Third Point 13F, Q4 2025
Daniel Loeb · quarter ending 31 December 2025 · filed 17 February 2026 · SEC CIK 1040273
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q4 2025
The 25 largest of 44 positions. Weights are against the whole filed book. Changes are in shares held, against the Q3 2025 filing.
| Company | Ticker | Value | % of book | vs Q3 2025 |
|---|---|---|---|---|
| PG&E CORP | PCG | $551.20M | 7.6% | -32% shares |
| NVIDIA CORPORATION | NVDA | $550.17M | 7.6% | +4% shares |
| AMAZON COM INC | AMZN | $499.73M | 6.9% | -23% shares |
| MICROSOFT CORP | MSFT | $447.35M | 6.2% | -16% shares |
| UNION PAC CORP | UNP | $418.69M | 5.8% | +107% shares |
| CRH PLC | $324.48M | 4.5% | +20% shares | |
| SOMNIGROUP INTERNATIONAL INC | SGI | $303.55M | 4.2% | +13% shares |
| BROOKFIELD CORP | BN | $284.52M | 3.9% | +33% shares |
| NORFOLK SOUTHN CORP | NSC | $281.50M | 3.9% | -41% shares |
| TELEPHONE & DATA SYS INC | TDS | $273.68M | 3.8% | unchanged |
| CAPITAL ONE FINL CORP | COF | $266.60M | 3.7% | -21% shares |
| CASEYS GEN STORES INC | CASY | $251.48M | 3.5% | -9% shares |
| CARPENTER TECHNOLOGY CORP | CRS | $247.15M | 3.4% | -8% shares |
| LIVE NATION ENTERTAINMENT IN | LYV | $245.81M | 3.4% | +28% shares |
| COSTAR GROUP INC | CSGP | $212.81M | 2.9% | +5% shares |
| MASTEC INC | MTZ | $201.07M | 2.8% | +28% shares |
| ROCKET COS INC | RKT | $184.21M | 2.5% | +138% shares |
| LPL FINL HLDGS INC | LPLA | $182.16M | 2.5% | -14% shares |
| CHIPOTLE MEXICAN GRILL INC | CMG | $174.82M | 2.4% | new |
| CONSTELLATION ENERGY CORP | CEG | $167.80M | 2.3% | new |
| VISTRA CORP | VST | $162.14M | 2.2% | +8% shares |
| DANAHER CORPORATION | DHR | $137.35M | 1.9% | +1100% shares |
| SHARKNINJA INC | $134.28M | 1.9% | -33% shares | |
| TAIWAN SEMICONDUCTOR MFG LTD | TSM | $129.15M | 1.8% | -61% shares |
| ALIBABA GROUP HLDG LTD | BABA | $120.93M | 1.7% | new |
What changed since Q3 2025
Against the Q3 2025 filing, Third Point opened 11 new positions, added to 12, trimmed 12, left 9 unchanged and exited 11. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
- CMG$174.82M
- CEG$167.80M
- BABA$120.93M
- APG$114.78M
- SPOTIFY TECHNOLOGY S A$58.07M
- PGR$50.10M
- TMO$28.97M
- WIX COM LTD$23.38M
and 3 more
Exited
- FLUTTER ENTMT PLCwas $284.48M
- MR COOPER GROUP INCwas $194.98M
- METAwas $161.56M
- TLNwas $148.88M
- Jwas $137.12M
- PRMBwas $127.63M
- FNDwas $98.02M
- APOwas $86.63M
and 3 more
Other quarters
Source: SEC Form 13F-HR, accession 0001040273-26-000001, 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.