Third Point

Q2 2016 13F · by Daniel Loeb, CIO

As of: Jun 30, 2016
Filed: Aug 12, 2016
US stock: $10.4B · prev $10.7B
Positions: 39 · prev 35
Options notional: $116M
Documents: 1· no amendments

Picture98.9% US stock

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

US stock listed on a US exchange 98.9%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 1.1%

Moves50 since the prior filing

+25.9 pp in · −26.3 pp out

New 18 +23.62 pp
Added 5 +2.31 pp
Trimmed 10 −8.57 pp
Exited 14 −17.72 pp

Options: 3 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 · 103% a year, about 1.0 years per position

Low
Moderate
High

Top 5 positions51% of US stock

BAX Baxter International Inc. trimmed+1.89 pp trimmed+1.8922.6%
ACT Allergan PLC trimmed−1.65 pp trimmed−1.6510.9%
unresolved Dow Chemical Co trimmed−2.33 pp trimmed−2.339.6%
META Meta Platforms, Inc. Class A new+4.13 pp new+4.134.1%
DHR Danaher Corporation added+0.46 pp added+0.463.8%

Positions39 in this filing · 14 exited


BAXBaxter International Inc.	22.62%	51,901,767	$2.3B	trimmed−4%	+1.89 pp	5 q
ACTAllergan PLC	10.91%	4,900,000	$1.1B	trimmed−2%	−1.65 pp	5 q
unresolvedDow Chemical Co	9.58%	20,000,000	$994M	trimmed−20%	−2.33 pp	11 q
METAMeta Platforms, Inc. Class A	4.13%	3,750,000	$429M	new	+4.13 pp	new
DHRDanaher Corporation	3.75%	3,850,000	$389M	added+4%	+0.46 pp	4 q
CHTRCharter Comm Inc Del CL A New	3.19%	1,450,000	$332M	new	+3.19 pp	new
STZConstellation Brands, Inc.	3.19%	2,000,000	$331M	added+13%	+0.69 pp	13 q
CBChubb Limited	2.96%	2,350,000	$307M	trimmed−2%	+0.28 pp	2 q
TDGTransDigm Group Incorporated	2.87%	1,131,000	$298M	added+13%	+0.81 pp	2 q
MHKMohawk Industries, Inc.	2.74%	1,500,000	$285M	trimmed−25%	−0.84 pp	7 q
GOOGLAlphabet Inc. Class A	2.71%	400,000	$281M	trimmed−43%	−2.29 pp	2 q
BUDAnheuser-Busch INBEV SA/NV	2.41%	1,900,000	$250M	added+9%	+0.37 pp	10 q
LOWLowe's Companies Inc.	2.29%	3,000,000	$238M	held	—	2 q
YUMYum! Brands, Inc.	2.00%	2,500,000	$207M	trimmed−55%	−2.22 pp	6 q
unresolvedMonsanto Co	1.99%	2,000,000	$207M	new	+1.99 pp	new
SEESealed Air Corp New	1.99%	4,500,000	$207M	trimmed−10%	−0.26 pp	5 q
SHWThe Sherwin-Williams Company	1.98%	700,000	$206M	new	+1.98 pp	new
BIDTribeca Strategic Acquisition Corp. Class A	1.76%	6,660,925	$183M	held	—	13 q
unresolvedShire PLC	1.69%	950,000	$175M	new	+1.69 pp	new
SPGIS&P Global Inc.	1.65%	1,600,000	$172M	new	+1.65 pp	new
unresolvedE M C Corp Mass	1.57%	6,000,000	$163M	trimmed−14%	−0.18 pp	2 q
AMEAmetek, Inc.	1.20%	2,700,000	$125M	new	+1.20 pp	new
AIYActivision Blizzard Inc	1.15%	3,000,000	$119M	new	+1.15 pp	new
UNPUnion Pacific Corp.	1.14%	1,350,000	$118M	new	+1.14 pp	new
TAPMolson Coors Beverage Company Class B	0.97%	1,000,000	$101M	trimmed−53%	−0.97 pp	5 q
NOMDNomad Foods Limited	0.97%	12,650,000	$101M	added+8%	−0.02 pp	2 q
CCEPCoca-Cola Europacific Partners plc	0.93%	2,700,000	$96M	new	+0.93 pp	new
HRSL3Harris Technologies, Inc.	0.80%	1,000,000	$83M	new	+0.80 pp	new
unresolvedWhiting Pete Corp New	0.73%	8,200,000	$76M	new	+0.73 pp	new
MROMarathon Oil Corporation	0.58%	4,000,000	$60M	new	+0.58 pp	new
GRBKGreen Brick Partners, Inc	0.57%	8,083,022	$59M	held	—	7 q
LBTYALiberty Global Ltd. Class A	0.56%	2,000,000	$58M	new	+0.56 pp	new
SUPVGrupo Supervielle S.A.	0.55%	4,500,000	$58M	new	+0.55 pp	new
GDGeneral Dynamics Corporation	0.48%	355,100	$49M	new	+0.48 pp	new
unresolvedTesoro Corp	0.47%	650,000	$49M	new	+0.47 pp	new
DVNDevon Energy Corporation	0.40%	1,150,000	$42M	new	+0.40 pp	new
unresolvedApigee Corp	0.37%	3,166,551	$39M	held	—	5 q
ENPHEnphase Energy, Inc.	0.12%	6,248,987	$12M	held	—	13 q
unresolvedCitigroup Inc	0.01%	20,000,000	$1M	held	—	7 q
AMGNAmgen Inc	—	−3,000,000	—	exited	−4.21 pp	—
ROPRoper Technologies, Inc.	—	−1,350,000	—	exited	−2.31 pp	—
unresolvedTime Warner Cable Inc	—	−1,200,000	—	exited	−2.30 pp	—
unresolvedBaxalta Inc	—	−6,000,000	—	exited	−2.27 pp	—
unresolvedBroadcom Ltd	—	−1,300,000	—	exited	−1.88 pp	—
SIGSignet Jewelers Limited	—	−1,000,000	—	exited	−1.16 pp	—
SJMThe J.M. Smucker Company	—	−775,000	—	exited	−0.94 pp	—
VMWVMware, Inc	—	−1,200,000	—	exited	−0.59 pp	—
ICEIntercontinental Exchange Inc.	—	−225,000	—	exited	−0.50 pp	—
TRGPTarga Resources Corp.	—	−1,800,000	—	exited	−0.50 pp	—
unresolvedTwenty First Centy Fox Inc	—	−1,450,000	—	exited	−0.38 pp	—
KHCThe Kraft Heinz Company	—	−500,000	—	exited	−0.37 pp	—
WMBWilliams Companies Inc.	—	−2,000,000	—	exited	−0.30 pp	—
GLPIGaming and Leisure Properties, Inc.	—	−35,000	—	exited	−0.01 pp	—