Dan Loeb’s Third Point had a busy first quarter, with the hedge fund adding seven new stock positions, each worth more than $100 million, and dumping a couple of major technology names, according to a securities filing released Thursday. One new position for Loeb was AT & T , at roughly $106 million. The exact date of the purchase is not shown, but the stock has outperformed in 2025, gaining about 20%, not including its lofty dividend. One of the biggest new positions for Loeb’s fund is chip giant Nvidia . That stake was valued at $157 million as of the end of March. That added to Third Point’s semiconductor exposure, with the fund holding a position in Taiwan Semiconductor worth nearly $300 million as of the end of the latest quarter. But Loeb said in April that he had sold out of most of his ” Magnificent Seven” holdings . The formal Securities and Exchange Commission filing shows Third Point exited positions in Meta Platforms and Tesla during the March quarter, and cut its holdings in Amazon and Microsoft . It is unclear if the fund continued selling those old positions, or dumped its new Nvidia stock, after the end of the first quarter. The positions revealed in the hedge fund’s quarterly filing do not reflect any trades made after the April 2 tariff rollout by President Donald Trump. The stock market was highly volatile in the weeks after that announcement, so it is possible the positions of Third Point and other hedge funds have changed substantially. Another notable addition for Third Point was Casey’s General Store . The fund’s position in that retail stock was valued at $130 million at quarter’s end. New stakes in Talen Energy and CoStar Group also topped $100 million. Other new additions during the quarter include Kenvue and U.S. Steel , both of which had already been reported or revealed publicly. Loeb founded the hedge fund in 1995 and has a long track record as an activist investor. Third Point’s flagship fund returned 24.2% in 2024 , according to an investor letter , outpacing a 23.3% gain for the S & P 500.
