Third Point

Q3 2015 13F · by Daniel Loeb, CIO

As of: Sep 30, 2015
Filed: Nov 13, 2015
US stock: $10.3B · prev $10.1B
Positions: 28 · prev 41
Options notional: $222M
Documents: 1· no amendments

Picture97.3% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 97.3%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.6%
Puts at notional value 0.0%
Calls at notional value 2.1%

Moves43 since the prior filing

+27.7 pp in · −26.0 pp out

New 4 +11.77 pp
Added 9 +15.92 pp
Trimmed 8 −3.65 pp
Exited 17 −22.34 pp

Options: 5 moves on a notional base, in the table below.

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 106% a year, about 0.9 years per position

Low
Moderate
High

Top 5 positions59% of US stock

BAX Baxter International Inc. added+14.43 pp added+14.4317.1%
AMGN Amgen Inc added−0.41 pp added−0.4113.2%
ACT Allergan PLC added−0.20 pp added−0.209.7%
unresolved Dow Chemical Co added−1.94 pp added−1.949.7%
YUM Yum! Brands, Inc. added+5.81 pp added+5.819.0%

Positions28 in this filing · 17 exited


BAXBaxter International Inc.	17.15%	53,850,000	$1.8B	added×13.6	+14.43 pp	2 q
AMGNAmgen Inc	13.21%	9,850,000	$1.4B	added+9%	−0.41 pp	6 q
ACTAllergan PLC	9.67%	3,669,000	$997M	added+11%	−0.20 pp	2 q
unresolvedDow Chemical Co	9.66%	23,500,000	$996M	added+2%	−1.94 pp	8 q
YUMYum! Brands, Inc.	8.99%	11,600,000	$927M	added×3.2	+5.81 pp	3 q
KHCThe Kraft Heinz Company	5.65%	8,250,000	$582M	new	+5.65 pp	new
MHKMohawk Industries, Inc.	3.79%	2,150,000	$391M	trimmed−10%	−0.73 pp	4 q
TMUST-Mobile US, Inc.	2.51%	6,500,000	$259M	held	—	2 q
ROPRoper Technologies, Inc.	2.43%	1,600,000	$251M	added+7%	−0.12 pp	7 q
SEESealed Air Corp New	2.39%	5,250,000	$246M	added+8%	−0.07 pp	2 q
unresolvedTime Warner Cable Inc	2.26%	1,300,000	$233M	new	+2.26 pp	new
EBAYeBay Inc	2.13%	9,000,000	$220M	added+13%	−2.62 pp	5 q
STZConstellation Brands, Inc.	2.12%	1,750,000	$219M	trimmed−8%	−0.05 pp	10 q
BIDTribeca Strategic Acquisition Corp. Class A	2.06%	6,650,000	$213M	held	—	10 q
unresolvedAvago Technologies Ltd	2.00%	1,650,000	$206M	new	+2.00 pp	new
LBTYKLiberty Global Ltd. Class C	1.99%	5,000,000	$205M	held	—	10 q
DHRDanaher Corporation	1.86%	2,250,000	$192M	new	+1.86 pp	new
TAPMolson Coors Beverage Company Class B	1.73%	2,150,000	$178M	added×2.1	+1.04 pp	2 q
NXPINXP Semiconductors N.V.	1.65%	1,950,000	$170M	trimmed−7%	−0.38 pp	3 q
IACIIac / Interactivecorp (De) Com Stk	1.58%	2,500,000	$163M	trimmed−9%	−0.58 pp	6 q
BUDAnheuser-Busch INBEV SA/NV	1.44%	1,400,000	$149M	trimmed−20%	−0.64 pp	7 q
SJMThe J.M. Smucker Company	1.44%	1,300,000	$148M	trimmed−10%	−0.11 pp	3 q
GRBKGreen Brick Partners, Inc	0.85%	8,083,022	$87M	held	—	4 q
XONPrecigen, Inc.	0.46%	1,500,000	$48M	trimmed−44%	−0.84 pp	9 q
unresolvedWilliams Clayton Energy Inc	0.33%	875,000	$34M	trimmed−13%	−0.32 pp	3 q
unresolvedApigee Corp	0.32%	3,166,551	$33M	held	—	2 q
ENPHEnphase Energy, Inc.	0.22%	6,248,987	$23M	held	—	10 q
unresolvedCitigroup Inc	0.09%	20,000,000	$9M	held	—	4 q
SUNEQSunedison Inc	—	−12,400,000	—	exited	−3.66 pp	—
PSXPhillips 66	—	−3,250,000	—	exited	−2.58 pp	—
ALLYAlly Financial Inc.	—	−10,000,000	—	exited	−2.21 pp	—
DVNDevon Energy Corporation	—	−3,750,000	—	exited	−2.20 pp	—
AIGAmerican International Group, Inc.	—	−3,500,000	—	exited	−2.13 pp	—
FDXFedEx Corporation	—	−1,000,000	—	exited	−1.68 pp	—
MASMasco Corporation	—	−5,000,000	—	exited	−1.31 pp	—
DALDelta Air Lines, Inc.	—	−2,750,000	—	exited	−1.11 pp	—
PRGOPerrigo Company PLC	—	−600,000	—	exited	−1.09 pp	—
VIVTelefonica Brasil, S.A.	—	−7,500,000	—	exited	−1.03 pp	—
WMBWilliams Companies Inc.	—	−1,500,000	—	exited	−0.85 pp	—
unresolvedStarwood HOTELS&RESORTS Wrld	—	−1,000,000	—	exited	−0.80 pp	—
unresolvedSensata Technologies Hldng NV	—	−1,443,500	—	exited	−0.75 pp	—
unresolvedBaxter Intl Inc	—	−900,600	—	exited	−0.34 pp	—
unresolvedZiopharm Oncology Inc	—	−1,950,000	—	exited	−0.23 pp	—
NOKNokia Corporation	—	−3,000,000	—	exited	−0.20 pp	—
unresolvedCharter Comm's Inc	—	−100,000	—	exited	−0.17 pp	—