Third Point

Q1 2019 13F · by Daniel Loeb, CIO

As of: Mar 31, 2019
Filed: May 15, 2019
US stock: $8.9B · prev $6.5B
Positions: 30 · prev 22
Options notional: $64M
Documents: 1· no amendments

Picture99.3% US stock

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

US stock listed on a US exchange 99.3%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.7%
Calls at notional value 0.0%

Moves25 since the prior filing

+27.5 pp in · −19.3 pp out

New 12 +26.91 pp
Added 1 +0.56 pp
Trimmed 7 −9.11 pp
Exited 4 −10.21 pp

Options: 1 move on a notional base, in the table below.

The book

Concentrated · behaves like 10 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 49% a year, about 2.0 years per position

Low
Moderate
High

Top 5 positions55% of US stock

BAX Baxter International Inc. held held25.5%
UTXZ RTX Corporation new+9.35 pp new+9.359.3%
CPB The Campbell's Company held held9.0%
DHR Danaher Corporation added+0.56 pp added+0.565.5%
unresolved Dowdupont Inc trimmed−2.71 pp trimmed−2.715.2%

Positions30 in this filing · 4 exited


BAXBaxter International Inc.	25.50%	28,000,000	$2.3B	held	—	16 q
UTXZRTX Corporation	9.35%	6,480,000	$835M	new	+9.35 pp	new
CPBThe Campbell's Company	8.97%	21,000,000	$801M	held	—	4 q
DHRDanaher Corporation	5.49%	3,710,000	$490M	added+19%	+0.56 pp	15 q
unresolvedDowdupont Inc	5.22%	8,745,000	$466M	trimmed−9%	−2.71 pp	7 q
PYPLPayPal Holdings, Inc.	4.07%	3,500,000	$363M	trimmed−13%	−1.13 pp	4 q
FOXAFox Corporation Class A	4.01%	9,755,000	$358M	new	+4.01 pp	new
BIDTribeca Strategic Acquisition Corp. Class A	2.82%	6,661,604	$251M	held	—	24 q
WPWorldpay, Inc.	2.80%	2,200,000	$250M	trimmed−16%	−0.29 pp	5 q
ADBEAdobe Inc.	2.69%	900,000	$240M	held	—	5 q
IQVIQVIA Holdings Inc.	2.63%	1,630,000	$234M	held	—	3 q
VVISA Inc.	2.62%	1,500,000	$234M	held	—	4 q
MPCMarathon Petroleum Corporation	2.35%	3,500,000	$209M	new	+2.35 pp	new
BSXBoston Scientific Corp.	2.15%	5,000,000	$192M	new	+2.15 pp	new
CRMSalesforce, Inc.	2.08%	1,175,000	$186M	held	—	5 q
STZConstellation Brands, Inc.	2.06%	1,050,000	$184M	trimmed−40%	−2.26 pp	24 q
CELGCelgene Corp	1.85%	1,750,000	$165M	new	+1.85 pp	new
AXPAmerican Express Company	1.84%	1,500,000	$164M	trimmed−48%	−2.41 pp	3 q
SPGIS&P Global Inc.	1.79%	760,000	$160M	trimmed−5%	−0.30 pp	12 q
unresolvedFar Pt Acquisition Corp	1.75%	15,692,500	$156M	held	—	4 q
ROSTRoss Stores Inc	1.67%	1,600,000	$149M	new	+1.67 pp	new
NFLXNetFlix Inc	1.60%	400,000	$143M	new	+1.60 pp	new
BKIBlack Knight, Inc.	1.07%	1,750,000	$95M	new	+1.07 pp	new
CCThe Chemours Company	0.83%	2,000,000	$74M	new	+0.83 pp	new
SONYSony Group Corporation	0.71%	1,500,000	$63M	new	+0.71 pp	new
unresolvedColfax Corp	0.66%	2,000,000	$59M	new	+0.66 pp	new
MSFTMicrosoft Corp	0.66%	500,000	$59M	new	+0.66 pp	new
unresolvedFar Pt Acquisition Corp	0.47%	4,000,000	$42M	held	—	4 q
KDMNKadmon Holdings, Inc.	0.28%	9,407,745	$25M	held	—	11 q
SHYiShares 1-3 Year Treasury Bond ETF	0.04%	38,260	$3M	trimmed−4%	−0.01 pp	6 q
unresolvedShire PLC	—	−1,719,413	—	exited	−4.60 pp	—
MRKMerck & Co., Inc.	—	−2,775,000	—	exited	−3.26 pp	—
CIThe Cigna Group	—	−575,000	—	exited	−1.68 pp	—
DOVDover Corporation	—	−615,000	—	exited	−0.67 pp	—