Dan Loeb
Third Point
Profile & Investment Philosophy
Dan Loeb's Third Point is built for event-driven situations, and Q2 2026 was its most active quarter in years: the disclosed book more than doubled to $4.7 billion across 43 positions. Warner Bros. Discovery came in as the largest single holding at $533 million (11%), joined by new stakes in Keysight, Block and Flex. Loeb multiplied his Alphabet position nearly sixfold, added Live Nation (+144%) and Taiwan Semiconductor (+67%), and exited Meta, Nvidia, Broadcom, Lam Research and his gold ETF.
Track Record
Loeb founded Third Point in 1995 with about $3.4 million. Over roughly three decades, the flagship has compounded at low double-digit net annualized returns, with AUM growing to over $15 billion. Third Point is best known for ‚event-driven value' and shareholder activism, executed through its trademark public letters demanding board change, capital returns or breakups. Targets have included Sotheby's, Yahoo, Sony, Nestlé, Disney and others. Loeb is also a major art collector and philanthropist. Third Point's reinsurance vehicle was spun out separately. Annualized performance has lagged the S&P during the past concentration-driven bull run but historically delivered a strong long-term excess return.
Signature Trades
Current Strategy (2026)
Third Point's Q2 2026 13F was its most active in years: the disclosed book more than doubled to $4.7 billion across 43 positions, and the balance tipped decisively from AI hardware toward event-driven situations. Warner Bros. Discovery entered as the largest holding at 11%, joined by new stakes in Keysight, Block, Flex and TTM Technologies, while Norfolk Southern was increased sixfold into the rail-consolidation debate and Live Nation added 144%. Loeb multiplied Alphabet nearly sixfold and added Taiwan Semiconductor (+67%), but exited Meta, Nvidia, Broadcom, Lam Research, KLA and his gold ETF outright. The book is now built around corporate change — breakups, mergers and management turnarounds — rather than index-level tech beta.
BMI Counter-Take
Loeb's hybrid book — AI core plus activist alpha — is one of the more honest answers to the current setup: you cannot fight mega-cap tech, but you also cannot pay any price for it. The activist sleeve is where the alpha really lives, but retail cannot replicate the platform that lets him show up with a credible board threat. What is copyable is the lens: look for businesses with a simpler version of themselves trapped inside, and ride the rerating when management is forced to act. The risk is that the recent activist hit rate has been mixed; not every Disney becomes a Yahoo. We respect the discipline of trimming the obvious winners.
Current Portfolio
LATEST 13F 2026-06-30Latest SEC Form 13F filing. Total portfolio value: $4.68 B. Holdings: 43 positions.
| Security | Shares | Δ vs Prev | Value ($) | Portfolio % |
|---|---|---|---|---|
| Warner Bros Discovery Inc. | 20.0 M | ★ NEW | $533 M | 11.4 % |
| Amazon Com Inc. | 1.75 M | -9.8% | $417 M | 8.91 % |
| Alphabet Inc. | 1.03 M | +485.7% | $366 M | 7.83 % |
| Crh PLC | 2.20 M | +15.5% | $235 M | 5.02 % |
| Telephone & Data Sys Inc. | 6.28 M | -4.9% | $232 M | 4.96 % |
| Taiwan Semiconductor Manufac | 460,000 | +67.3% | $220 M | 4.69 % |
| Live Nation Entertainment In | 1.14 M | +144.1% | $208 M | 4.44 % |
| Keysight Technologies Inc. | 585,000 | ★ NEW | $205 M | 4.38 % |
| Somnigroup International Inc. | 2.57 M | +13.2% | $202 M | 4.31 % |
| Block Inc. | 2.56 M | ★ NEW | $194 M | 4.16 % |
SOURCE: SEC Form 13F (2026-08-14). BMI Smart Money Tracker.