Key Takeaways
- • Dan Loeb's Third Point LLC portfolio totals $7.85 billion as of March 31, 2024, with top 10 holdings representing 72.51% of total portfolio concentration.
- • PG&E Corp (PCG) is the largest position at $969.7 million (12% of portfolio), followed by Amazon (AMZN) at $919.9 million and Microsoft (MSFT) at $742.6 million.
- • Loeb maintains significant exposure to mega-cap technology and infrastructure: Amazon (5.1 million shares), Microsoft (1.765 million shares), and Alphabet (3 million shares) comprise three of the top five positions.
- • Bath & Body Works (BBWI) represents an 8.2% allocation with 12.85 million shares, indicating a substantial consumer discretionary bet alongside core technology holdings.
- • Beyond the top 10, Loeb holds positions in utilities (Vistra), insurance (AIG), and industrials (Danaher, Jacobs Solutions), suggesting a diversified value-oriented investment thesis.
Summary
Dan Loeb's Third Point LLC disclosed a $7.85 billion portfolio in its March 31, 2024 13F filing, with the top 10 holdings concentrated at 72.51% of total assets. The portfolio reveals a balanced approach between mega-cap technology investments and selective value positions across utilities, consumer discretionary, and industrial sectors.
PG&E Corp anchors the portfolio as the largest single position, representing $969.7 million or 12% of total assets with 57.86 million shares held. This substantial utility exposure reflects Loeb's infrastructure thesis. Technology stocks dominate the next tier: Amazon commands $919.9 million (12%, 5.1 million shares), Microsoft holds $742.6 million (9.5%, 1.765 million shares), and Alphabet represents $452.8 million (5.8%, 3 million shares). Combined, these three technology positions total approximately $2.1 billion.
Meta Platforms comprises the fifth-largest holding at $600.2 million (7.6%, 1.236 million shares), indicating sustained conviction in large-cap artificial intelligence exposure. Danaher Corporation at $511.9 million (6.5%, 2.05 million shares) provides industrial diversification, while Vistra Corp's $311.3 million position (4%, 4.47 million shares) adds renewable energy infrastructure exposure.
Notably, Bath & Body Works (BBWI) represents a significant consumer discretionary allocation at $642.8 million (8.2%, 12.85 million shares), suggesting Loeb identified value in the sector during this period. Supporting positions include American International Group at $269.7 million (3.4%, 3.45 million shares) and Jacobs Solutions at $269 million (3.4%, 1.75 million shares).
The concentration in top holdings, particularly the 24% combined weighting in PG&E and Amazon, underscores Loeb's conviction in both infrastructure modernization and technology secular growth, while the diversified remainder of the portfolio suggests opportunistic value identification across multiple sectors.
PG&E Corp anchors the portfolio as the largest single position, representing $969.7 million or 12% of total assets with 57.86 million shares held. This substantial utility exposure reflects Loeb's infrastructure thesis. Technology stocks dominate the next tier: Amazon commands $919.9 million (12%, 5.1 million shares), Microsoft holds $742.6 million (9.5%, 1.765 million shares), and Alphabet represents $452.8 million (5.8%, 3 million shares). Combined, these three technology positions total approximately $2.1 billion.
Meta Platforms comprises the fifth-largest holding at $600.2 million (7.6%, 1.236 million shares), indicating sustained conviction in large-cap artificial intelligence exposure. Danaher Corporation at $511.9 million (6.5%, 2.05 million shares) provides industrial diversification, while Vistra Corp's $311.3 million position (4%, 4.47 million shares) adds renewable energy infrastructure exposure.
Notably, Bath & Body Works (BBWI) represents a significant consumer discretionary allocation at $642.8 million (8.2%, 12.85 million shares), suggesting Loeb identified value in the sector during this period. Supporting positions include American International Group at $269.7 million (3.4%, 3.45 million shares) and Jacobs Solutions at $269 million (3.4%, 1.75 million shares).
The concentration in top holdings, particularly the 24% combined weighting in PG&E and Amazon, underscores Loeb's conviction in both infrastructure modernization and technology secular growth, while the diversified remainder of the portfolio suggests opportunistic value identification across multiple sectors.
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