Dan Loeb's Trades and Holdings in Q4 2024

We break down the stocks Dan Loeb (Third Point) bought, sold, and held in Q4 2024, including their holdings at the end of the quarter. All data sourced from Third Point's 13F filed on February 14, 2025.

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.

Thirdpoint.com
Wikipedia on Dan Loeb
Read Third Point's monthly reports

Portfolio Changes in Q4 2024

New positions

Third Point initiated eight new positions in Q4 2024, with the largest being Thermo Fisher (TMO) at $182 million, followed by Capital One (COF) at $165 million and Fortive (FTV) at $143 million. Other notable new holdings include Workday (WDAY) at $129 million and Discover (DFS) at $111 million, along with smaller positions in Primo Brands (PRMB), Seadrill (SDRL), and Soho House (SHCO).

Bought

Third Point significantly increased several existing positions, most notably more than doubling its stake in Telephone & Data Systems (TDS) by adding 3.1 million shares. The firm also made substantial additions to EQT (EQT) with 1 million additional shares, CRH (CRH) with 665,000 shares, and Flutter Entertainment (PDYPF) with 360,000 shares. Other notable increases included Ferguson Enterprises (FERG), Carpenter Technology (CRS), LPL Financial (LPLA), Meta (META), and Tesla (TSLA).

Sold

Third Point completely exited eight positions including Bath & Body Works (BBWI) worth $376 million, Apple (AAPL) worth $217 million, and Roper Technologies (ROP) worth $134 million. The firm also significantly trimmed several holdings, reducing Cinemark (CNK) by 3.3 million shares, Vistra (VST) by 2.2 million shares, and making smaller reductions to PG&E (PCG), Live Nation (LYV), Apollo Global (APO), Microsoft (MSFT), and Amazon (AMZN).

New Investments in Q4 2024

Thermo Fisher TMO

Dan Loeb bought $182.08M of Thermo Fisher in Q4 2024. Thermo Fisher Scientific reported stable Q1 2025 performance with $10.36B revenue (flat YoY) and an earnings beat of $5.15 EPS versus $5.11 estimates. The company demonstrated margin resilience with 21.9% adjusted operating margin and announced a $4.1B acquisition to expand its bioprocessing capabilities. Shares rose 4.25% post-earnings as investors responded to disciplined cost management and strategic growth initiatives.

• EPS beat estimates by 0.78% ($5.15 actual vs. $5.11 forecast).
• 14% YoY net income growth to $1.51B despite flat revenue.
• Announced $4.1B acquisition of Solventum's Purification & Filtration business to close by end of 2025.

Capital One COF

Dan Loeb bought $164.95M of Capital One in Q4 2024. Capital One (COF) reported Q1 2025 earnings of $3.45 per share, beating estimates by 10.93%, though revenue declined 2% quarter-over-quarter due to fewer days in the period. The company is progressing on its $35.3 billion Discover Financial acquisition, which could reshape its competitive position in credit cards and digital banking. While expense management improved (5% adjusted non-interest expense decline), net interest margin compression remains a headwind.

• Q1 2025 EPS of $3.45 represents 14.6% year-over-year growth from Q1 2024's $3.01.
• Stock gained 12.2% in the 6 months preceding earnings, outperforming S&P 500 Financials sector's 8.4% return.
• Discover acquisition would create #6 US bank by assets with combined $687B in deposits.

Fortive FTV

Dan Loeb bought $142.5M of Fortive in Q4 2024. Fortive reported mixed Q1 2025 results with adjusted EPS of $0.85 meeting expectations, while revenue fell short at $1.47B (down 3% YoY). The stock declined 4.16% post-earnings due to weaker Precision Technologies performance, though Healthcare and Intelligent Operating Solutions segments showed 2-2.5% core growth. Recent plans to spin off Precision Technologies into Ralliant by end of Q2 2025 could unlock shareholder value through business focus.

• Q1 2025 adjusted EPS of $0.85 met expectations while revenue missed estimates by $20M.
• Core revenue declined 2% YoY with Precision Technologies segment down 8.4%.
• Adjusted operating profit margin expanded 20 basis points to 25.3% despite tariff headwinds.

Workday WDAY

Dan Loeb bought $129.01M of Workday in Q4 2024. Workday reported fiscal 2026 first quarter total revenues of $2.240 billion, a 12.6% year-over-year increase, though growth has moderated from the 18.1% pace seen in the same period last year. Subscription revenues reached $2.059 billion, up 13.4% YoY, reflecting sustained demand for its cloud-based finance and HR solutions. The company was recently named a Leader in the 2025 Gartner Magic Quadrant for Cloud ERP, reinforcing its competitive positioning.

• Q1 2026 total revenues grew 12.6% YoY to $2.240 billion, decelerating from 18.1% growth in Q1 2025.
• Subscription revenues increased 13.4% YoY to $2.059 billion, representing 92% of total revenue.
• 2025 Gartner Magic Quadrant recognition highlights leadership in cloud ERP, a key driver for enterprise adoption.

Discover DFS

Dan Loeb bought $110.87M of Discover in Q4 2024. Discover Financial Services reported strong Q1 2025 results with $1.1 billion net income and 31% YoY EPS growth to $4.25, driven by a 12.18% net interest margin expansion. The company is progressing toward its May 18, 2025 merger with Capital One, which could create synergies but introduces integration risks. While deposit costs fell 22 bps and consumer deposits grew 6%, card sales declined 2% YoY due to prior credit tightening.

• Q1 EPS of $4.25 beat estimates by 26.9%, marking the sixth consecutive quarter of double-digit growth.
• Net interest margin surged 115 bps YoY to 12.18%, fueled by lower funding costs and student loan portfolio sales.
• Consumer deposits grew 6% YoY with deposit rates falling 22 bps, improving capital flexibility ahead of merger completion.

Primo Brands PRMB

Dan Loeb bought $73.85M of Primo Brands in Q4 2024. Primo Brands (PRMB) reported strong Q1 2025 results, with earnings surpassing estimates by 20.83% ($0.29 vs. $0.24 expected) and revenue reaching $1.61 billion driven by merger synergies with BlueTriton Brands. The company demonstrated operational resilience, achieving 3% comparable net sales growth and a $186.4 million net income recovery from Q4 2024’s loss. Strategic integration efforts and category leadership in hydration solutions position PRMB for sustained growth despite near-term execution risks.

• EPS grew 52.6% YoY ($0.29 vs. $0.19 in Q1 2024).
• Revenue surged 256% YoY ($1.61B vs. $452M) due to merger-driven scale.
• Stock outperformed S&P 500 by 11.1% YTD (+6.8% vs. -4.3%).

Seadrill SDRL

Dan Loeb bought $39.9M of Seadrill in Q4 2024. Seadrill reported mixed Q1 2025 results with $335 million in total operating revenues (16% QoQ growth), but swung to a $14 million net loss from Q4 2024's $101 million profit. Strategic fleet deployment drove 73% sequential EBITDA growth to $73 million, while new contracts for West Auriga and West Polaris rigs extended backlog through 2028. Recent operational challenges in Brazil and contract ramp-up costs created near-term volatility despite improved positioning in deepwater markets.

• Q1 contract revenues surged 22% QoQ to $248 million driven by new rig deployments.
• Adjusted EBITDA margin expanded 12.1 percentage points to 21.8% despite net loss.
• Diluted EPS reversed from $1.54 profit to $0.23 loss quarter-over-quarter.

Soho House SHCO

Dan Loeb bought $17.52M of Soho House in Q4 2024. Soho House reported strong Q1 2025 results with total revenues growing 8% year-over-year to $282.9 million, driven by a 14.1% surge in membership revenues to $112.9 million. The company achieved Adjusted EBITDA of $47 million (16.6% margin), significantly boosted by a $22.9 million COVID-19 insurance benefit, while net income turned positive at $8.2 million ($0.04 EPS). Membership growth accelerated to 269,636 total members (+3.1% YoY), though in-house revenue growth slowed to 1.9% due to macroeconomic pressures.

• Total revenue increased 8% year-over-year to $282.9 million in Q1 2025, with membership revenues up 14.1%.
• EPS of $0.04 surpassed estimates by $0.16, marking the first positive quarterly net income since Q3 2024.
• Adjusted EBITDA margin expanded to 16.6% (vs 7.0% in Q1 2024), though $22.9 million came from one-time insurance proceeds.

Holdings at the end of Q4 2024

Disclaimer: All posts on Scout are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.