dan Loeb's Trades in Q2 2024

We break down the stocks Dan Loeb (Third Point) bought, sold, and held in Q2 2024, including their holdings at the end of the quarter. All data sourced from Third Point's 13F filed on August 14, 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 Q2 2024

New positions

Third Point established significant new positions across diverse sectors, with Apple (AAPL) being the largest new holding at $410.7 million, followed by Amphenol (APH) at $188.6 million, homebuilder KB Home (KBH) at $147.4 million, and technology company Roper Technologies (ROP) at $135.1 million. Other notable new additions include Live Nation (LYV), Hess (HES), semiconductor equipment maker ASML (ASML), and MSCI (MSCI).

Bought

The fund significantly increased several existing positions, most notably quadrupling its stake in Uber (UBER) from 500,000 to 2.1 million shares and tripling its position in Telephone & Data Systems (TDS) from 750,000 to 2.27 million shares. Third Point also substantially increased holdings in Taiwan Semiconductor (TSM) by 72% and Cinemark (CNK) by 40%.

Sold

Third Point completely exited six positions, with the largest liquidations being S&P Global (SPGI) worth $142.5 million, Marvell Technology (MRVL) at $108.0 million, and Goldman Sachs (GS) at $104.4 million. The fund also trimmed several major technology holdings, reducing Alphabet (GOOGL) by 34% of shares, Bath & Body Works (BBWI) by 6.8%, and Meta (META) by 11%.

New Investments in Q2 2024

Apple AAPL

Dan Loeb bought $410.71M of Apple in Q2 2024. Apple reported record Q1 2025 revenue of $124.3 billion, up 4% YoY, despite a 1% decline in iPhone sales. Strong performance in Mac (+16%), iPad (+15%), and Services (+14%) segments offset weaker Wearables sales. Net income grew 7.1% to $36.33 billion, with diluted EPS increasing 10.1% to $2.40.

• Q1 services revenue reached $26.34 billion, now representing 21% of total sales.
• Gross margin expanded to 45.9% from 44.3% YoY, driven by higher-margin services and product mix.
• Apple returned $18.65 billion to shareholders through dividends and buybacks in Q1.

Amphenol APH

Dan Loeb bought $188.64M of Amphenol in Q2 2024. Amphenol delivered record Q1 2025 performance with sales surging 48% YoY to $4.8 billion and adjusted EPS jumping 58% to $0.63, driven by strategic acquisitions and AI-driven demand in datacom markets. The company achieved a 21.3% GAAP operating margin and 23.5% adjusted operating margin, while guiding Q2 sales to $4.9-$5.0 billion. Despite tariff-related risks, Amphenol's 1.1 book-to-bill ratio and $765M operating cash flow signal sustained growth momentum.

• Q1 sales grew 48% YoY to $4.8B with 58% EPS growth.
• Record adjusted operating margin of 23.5%, up 210bps YoY.
• Q2 guidance projects $4.9-$5.0B sales and $0.64-$0.66 EPS.

KB Home KBH

Dan Loeb bought $147.38M of KB Home in Q2 2024. KB Home reported a challenging first quarter in 2025 with revenues declining 5% YoY to $1.39 billion and EPS dropping to $1.49 from $1.76, driven by a 9% reduction in home deliveries amid persistent affordability concerns. While the average selling price rose 4% to $500,700, the company revised its FY2025 revenue guidance downward to $6.6-$7.0 billion due to weaker-than-expected demand. The stock fell 7.15% post-earnings as results missed estimates, though management noted improving sales trends following mid-February pricing adjustments.

• Q1 EPS of $1.49 missed estimates by 4.5% and declined 15% YoY.
• Home deliveries fell 9% YoY to 2,770 units while ASP increased 4% to $500,700.
• Shares down 7.2% post-earnings; FY2025 revenue guidance cut by $400M at midpoint.

Roper Technologies ROP

Dan Loeb bought $135.1M of Roper Technologies in Q2 2024. Roper Technologies reported 12% revenue growth to $1.88 billion in Q1 2025, driven by acquisitions and organic expansion. Despite a 13% decline in GAAP net earnings, the company raised its full-year adjusted EPS guidance to $19.80-$20.05, reflecting confidence in its software-centric strategy. The stock has shown resilience with upward guidance revisions amid macroeconomic challenges.

• Q1 revenue climbed 12% year-over-year to $1.88 billion, surpassing estimates with 8% acquisition-driven growth and 5% organic growth.
• Adjusted EPS guidance increased to $19.80-$20.05 (from $19.75-$20.00) despite a 13.7% EPS decline to $3.08 in Q1.
• GAAP net earnings fell 13% to $331 million, while adjusted net earnings grew 9% to $517 million, underscoring operational efficiency.

Live Nation LYV

Dan Loeb bought $127.96M of Live Nation in Q2 2024. Live Nation Entertainment (LYV) reported a mixed Q1 2025, turning a $23.2M net profit vs. a $54.5M loss in Q1 2024, though revenue fell short of forecasts at $3.38B (-7% vs. expectations). The company saw 24% YoY growth in deferred event revenue to $5.4B and maintains strong sponsorship commitments, but faces headwinds from foreign exchange impacts and Ticketmaster performance. Despite a 0.84% stock dip post-earnings, strategic venue expansion (20 new locations planned) positions it for long-term growth.

• Q1 EPS missed forecasts (-$0.32 vs. -$0.22 expected).
• Event-related deferred revenue surged 24% YoY to $5.4B.
• Venue Nation expansion includes 20 new global venues under development.

Hess HES

Dan Loeb bought $92.2M of Hess in Q2 2024. Hess Corporation (HES) reported 51.1% net income decline to $430 million in Q1 2025 compared to Q1 2024, driven by 12% lower revenue ($2.91B) and 11% drop in realized oil prices ($71.22/barrel). While production held steady at 476,000 boepd, strategic Guyana investments position the company for long-term growth despite near-term commodity price headwinds.

• EPS plummeted 56% to $1.39 from $3.16 YoY, missing estimates by 16.3%.
• Maintained 476,000 boepd production despite price declines, with Guyana assets contributing 35% of total output.
• Adjusted net income of $559 million shows stronger underlying performance than GAAP results suggest.

ASML ASML

Dan Loeb bought $81.82M of ASML in Q2 2024. ASML reported Q1 2025 net sales of €7.74 billion, a 16.4% YoY decline, with net income falling to €2.36 billion amid reduced system deliveries and softer demand. While quarterly performance weakened, the company maintained its full-year guidance of €30–35 billion in net sales and strategic focus on advanced lithography leadership. Recent €3.94 billion net bookings (down 44.4% YoY) reflect near-term caution, but management reaffirmed long-term targets of €44–60 billion revenue by 2030 through EUV technology dominance.

• Q1 2025 gross margin held steady at 54.0%, demonstrating pricing power despite 73 system deliveries (vs. 119 in Q1 2024).
• Net bookings plunged to €3.94 billion in Q1 (44.4% YoY decline), with EUV orders at €1.2 billion signaling selective investment in cutting-edge tech.
• Reaffirmed 2025 gross margin guidance of 51–53% and 6–24% YoY sales growth, with Q2 expectations set at €7.2–7.7 billion revenue.

MSCI MSCI

Dan Loeb bought $72.26M of MSCI in Q2 2024. MSCI reported strong Q1 2025 results with $745.8 million in revenue (+9.7% YoY) and $4.00 adjusted EPS (+11.1% YoY), beating estimates. The company saw 18.1% growth in asset-based fees and maintained full-year guidance despite market uncertainties. Recent strength stems from ETF-linked index products and growing demand for climate solutions, with climate-related revenue reaching $151 million run rate.

• EPS beat estimates by $0.07 ($4.00 vs $3.93 expected) with 9.9% organic revenue growth.
• Recurring subscriptions drove 57.1% adjusted EBITDA margin (+70 bps YoY) and 95.3% client retention.
• Stock rose 0.55% post-earnings as investors rewarded 20% YoY growth in climate index offerings.

CRH CRH

Dan Loeb bought $48.74M of CRH in Q2 2024. CRH reported $6.8 billion in Q1 2025 revenues, a 3% year-over-year increase driven by strategic acquisitions and strong commercial management. Despite posting a $98 million net loss compared to $114 million net income in Q1 2024, the company grew adjusted EBITDA by 11% to $495 million and reaffirmed its full-year guidance. Recent performance shows operational resilience in core markets, though margin pressures from input costs and weather impacts persist.

• 3.4% revenue growth in Q1 2025 ($6.76 billion) surpassed analyst estimates of $6.75 billion.
• Net income swung $212 million negative YoY (Q1 2024: $114M profit vs Q1 2025: $98M loss).
• Adjusted EBITDA margin expanded 50bps to 7.3% despite inflationary pressures.

Micron MU

Dan Loeb bought $36.14M of Micron in Q2 2024. Micron Technology delivered record fiscal Q1 2025 revenue of $8.71 billion, up 12.4% sequentially and 84% YoY, driven by explosive 400% YoY growth in data center revenue from AI demand. The company now holds 20.5% market share in memory semiconductors, outperforming peers in key segments. Despite strong fundamentals, shares remain 30% below all-time highs as analysts project 30% upside potential based on AI-driven memory cycle recovery.

• Data center revenue grew 40% QoQ and 400% YoY in Q1, accounting for over 50% of total revenue for the first time.
• GAAP net income surged to $1.87 billion in Q1 from $1.4 billion operating cash flow, with gross margin expanding to 39.5%.
• Analysts project 750% EPS growth over three years as AI server demand drives memory pricing recovery, with shares trading at 14x forward earnings.

Dynatrace DT

Dan Loeb bought $6.71M of Dynatrace in Q2 2024. Dynatrace (DT) demonstrated strong performance in Q1 2025, exceeding guidance with 20% YoY ARR growth (constant currency) and $399.2M revenue (+19.9% YoY). The company maintains momentum against competitors like Splunk (22.86% market share) and Datadog (21.60%) with its 12.38% observability market share. Recent AI innovations and consistent earnings beats position it for sustained growth in enterprise software observability.

• EPS grew 13.79% in Q1 2025 ($0.33 vs. $0.29 estimate), continuing a streak of 4 consecutive quarters with double-digit EPS beats.
• Revenue surpassed expectations by 1.8% ($399.2M actual vs. $392.22M estimate) with 29% non-GAAP operating margin.
• 6-month stock performance shows +15.6% growth from Q3 to Q4 2025 earnings beats, though recent price data is unavailable post-May 2025.

Holdings at the end of Q2 2024

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