Dan Loeb Buys Apple, Virgin Media, Exits Morgan Stanley, Herbalife


Dan Loeb’s Third Point fund had a market value of $5.3 billion at the end of the first quarter, according to its latest 13F filing with the Securities and Exchange Commission. The firm bought 17 new stocks and increased its position in six others during the first three months of the year. It also sold out of 17 companies and reduced its stake in 12 others.

As of the end of March, the company’s top five holdings were Yahoo! Inc. (NASDAQ:YHOO), Virgin Media Inc. (NASDAQ:VMED), American International Group Inc (NYSE:AIG), International Paper Company (NYSE:IP) and News Corp (NASDAQ:NWSA).

Loeb’s Third Point Major Sell-Offs

The biggest sell-off for Loeb’s fund during the first quarter was Morgan Stanley, of which the company sold all of its 7.75 million shares. The firm also sold out of all its shares of the embattled company Herbalife Ltd (NYSE:HLF) during the quarter. If you remember, Loeb was one of the hedge fund titans who stepped into the ring regarding Herbalife Ltd (NYSE:HLF) earlier this year. He disclosed a long position on the company in the midst of the battle which started with Bill Ackman’s short of the company’s stock.

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Other sell-offs for the firm were Symantec Corporation (NASDAQ:SYMC), Nexen Inc (NYSE:NXY), Metlife Inc (NYSE:MET), Coca-Cola Enterprises Inc (NYSE:CCE), Abbot Laboratories (NYSE:ABT) and Capital One Financial Corp. (NYSE:COF).

Loeb’s Third Point Major Reductions

The most significant stake decrease for the firm was in Yahoo! Inc. (NASDAQ:YHOO). It sold off more than 11 million shares or 15 percent of its Yahoo! shares. Nonetheless, the company was still the top stock in Loeb’s portfolio as of the end of March. It made up 27 percent of Third Point’s portfolio, which is still an increase from its percentage at the end of the previous quarter, which was 26 percent.

Other notable reductions in the firm’s holdings during the first quarter include American International Group Inc (NYSE:AIG), Delphi Automotive PLC (NYSE:DLPH), Murphy Oil Corporation (NYSE:MUR) and Liberty Global Inc. (NASDAQ:LBTYA).

Loeb’s Third Point Major New Purchases

The major new stocks purchased by Third Point during the first quarter include Chimera Investment Corporation (NYSE:CIM), of which it purchased 15 million shares, and Virgin Media Inc. (NASDAQ:VMED), of which the firm bought 11 million shares during the first quarter, pushing it up to the second spot on the firm’s top five holdings list.

Other major new stocks for the firm include Tiffany & Co. (NYSE:TIF), Cabot Oil & Gas Corporation (NYSE:COG) and Hillshire Brands Co (NYSE:HSH). The firm even snapped up 25,000 shares of Apple Inc. (NASDAQ:AAPL) during the quarter—a rarity among funds for the first three months of the year.

Dan Loeb’s Increases

Loeb increased his firm’s position in International Paper Company (NYSE:IP) by 340 percent, snapping up 5.1 million more shares of the stock during the first three months of the year. Other big increases during the quarter include AbbVie Inc (NYSE:ABBV) and TransDigm Group Incorporated (NYSE:TDG).

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