When Dan Loeb decides to move, he doesn't exactly tiptoe. The activist investor's Third Point LLC made some pretty decisive bets in the third quarter of 2025, and the message is clear: big tech is back on the menu in a big way.
According to the firm's latest 13F filing, Third Point isn't just dabbling in the Magnificent Seven anymore. The fund nearly tripled its Microsoft Corporation (MSFT) stake, boosting it by 175% to reach 1.1 million shares as of September 30. That's the kind of conviction that turns heads.
But Microsoft wasn't the only tech giant getting Loeb's attention. Third Point also increased its Meta Platforms, Inc. (META) position by 47%, added 4% more Amazon.com, Inc. (AMZN) shares, and tacked on another 2% to its NVIDIA Corporation (NVDA) holdings. The pattern here isn't subtle: Loeb is loading up on the names that have been driving market returns.
Cutting Loose
While Third Point was busy piling into tech, it was equally decisive about what it didn't want to own anymore. The hedge fund completely dumped its Workday Inc. (WDAY) position, selling all 300,000 remaining shares during Q3. This marks the second time the fund has fully exited Workday this year, having previously sold out in the first quarter. When you break up with someone twice in the same year, it's safe to say the relationship isn't working.
Workday wasn't alone in getting the boot. Third Point also showed the door to Danaher Corporation (DHR), Apollo Global Management, Inc. (APO), Fortive Corporation (FTV), Rocket Companies, Inc. (RKT), Corpay, Inc. (CPAY), and Flowserve Corporation (FLS). That's a lot of complete exits, suggesting Third Point is getting more concentrated and choosy about where it puts capital to work.
Trimming the Fat
Beyond the complete exits, Third Point also took the scissors to several other positions. The fund cut its Live Nation Entertainment, Inc. (LYV) stake by 32% and reduced Jacobs Solutions Inc. (J) by 28%. Vistra Corp. (VST) saw a 25% haircut, while both Taiwan Semiconductor Manufacturing Company Ltd. (TSM) and Capital One Financial Corporation (COF) were trimmed by 23% each.
CRH PLC (CRH) fell by 16%, and even Pacific Gas & Electric Co. (PCG)—which remains Third Point's largest holding—got a modest 2% trim.
Adding to the Winners
It wasn't all selling, though. Third Point significantly increased its SharkNinja, Inc. (SN) position by 50%, boosted Casey's General Stores, Inc. (CASY) by 39%, and added 6% more Kenvue Inc. (KVUE) shares.
When you look at Third Point's top five holdings as of the end of Q3, the picture becomes even clearer: Pacific Gas & Electric (PCG) leads the pack, followed by Amazon, Microsoft, Nvidia, and Norfolk Southern Corporation (NSC). It's a mix of mega-cap tech dominance with some utility and industrial exposure for good measure.
The broader story here is about focus. Loeb appears to be consolidating around his highest-conviction ideas, particularly in big tech, while shedding positions that either haven't worked out or no longer fit the thesis. In a market where the biggest names keep getting bigger, Third Point is placing its chips squarely on the table with the giants.
