Insights from the Latest 13F Filing Reveal Significant Portfolio Adjustments
Daniel Loeb (Trades, Portfolio), the founder of Third Point LLC, is a prominent figure in the investment world, renowned for his sharp analysis and activist approach. Since establishing the firm in 1995, Loeb has been at the forefront of its research, portfolio management, and risk assessment. His investment style is characterized by event-driven, value-oriented strategies, often engaging in activist positions to unlock value in underperforming companies.
Summary of New Buys
Daniel Loeb (Trades, Portfolio)'s portfolio saw the addition of 8 new stocks in the fourth quarter of 2023. Noteworthy new positions include:
- Fleetcor Technologies Inc (FLT, Financial), with 615,000 shares, making up 2.62% of the portfolio and valued at $173.81 million.
- Verizon Communications Inc (VZ, Financial), comprising 4,675,000 shares and representing 2.61% of the portfolio, with a total value of $173.32 million.
- Apollo Global Management Inc (APO, Financial), with 900,000 shares, accounting for 1.26% of the portfolio and valued at $83.87 million.
Key Position Increases
Loeb also bolstered his stakes in 5 companies, with significant increases in:
- Vistra Corp (VST, Financial), adding 995,748 shares for a total of 4,600,000 shares, marking a 27.63% increase in share count and a 0.58% portfolio impact, valued at $177.19 million.
- United States Steel Corp (X, Financial), with an additional 750,000 shares, bringing the total to 5,500,000 shares, a 15.79% increase in share count, valued at $267.57 million.
Summary of Sold Out Positions
The fourth quarter also saw Loeb exit 12 positions entirely, including:
- Option Care Health Inc (OPCH, Financial), where all 5,450,659 shares were sold, impacting the portfolio by -2.67%.
- T-Mobile US Inc (TMUS, Financial), with the liquidation of all 1,000,000 shares, causing a -2.12% portfolio impact.
Key Position Reductions
Reductions were made in 11 stocks, with the most significant being:
- Intercontinental Exchange Inc (ICE, Financial), reduced by 1,689,934 shares, a -70.71% decrease, and a -2.82% portfolio impact. The stock's average trading price was $113.38 during the quarter, with a 24.17% return over the past 3 months and a 6.41% year-to-date return.
- Uber Technologies Inc (UBER, Financial), cut by 3,200,000 shares, a -76.19% reduction, and a -2.23% portfolio impact. The stock traded at an average price of $52.31 during the quarter, returning 46.90% over the past 3 months and 28.55% year-to-date.
Portfolio Overview
As of the fourth quarter of 2023, Daniel Loeb (Trades, Portfolio)'s portfolio consisted of 37 stocks. The top holdings were 15.72% in PG&E Corp (PCG, Financial), 11.41% in Microsoft Corp (MSFT, Financial), 9.61% in Amazon.com Inc (AMZN, Financial), 9% in Bath & Body Works Inc (BBWI, Financial), and 7.14% in Danaher Corp (DHR, Financial).
The portfolio is primarily concentrated across 9 industries: Consumer Cyclical, Utilities, Technology, Basic Materials, Communication Services, Healthcare, Industrials, Financial Services, and Energy.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
