Checking In On Daniel Loeb's Third Point LLC ~ market folly

Wednesday, August 27, 2008

Checking In On Daniel Loeb's Third Point LLC

As I mentioned earlier, I like to track a variety of hedge funds with different strategies just to see what everyone is up to each quarter. And, while I don't necessarily go in-depth on each fund, I do like to monitor major changes to their portfolios. In addition to tracking activist fund Greenlight Capital managed by David Einhorn (which I wrote about here), I also like to track the activist exploits of Daniel Loeb. Loeb runs Third Point LLC, a $4.5 billion activist hedge fund. While Third Point is technically an activist fund, Loeb often has numerous passive investments as well.

So, after comparing his most recent 13F filing with the one from last quarter, we can see a few major moves that Loeb has made with Third Point's portfolio. Please note that this is by no means a complete summary of changes. I am simply pointing out a few changes of interest.

New Positions:
American Superconductor (AMSC)
Chesapeak Energy (CHK)
Petrohawk Energy (HK)
Petroleo Brasileiro (PBR)
Sandridge Energy (SD)
Starwood Hotels (HOT)
Teradata (TDC)
XTO Energy (XTO)

Added to:
AK Steel (AKS)
American Eagle Outfitters (AEO)
Leap Wireless (LEAP)
Plains Exploration (PXP)

Reduced Positions:
GLG Partners (GLG)
Mastercard (MA)
Safeway (SWY)

Removed Positions (positions Loeb sold out of completely):
Applied Biosystems (ABI)
Chipotle (CMG)
Cypress Semiconductor (CY)
Mylan (MYL)

Some of Third Point's top holdings (in no particular order) include: Plains Exporation (PXP), Questar (STR), Mastercard (MA), Clear Channel (CCU), and Microsoft (MSFT).

Again, please note that this is merely some highlights of their portfolio and does not detail all of the changes made. If you're interested in more in-depth analysis of some hedge fund portfolios, check out some of the write-ups I've done on the blog (Blue Ridge Capital, Lone Pine Capital, & many more). And, if you're interested in every position Loeb held as of June 30th, you can view Third Point's entire recent 13F as filed with the SEC here.


Mark said...

Ouch he got Sandridged!

amazing to see how many of these guys continued to pile into energy just as it topped

AMSC is interesting! Thats one of mine and a very controversial company. I cannot see Loeb get into this if its "fake" as someone have contended.

I hope he shakes that place up though and is not passive ;)