Third Point

Q4 2016 13F · by Daniel Loeb, CIO

As of: Dec 31, 2016
Filed: Feb 10, 2017
US stock: $10.2B · prev $11.5B
Positions: 38 · prev 38
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
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 0.0%

Moves44 since the prior filing

+27.2 pp in · −28.8 pp out

New 12 +21.41 pp
Added 5 +5.75 pp
Trimmed 15 −8.82 pp
Exited 12 −19.99 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 103% a year, about 1.0 years per position

Low
Moderate
High

Top 5 positions46% of US stock

BAX Baxter International Inc. held held22.6%
unresolved Dow Chemical Co trimmed+0.54 pp trimmed+0.549.6%
HUM Humana Inc. added+2.66 pp added+2.664.8%
STZ Constellation Brands, Inc. added+1.33 pp added+1.334.5%
JPM JPMorgan Chase & Co. new+4.45 pp new+4.454.5%

Positions38 in this filing · 12 exited


BAXBaxter International Inc.	22.59%	51,901,767	$2.3B	held	—	7 q
unresolvedDow Chemical Co	9.55%	17,000,000	$973M	trimmed−15%	+0.54 pp	13 q
HUMHumana Inc.	4.81%	2,400,000	$490M	added+71%	+2.66 pp	2 q
STZConstellation Brands, Inc.	4.51%	3,000,000	$460M	added+36%	+1.33 pp	15 q
JPMJPMorgan Chase & Co.	4.45%	5,250,000	$453M	new	+4.45 pp	new
METAMeta Platforms, Inc. Class A	3.95%	3,500,000	$403M	trimmed−36%	−2.13 pp	3 q
BACBank of America Corporation	3.80%	17,500,000	$387M	new	+3.80 pp	new
GOOGLAlphabet Inc. Class A	3.31%	425,000	$337M	trimmed−23%	−0.53 pp	4 q
TWXTime Warner Inc	2.84%	3,000,000	$290M	new	+2.84 pp	new
SHWThe Sherwin-Williams Company	2.64%	1,000,000	$269M	added+14%	+0.54 pp	3 q
BIDTribeca Strategic Acquisition Corp. Class A	2.61%	6,661,604	$266M	held	—	15 q
DHRDanaher Corporation	2.48%	3,250,000	$253M	trimmed−28%	−0.59 pp	6 q
CHTRCharter Comm Inc Del CL A New	2.40%	850,000	$245M	trimmed−15%	+0.05 pp	3 q
MHKMohawk Industries, Inc.	2.35%	1,200,000	$240M	added+33%	+0.78 pp	9 q
ZAYOZayo Group Holdings, Inc.	2.26%	7,000,000	$230M	new	+2.26 pp	new
GDGeneral Dynamics Corporation	2.20%	1,300,000	$224M	trimmed−4%	+0.38 pp	3 q
AAPLApple Inc.	2.10%	1,850,000	$214M	trimmed−26%	−0.36 pp	2 q
SPGIS&P Global Inc.	1.69%	1,600,000	$172M	trimmed−20%	−0.51 pp	3 q
TAPMolson Coors Beverage Company Class B	1.62%	1,700,000	$165M	held	—	7 q
unresolvedPrivatebancorp Inc	1.60%	3,000,000	$163M	new	+1.60 pp	new
HONHoneywell International, Inc.	1.56%	1,375,000	$159M	new	+1.56 pp	new
CBChubb Limited	1.56%	1,200,000	$159M	trimmed−33%	−0.41 pp	4 q
ELVElevance Health, Inc.	1.41%	1,000,000	$144M	new	+1.41 pp	new
unresolvedDell Technologies Inc	1.40%	2,600,000	$143M	added+13%	+0.44 pp	2 q
UNPUnion Pacific Corp.	1.17%	1,150,000	$119M	trimmed−8%	+0.11 pp	3 q
CAGConagra Brands, Inc.	1.16%	3,000,000	$119M	trimmed−29%	−0.58 pp	2 q
unresolvedMonsanto Co	1.14%	1,100,000	$116M	trimmed−70%	−2.15 pp	3 q
NOMDNomad Foods Limited	1.12%	11,950,000	$114M	trimmed−6%	−0.18 pp	4 q
GSGoldman Sachs Group Inc.	0.94%	400,000	$96M	new	+0.94 pp	new
HDSHD Supply Holdings, Inc.	0.94%	2,250,000	$96M	new	+0.94 pp	new
GRBKGreen Brick Partners, Inc	0.80%	8,083,022	$81M	held	—	9 q
TDGTransDigm Group Incorporated	0.61%	250,000	$62M	trimmed−78%	−2.23 pp	4 q
RICEEqt Re Merger Sub Inc	0.56%	2,650,000	$57M	new	+0.56 pp	new
SW5Southwestern Energy Co	0.53%	5,000,000	$54M	new	+0.53 pp	new
unresolvedBroadcom Ltd	0.52%	300,000	$53M	new	+0.52 pp	new
KDMNKadmon Holdings, Inc.	0.41%	7,919,650	$42M	held	—	2 q
SUPVGrupo Supervielle S.A.	0.35%	2,740,000	$36M	trimmed−39%	−0.23 pp	3 q
ENPHEnphase Energy, Inc.	0.06%	6,248,987	$6M	held	—	15 q
ACTAllergan PLC	—	−3,785,000	—	exited	−7.58 pp	—
BABAAlibaba Group Holding Limited	—	−2,600,000	—	exited	−2.39 pp	—
BUDAnheuser-Busch INBEV SA/NV	—	−1,600,000	—	exited	−1.83 pp	—
unresolvedSt Jude Med Inc	—	−2,600,000	—	exited	−1.80 pp	—
unresolvedShire PLC	—	−900,000	—	exited	−1.52 pp	—
VVISA Inc.	—	−2,100,000	—	exited	−1.51 pp	—
WMBWilliams Companies Inc.	—	−4,000,000	—	exited	−1.07 pp	—
LBTYALiberty Global Ltd. Class A	—	−3,000,000	—	exited	−0.89 pp	—
AMEAmetek, Inc.	—	−1,250,000	—	exited	−0.52 pp	—
unresolvedApigee Corp	—	−3,166,551	—	exited	−0.48 pp	—
YUMYum! Brands, Inc.	—	−500,000	—	exited	−0.39 pp	—
unresolvedCitigroup Inc	—	−20,000,000	—	exited	−0.01 pp	—