Profil et philosophie d'investissement

Third Point, le fonds de Dan Loeb, a maintenu sa conviction dans Amazon comme principale participation au premier trimestre 2026. Loeb a également réorienté des capitaux vers l'or (GLD) et l'infrastructure crypto (HUT), en guise de couverture contre l'incertitude macroéconomique générale. Sa stratégie événementielle continue de rechercher de la valeur dans les réévaluations d'entreprises, avec des positions importantes dans CRH et Tempur Sealy.

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.

Trades emblématiques

Stratégie actuelle (2026)

Third Point's Q1 2026 13F shows a balanced book between AI-infrastructure beneficiaries and event-driven special situations. Disclosed top holdings continue to feature mega-cap tech as a core AI bet, alongside selective semiconductor and power-grid exposure tied to the data-center build-out. On the activist side, the firm has remained engaged in healthcare consolidation plays and consumer breakups, pushing managements toward portfolio simplification. Loeb has trimmed some Magnificent 7 exposure into strength and added to under-followed mid caps with activist optionality. The macro letter framing is constructive on US equities but flags concentration risk in the index, so the book is built to outperform if breadth widens. Cash and hedges sit at moderate levels.

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.

Dernière déclaration SEC Form 13F. Valeur totale du portefeuille: 1,82 Md €. Positions: 33 positions.