Third Point

Q1 2018 13F · by Daniel Loeb, CIO

As of: Mar 31, 2018
Filed: May 15, 2018
US stock: $12.6B · prev $13.5B
Positions: 38 · prev 43
Options notional: $684M
Documents: 1· no amendments

Picture94.9% US stock

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

US stock listed on a US exchange 94.9%
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 5.1%

Moves51 since the prior filing

+22.1 pp in · −25.5 pp out

New 12 +18.28 pp
Added 6 +3.81 pp
Trimmed 14 −5.33 pp
Exited 17 −20.13 pp

Options: 2 moves on a notional base, in the table below.

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 99% a year, about 1.0 years per position

Low
Moderate
High

Top 5 positions44% of US stock

BAX Baxter International Inc. held held18.5%
unresolved Dowdupont Inc trimmed−0.81 pp trimmed−0.817.1%
UTXZ RTX Corporation new+7.07 pp new+7.077.1%
BABA Alibaba Group Holding Limited trimmed−1.86 pp trimmed−1.865.8%
META Meta Platforms, Inc. Class A added+0.61 pp added+0.615.1%

Positions38 in this filing · 17 exited


BAXBaxter International Inc.	18.53%	36,000,000	$2.3B	held	—	12 q
unresolvedDowdupont Inc	7.10%	14,075,000	$897M	trimmed−6%	−0.81 pp	3 q
UTXZRTX Corporation	7.07%	7,100,000	$893M	new	+7.07 pp	new
BABAAlibaba Group Holding Limited	5.81%	4,000,000	$734M	trimmed−33%	−1.86 pp	4 q
METAMeta Platforms, Inc. Class A	5.06%	4,000,000	$639M	added+18%	+0.61 pp	8 q
GOOGLAlphabet Inc. Class A	4.72%	575,000	$596M	trimmed−17%	−0.67 pp	9 q
NFLXNetFlix Inc	4.68%	2,000,000	$591M	held	—	2 q
BLQADBlackrock Inc	4.65%	1,085,000	$588M	trimmed−30%	−1.25 pp	4 q
STZConstellation Brands, Inc.	4.15%	2,300,000	$524M	trimmed−8%	−0.09 pp	20 q
DOVDover Corporation	3.05%	3,920,000	$385M	added×2.4	+1.81 pp	3 q
LENLennar Corporation Class A	2.93%	6,275,000	$370M	added+18%	+0.45 pp	2 q
ICEIntercontinental Exchange Inc.	2.87%	5,000,000	$363M	trimmed−9%	−0.01 pp	2 q
BIDTribeca Strategic Acquisition Corp. Class A	2.71%	6,661,604	$342M	held	—	20 q
WPWorldpay, Inc.	2.67%	4,100,000	$337M	new	+2.67 pp	new
VMCVulcan Materials Company(Holding Company)	2.66%	2,940,000	$336M	added+13%	+0.19 pp	4 q
DHRDanaher Corporation	2.52%	3,250,000	$318M	trimmed−2%	+0.24 pp	11 q
SPGIS&P Global Inc.	2.27%	1,500,000	$287M	trimmed−17%	+0.01 pp	8 q
WYNNWynn Resorts Ltd	2.22%	1,535,000	$280M	new	+2.22 pp	new
SHWThe Sherwin-Williams Company	1.82%	585,000	$229M	trimmed−3%	0.00 pp	8 q
MHKMohawk Industries, Inc.	1.53%	835,000	$194M	trimmed−17%	−0.52 pp	14 q
PAGSPagSeguro Digital Ltd.	1.38%	4,550,000	$174M	new	+1.38 pp	new
ELVElevance Health, Inc.	1.37%	785,000	$172M	added×2.1	+0.74 pp	6 q
EAElectronic Arts Inc	1.20%	1,250,000	$152M	new	+1.20 pp	new
MPCMarathon Petroleum Corporation	1.16%	2,000,000	$146M	new	+1.16 pp	new
GGALGrupo Financiero Galicia SA	0.93%	1,790,000	$118M	trimmed−2%	+0.04 pp	3 q
GRBKGreen Brick Partners, Inc	0.70%	8,083,022	$88M	held	—	14 q
ADBEAdobe Inc.	0.68%	400,000	$86M	new	+0.68 pp	new
PAMPampa Energia S.a.	0.52%	1,100,000	$66M	trimmed−32%	−0.29 pp	3 q
BKIBlack Knight, Inc.	0.47%	1,250,000	$59M	new	+0.47 pp	new
CRMSalesforce, Inc.	0.41%	450,000	$52M	new	+0.41 pp	new
MSFTMicrosoft Corp	0.40%	550,000	$50M	new	+0.40 pp	new
SUPVGrupo Supervielle S.A.	0.35%	1,470,000	$45M	trimmed−2%	+0.02 pp	3 q
PBFPbf Energy Inc.	0.34%	1,250,000	$42M	new	+0.34 pp	new
KDMNKadmon Holdings, Inc.	0.32%	9,407,745	$40M	held	—	7 q
NEXANexa Resources S.A.	0.30%	2,164,000	$38M	trimmed−28%	−0.14 pp	2 q
MELIMercado Libre, Inc	0.28%	100,000	$36M	new	+0.28 pp	new
unresolvedMonsanto Co	0.18%	200,000	$23M	held	—	2 q
SHYiShares 1-3 Year Treasury Bond ETF	0.02%	34,695	$3M	added×3.5	+0.01 pp	2 q
unresolvedAetna Inc New	—	−1,850,000	—	exited	−2.47 pp	—
unresolvedVantiv Inc	—	−4,000,000	—	exited	−2.18 pp	—
NXPINXP Semiconductors N.V.	—	−2,150,000	—	exited	−1.87 pp	—
FMCFMC Corporation	—	−2,200,000	—	exited	−1.54 pp	—
unresolvedDell Technologies Inc	—	−2,500,000	—	exited	−1.51 pp	—
HONHoneywell International, Inc.	—	−1,275,000	—	exited	−1.45 pp	—
unresolvedRsp Permian Inc	—	−4,600,000	—	exited	−1.39 pp	—
TWXTime Warner Inc	—	−2,000,000	—	exited	−1.36 pp	—
PEParsley Energy Inc	—	−5,750,000	—	exited	−1.25 pp	—
XRAYDENTSPLY SIRONA Inc.	—	−2,000,000	—	exited	−0.98 pp	—
GDGeneral Dynamics Corporation	—	−550,000	—	exited	−0.83 pp	—
MGMMgm Resorts International	—	−3,000,000	—	exited	−0.74 pp	—
MACThe Macerich Company	—	−1,425,000	—	exited	−0.69 pp	—
SW5Southwestern Energy Co	—	−15,000,000	—	exited	−0.62 pp	—
unresolvedPinnacle Foods Inc DEL	—	−1,000,000	—	exited	−0.44 pp	—
PCGPG&E Corporation	—	−1,250,000	—	exited	−0.42 pp	—
AABAAltaba Inc.	—	−750,000	—	exited	−0.39 pp	—