Key Takeaways
- • Third Point's disclosed U.S. equity portfolio more than doubled in Q2 2026, rising 124.7% from $2.08 billion to $4.68 billion across 39 holdings as of June 30, 2026, according to its Form 13F-HR filed with the SEC on August 14, 2026.
- • Warner Bros. Discovery (NASDAQ:WBD) became the new No. 1 disclosed position at $533.2 million, or 11.39% of the book, after 20 million shares were acquired from zero.
- • Alphabet Class A was rebuilt to 1.025 million shares worth $366.3 million, up from 175,000 shares in Q1, while Third Point finished exiting Nvidia and Meta.
- • Third Point's top 10 positions accounted for 60.09% of the reported book, with Amazon at No. 2 (8.91%) and CRH at No. 4 (5.02%).
- • The 13F shows the portfolio followed a sharp Q1 2026 contraction of 71.4%, when disclosed holdings fell from $7.27 billion to $2.08 billion, so the Q2 rebuild reflects a substantially reshaped book.
Summary
Dan Loeb's Third Point LLC more than doubled its disclosed U.S. equity book in the second quarter of 2026, according to its Form 13F-HR for the period ended June 30, 2026, filed with the SEC on August 14, 2026. The filing reports $4.68 billion across 39 companies and funds, spread over 43 rows because some holdings include multiple share classes or securities, such as Alphabet's three lines and the warrant positions in Aurora Innovation and flyExclusive. The 13F covers U.S.-listed long positions and certain other reportable securities, and excludes cash, short positions and non-U.S. holdings. The top 10 positions accounted for 60.09% of the reported total.
The headline move was Warner Bros. Discovery, which entered the portfolio as the largest disclosed position at 20 million shares worth $533.2 million, or 11.39% of the book. Amazon remained the No. 2 holding at 1.75 million shares, worth 8.91% of the book, though Third Point has reduced the stake substantially from 5.1 million shares during 2024. Alphabet Class A was another major expansion, with shares rising from 175,000 in Q1 to 1.025 million, lifting the position's value from $50.3 million to $366.3 million. The filing marks Loeb's return to Alphabet at scale after exiting the stock in 2023. CRH plc (4th, 5.02%, $234.9 million after a 295,000-share increase), Telephone & Data Systems (5th, 4.96%) and Taiwan Semiconductor (6th, 4.69%, $219.7 million after a 185,000-share addition) round out the leading holdings. Further down, Live Nation Entertainment, Keysight Technologies, Somnigroup, Block and Norfolk Southern were among the next tier, with new Flex and expanded Capital One positions also reported.
The Q2 rebuild followed a severe contraction in Q1 2026, when disclosed holdings fell 71.4% from $7.27 billion at the end of Q4 2025 to $2.08 billion. Seven positions were fully exited, including PG&E, Microsoft and Casey's, each previously worth more than $250 million, and several large holdings were cut deeply, including Nvidia (from $550.2 million to $33.1 million), Union Pacific and Capital One. Third Point finished exiting Nvidia and Meta in Q2, with Nvidia's stake having been valued at $33.1 million and Meta's at $51.5 million at the end of Q1. Loeb nonetheless retained semiconductor exposure: TSMC grew to $219.7 million and ASML to $59.6 million in Q2. A 13F does not disclose purchase prices, sale prices or realized profit and loss, so the filing alone cannot establish whether the Nvidia exit was profitable.
Loeb's investment approach, as described in the source material, centers on activist investing, distressed debt, spin-offs and value compounding. The source cites Third Point's 2011 Yahoo campaign and its January 2025 9.9% stake in Soho House & Co., which it later exited by August 2025. The Q2 2026 filing shows a portfolio that has shifted markedly in composition, with the new concentrated positions in Warner Bros. Discovery and Alphabet representing the most significant changes.
The headline move was Warner Bros. Discovery, which entered the portfolio as the largest disclosed position at 20 million shares worth $533.2 million, or 11.39% of the book. Amazon remained the No. 2 holding at 1.75 million shares, worth 8.91% of the book, though Third Point has reduced the stake substantially from 5.1 million shares during 2024. Alphabet Class A was another major expansion, with shares rising from 175,000 in Q1 to 1.025 million, lifting the position's value from $50.3 million to $366.3 million. The filing marks Loeb's return to Alphabet at scale after exiting the stock in 2023. CRH plc (4th, 5.02%, $234.9 million after a 295,000-share increase), Telephone & Data Systems (5th, 4.96%) and Taiwan Semiconductor (6th, 4.69%, $219.7 million after a 185,000-share addition) round out the leading holdings. Further down, Live Nation Entertainment, Keysight Technologies, Somnigroup, Block and Norfolk Southern were among the next tier, with new Flex and expanded Capital One positions also reported.
The Q2 rebuild followed a severe contraction in Q1 2026, when disclosed holdings fell 71.4% from $7.27 billion at the end of Q4 2025 to $2.08 billion. Seven positions were fully exited, including PG&E, Microsoft and Casey's, each previously worth more than $250 million, and several large holdings were cut deeply, including Nvidia (from $550.2 million to $33.1 million), Union Pacific and Capital One. Third Point finished exiting Nvidia and Meta in Q2, with Nvidia's stake having been valued at $33.1 million and Meta's at $51.5 million at the end of Q1. Loeb nonetheless retained semiconductor exposure: TSMC grew to $219.7 million and ASML to $59.6 million in Q2. A 13F does not disclose purchase prices, sale prices or realized profit and loss, so the filing alone cannot establish whether the Nvidia exit was profitable.
Loeb's investment approach, as described in the source material, centers on activist investing, distressed debt, spin-offs and value compounding. The source cites Third Point's 2011 Yahoo campaign and its January 2025 9.9% stake in Soho House & Co., which it later exited by August 2025. The Q2 2026 filing shows a portfolio that has shifted markedly in composition, with the new concentrated positions in Warner Bros. Discovery and Alphabet representing the most significant changes.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.