Dan Loeb's Trades and Holdings in Q3 2024

We break down the stocks Dan Loeb (Third Point) bought, sold, and held in Q3 2024, including their holdings at the end of the quarter. All data sourced from Third Point's 13F filed on November 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 Q3 2024

New positions

Third Point established nine new positions totaling approximately $890 million, led by Brookfield (BN) at $251 million, Flutter Entertainment (PDYPF) at $121 million, and LPL Financial (LPLA) at $113 million. Other notable new holdings include Carpenter Technology (CRS), Tesla (TSLA), CVS Health (CVS), and Ansys (ANSS), each representing investments over $80 million.

Bought

The firm significantly increased positions in CRH (CRH) by adding 1.4 million shares, Intercontinental Exchange (ICE) by over 1 million shares, and Live Nation (LYV) by 975,000 shares. Third Point also added to smaller positions including Telephone & Data Systems (TDS) and maintained or slightly increased stakes in several other holdings.

Sold

Third Point completely liquidated eleven positions worth over $1.5 billion, including major exits from Alphabet (GOOGL) at $361 million, AIG (AIG) at $256 million, and Verizon (VZ) at $193 million. The firm also significantly trimmed large technology positions, reducing Amazon (AMZN) by 1.4 million shares, Apple (AAPL) by over 1 million shares, and Microsoft (MSFT) by 710,000 shares, alongside notable reductions in Meta (META) and PG&E (PCG).

New Investments in Q3 2024

Brookfield BN

Dan Loeb bought $251.13M of Brookfield in Q3 2024. Brookfield Corporation (BN) reported strong performance in Q1 2025 with 27% YoY growth in distributable earnings to $1.5 billion, driven by record fee-related earnings in asset management and wealth solutions. While Q1 revenues declined to $17.9 billion, the company maintains $150 billion of deployable capital for strategic investments. The stock has delivered 18% annualized returns over 30 years, demonstrating long-term value creation despite recent market volatility.

• 27% increase in distributable earnings to $1.5 billion (Q1 2025 vs Q1 2024).
• Asset management fee-related earnings grew 26% YoY to record levels.
• Maintains $150 billion deployable capital for new investments and share repurchases.

Flutter Entertainment PDYPF

Dan Loeb bought $121.01M of Flutter Entertainment in Q3 2024. Flutter Entertainment reported strong Q1 2025 results with 8% revenue growth to $3.67B and a remarkable turnaround to $335M net income from a $177M loss in Q1 2024. The company is gaining momentum in the US market through FanDuel, which achieved 15% sportsbook growth and 32% iGaming growth despite adverse March Madness outcomes. Operational improvements drove a 20% increase in adjusted EBITDA to $616M, with management reaffirming confidence in long-term growth targets.

• Net income surged 289% YoY to $335M in Q1 2025, with EPS turning positive at $1.57 versus ($1.10) loss last year.
• Adjusted EBITDA margin expanded 170 basis points to 16.8%, demonstrating improved operational leverage.
• US iGaming revenue grew 32% YoY to $472M, maintaining market leadership with 43% gross gaming revenue share in sports betting.

LPL Financial LPLA

Dan Loeb bought $112.83M of LPL Financial in Q3 2024. LPL Financial (LPLA) demonstrated strong performance in Q1 2025 with 11% YoY net income growth to $319 million and 21% adjusted EPS growth to $5.15. The firm accelerated organic asset growth with $70.9B in net new assets, while strategically deploying $2.75B in new debt for acquisitions and capital structure optimization. Recent corporate actions including the Commonwealth acquisition and reduced cost guidance position the company for enhanced profitability.

• Q1 2025 EPS of $4.24 (+11% YoY) with adjusted EPS at $5.15 (+21% YoY).
• Issued $2.75B in senior notes (Feb/Apr 2025) to fund acquisitions and repay debt.
• Organic net new assets surged to $70.9B in Q1 2025 vs $16.7B in Q1 2024.

Carpenter Technology CRS

Dan Loeb bought $105.32M of Carpenter Technology in Q3 2024. Carpenter Technology (CRS) delivered record Q1 FY2025 results with $117.2 million in adjusted operating income, a 70% YoY increase, driven by improved productivity and pricing actions in its Specialty Alloys Operations (SAO) segment. The SAO segment achieved 26.3% adjusted operating margins, up from 19.4% YoY, marking its eleventh consecutive quarter of margin expansion. The company repurchased $32.1 million in shares and strengthened its FY25 outlook, signaling confidence in sustained growth.

• Adjusted operating income grew 70% YoY to $117.2 million in Q1 FY2025.
• Achieved record adjusted earnings per diluted share of $1.73 in Q1.
• SAO segment operating margins expanded 690 bps YoY to 26.3%.

Tesla TSLA

Dan Loeb bought $104.65M of Tesla in Q3 2024. Tesla reported a significant miss in Q1 2025 earnings with $0.27 per share (non-GAAP) versus expectations of $0.41, alongside revenue of $19.335 billion (below the $21.345 billion consensus). The company’s automotive revenue fell 20% YoY, driven by lower volumes and pricing pressures, though regulatory credit sales of $595 million prevented a net loss. Shares rose 5% post-announcement amid CEO Elon Musk’s reaffirmed commitment to Tesla despite macroeconomic and political headwinds.

• Q1 2025 EPS declined 40% YoY from $0.45 to $0.27.
• Automotive revenue dropped 20% YoY to $14 billion, with total revenue down 9%.
• Shares surged 5% after hours despite earnings miss, driven by Musk’s reaffirmed leadership.

CVS Health CVS

Dan Loeb bought $99.04M of CVS Health in Q3 2024. CVS Health reported strong Q1 2025 results with 7% YoY revenue growth to $94.6B and 72% surge in adjusted EPS to $2.25, driving shares up 8.7% premarket. While GAAP EPS guidance was lowered due to a $448M premium deficiency reserve, the company raised full-year adjusted EPS guidance to $6.00-$6.20 on operational strength. The stock has gained 50% YTD through May 2025, outperforming healthcare peers.

• Q1 revenue grew 7% YoY to $94.6B, exceeding estimates by $1.2B.
• Adjusted EPS surged 72% to $2.25 vs $1.31 YoY, beating consensus by $0.18.
• Shares up 50% YTD through May 2025, with 8.7% single-day jump post-earnings.

Ansys ANSS

Dan Loeb bought $81.25M of Ansys in Q3 2024. Ansys (ANSS) reported 8% YoY revenue growth in Q1 2025 to $504.9M, with GAAP EPS surging 47.5% to $0.59 and non-GAAP EPS rising to $1.64. While annual contract value growth slowed to 0.7%, operating cash flows jumped 41.1% to $398.9M. The pending $35B acquisition by Synopsys dominates recent developments, likely driving valuation considerations despite mixed fundamentals.

• Q1 GAAP EPS increased 47.5% YoY to $0.59 while non-GAAP EPS grew 18% to $1.64.
• Operating cash flow surged 41.1% to $398.9M despite modest ACV growth of 0.7%.
• GAAP net income rose 49.1% to $51.9M with operating margins expanding to 11.7% from 9.3%.

Hawaiian Electric HE

Dan Loeb bought $14.86M of Hawaiian Electric in Q3 2024. Hawaiian Electric Industries (HE) reported mixed Q1 2025 results with $27M net income ($0.15/share), while core income from continuing operations rose to $40M ($0.23/share) driven by strategic asset sales and wildfire recovery progress. The company reduced parent-level debt by $384M through American Savings Bank sale proceeds and advanced its Maui wildfire settlement strategy. Recent legislative clarity and operational streamlining position HEI for improved financial stability despite ongoing wildfire-related liabilities.

• Core income increased 43% YoY to $40M in Q1 2025 from $28M in Q1 2024.
• Reduced holding company debt by 32% ($384M) through asset sales.
• Maintained EPS of $0.23 (adjusted) matching analyst estimates despite wildfire-related charges.

Clear Channel Outdoor CCO

Dan Loeb bought $1.36M of Clear Channel Outdoor in Q3 2024. Clear Channel Outdoor Holdings (CCO) reported 2.2% revenue growth in Q1 2025, driven by its Americas and Airports segments, though margin pressures from rising operational costs led to a 12.5% decline in Adjusted EBITDA. The company has reduced debt and corporate expenses by $35 million annually through strategic divestitures of international assets, sharpening its focus on U.S. operations. CCO maintains its FY2025 guidance of 4-7% revenue growth and 3-6% Adjusted EBITDA growth, supported by digital expansion and a booked revenue pipeline.

• Q1 2025 revenue increased 2.2% to $334 million, with Airports segment digital revenue surging 15.6%.
• Adjusted EBITDA margin compressed 390bps YoY to 23.6% due to 7.5-13.3% cost increases in core segments.
• Strategic moves reduced corporate expenses by $35M/year and enabled $150M debt repayment in 2025.

Holdings at the end of Q3 2024

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