Third Point 13F, Q3 2025
Daniel Loeb · quarter ending 30 September 2025 · filed 14 November 2025 · SEC CIK 1040273
Common stock only: shares the fund reported owning at the quarter end, valued as filed. The filing also lists 2 put and call lines, reported at the value of the underlying shares; they are not ownership and are not in these totals.
Largest positions, Q3 2025
The 25 largest of 44 positions. Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| PG&E CORP | PCG | $755.51M | 9.0% | unchanged |
| AMAZON COM INC | AMZN | $616.99M | 7.4% | +4% shares |
| MICROSOFT CORP | MSFT | $569.75M | 6.8% | +175% shares |
| NVIDIA CORPORATION | NVDA | $531.75M | 6.3% | unchanged |
| NORFOLK SOUTHN CORP | NSC | $495.68M | 5.9% | new |
| BROOKFIELD CORP | BN | $320.61M | 3.8% | unchanged |
| TAIWAN SEMICONDUCTOR MFG LTD | TSM | $307.22M | 3.7% | -23% shares |
| CAPITAL ONE FINL CORP | COF | $294.42M | 3.5% | -23% shares |
| FLUTTER ENTMT PLC | $284.48M | 3.4% | +5% shares | |
| CASEYS GEN STORES INC | CASY | $282.66M | 3.4% | +39% shares |
| TELEPHONE & DATA SYS INC | TDS | $263.19M | 3.1% | unchanged |
| CRH PLC | $259.58M | 3.1% | -16% shares | |
| COSTAR GROUP INC | CSGP | $254.54M | 3.0% | -2% shares |
| SOMNIGROUP INTERNATIONAL INC | SGI | $252.99M | 3.0% | new |
| LIVE NATION ENTERTAINMENT IN | LYV | $220.59M | 2.6% | -32% shares |
| CARPENTER TECHNOLOGY CORP | CRS | $208.71M | 2.5% | +13% shares |
| UNION PAC CORP | UNP | $206.82M | 2.5% | new |
| LPL FINL HLDGS INC | LPLA | $197.67M | 2.4% | -5% shares |
| MR COOPER GROUP INC | $194.98M | 2.3% | unchanged | |
| SHARKNINJA INC | $185.67M | 2.2% | +50% shares | |
| VISTRA CORP | VST | $183.19M | 2.2% | -25% shares |
| COMFORT SYS USA INC | FIX | $165.04M | 2.0% | +8% shares |
| META PLATFORMS INC | META | $161.56M | 1.9% | +47% shares |
| MASTEC INC | MTZ | $154.29M | 1.8% | new |
| TALEN ENERGY CORP | TLN | $148.88M | 1.8% | -55% shares |
What changed since Q2 2025
Against the Q2 2025 filing, Third Point opened 9 new positions, added to 9, trimmed 12, left 14 unchanged and exited 16. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
and 1 more
Exited
- CPAYwas $227.30M
- ICEwas $174.30M
- RBAwas $73.80M
- WDAYwas $72.00M
- FLSwas $62.56M
- FTVwas $60.47M
- DOCUwas $48.68M
- 75Zwas $38.01M
and 8 more
Other quarters
Source: SEC Form 13F-HR, accession 0001040273-25-000003, filed by Third Point LLC. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.