In an age when hedge funds which still invest using fundamental analysis are a quaint anachronism of a bygone era (all that matters now is Fed liquidity and what ETFs are doing), a handful of asset managers - and their holdings - still matter. One of them is Dan Loeb's Third Point. And while we previously reported on the Dan Loeb's latest Q4 holdings, moments ago Third Point published its 13F filing disclosing its entire US equity long book which had a net worth of $8.7 billion, and which had a handful of notable developments.
- Bought a new stake in Amazon, Iaa, TD Ameritrade and Raytheon (among others)
- Liquidated its entire stake in Sotheby, PayPal, Microsoft, and GoDaddy (among others)
- Added to its holdings in Adobe Inc.
- Decreased its stake in Campbell Soup Co.
- Baxter International Inc. was the biggest holding, representing 17% of disclosed assets
11 new positions initiated, including:
- Iaa: 6.5 million shares valued at $305.9 million, representing 4.9% of shares outstanding
- TD Ameritrade Holding Corp.: 3 million valued at $149.1 million
- Amazon.com Inc.: 70,000 valued at $129.3 million
- Avantor Inc.: 7 million valued at $127.1 million, representing 1.2% of shares outstanding
- Raytheon Co.: 555,200 valued at $122 million
- Charles Schwab Corp., XP Inc. Class A, Ferrari NV, Cannae Holdings Inc.
- 14 liquidated holdings, including:
- PayPal: 2.7 million shares valued at $279.7 million
- Microsoft Corp.: 600,000 valued at $83.4 million
- Colfax Corp.: 2 million valued at $58.1 million
- Americold Realty Trust: 1.28 million valued at $47.4 million
- HD Supply Holdings Inc.: 1 million valued at $39.2 million
- Zendesk Inc., Ansys Inc., GoDaddy Inc. Class A, Envista Holdings Corp., Tradeweb Markets Inc. Class A
Seven increased holdings:
- Adobe: 125,000 shares, up 15% to 950,000 valued at $313.3 million
- Five Below Inc.: 350,000, up 41% to 1.2 million valued at $153.4 million, representing 2.2% of shares outstanding
- Grocery Outlet Holding Corp.: 970,000, up 539% to 1.15 million valued at $37.3 million, representing 1.3% of shares outstanding
- Fidelity National Information Services Inc.: 11, up 0% to 2.5 million valued at $347.7 million
- Black Knight Inc.: 150,000, up 8.6% to 1.9 million valued at $122.5 million, representing 1.3% of shares outstanding
- IShares 1-3 Year Treasury Bond ETF, Baxter International Inc.
Seven decreased holdings:
- Campbell Soup: 2.6 million shares, down 15% to 14.4 million valued at $711.6 million, representing 4.8% of shares outstanding
- Fox Corp. Class A: 3 million, down 38% to 5 million valued at $185.4 million, representing 1.4% of shares outstanding
- United Technologies Corp.: 793,000, down 13% to 5.21 million valued at $779.8 million
- Salesforce.com Inc.: 300,000, down 12% to 2.2 million valued at $357.8 million
- Clear Channel Outdoor Holdings Inc.: 5 million, down 95% to 250,000 valued at $715,000
- GTT Communications Inc., Burlington Stores Inc.
- Baxter: up 650,000 shares, to 17.5 million valued at $1.46 billion, representing 3.4% of shares outstanding
- United Technologies Corp.: down 793,000, to 5.21 million valued at $779.8 million
- Campbell Soup Co.: down 2.6 million, to 14.4 million valued at $711.6 million, representing 4.8% of shares outstanding
- Allergan Plc: unchanged at 3.6 million valued at $688.2 million
- Danaher Corp.: unchanged at 3.71 million valued at $569.4 million
Third Point's total disclosed holdings rose 3.3% in value in the fourth quarter to $8.7 billion. The Standard & Poor’s 500 index advanced 8.5%, according to Bloomberg.
And visually (new positions in green):