Daniel Loeb - Third Point
Third Point
Latest 13F filing
Q4 2025
filed Feb 17, 2026
Portfolio value
$7.27B
Positions
44
Top 10 concentration
54.1%
QoQ change
-19.1%
$-1.71B
Activity vs. Q3 2025
11
New positions
12
Added to
8
Unchanged
13
Reduced
75
Exited
Portfolio composition — Q4 2025
- PCGPG&E CORP7.6%
- NVDANVIDIA CORPORATION7.6%
- AMZNAMAZON COM INC6.9%
- MSFTMICROSOFT CORP6.1%
- UNPUNION PAC CORP5.8%
- CRHCRH PLC4.5%
- SGISOMNIGROUP INTERNATIONAL INC4.2%
- BNBROOKFIELD CORP3.9%
- NSCNORFOLK SOUTHN CORP3.9%
- TDSTELEPHONE & DATA SYS INC3.8%
- Other34 more positions45.9%
Top buys
New & added positions, by size
Holdings as of Q4 2025
| # | Ticker | Issuer | Shares | Value | % Portfolio | Reported price | Action | Δ Shares |
|---|---|---|---|---|---|---|---|---|
| 1 | PCG | PG&E CORP | 34,300,000 | $551.20M | 7.58% | $16.07 | REDUCE | -31.5% |
| 2 | NVDA | NVIDIA CORPORATION | 2,950,000 | $550.17M | 7.56% | $186.50 | ADD | +3.5% |
| 3 | AMZN | AMAZON COM INC | 2,165,000 | $499.73M | 6.87% | $230.82 | REDUCE | -23.0% |
| 4 | MSFT | MICROSOFT CORP | 925,000 | $447.35M | 6.15% | $483.62 | REDUCE | -15.9% |
| 5 | UNP | UNION PAC CORP | 1,810,000 | $418.69M | 5.76% | $231.32 | ADD | +106.9% |
| 6 | CRH | CRH PLC | 2,600,000 | $324.48M | 4.46% | $124.80 | ADD | +20.1% |
| 7 | SGI | SOMNIGROUP INTERNATIONAL INC | 3,400,000 | $303.55M | 4.17% | $89.28 | ADD | +13.3% |
| 8 | BN | BROOKFIELD CORP | 6,200,000 | $284.52M | 3.91% | $45.89 | ADD | +32.6% |
| 9 | NSC | NORFOLK SOUTHN CORP | 975,000 | $281.50M | 3.87% | $288.72 | REDUCE | -40.9% |
| 10 | TDS | TELEPHONE & DATA SYS INC | 6,675,000 | $273.68M | 3.76% | $41.00 | REDUCE | -0.5% |
| 11 | COF | CAPITAL ONE FINL CORP | 1,100,000 | $266.60M | 3.66% | $242.36 | REDUCE | -20.6% |
| 12 | CASY | CASEYS GEN STORES INC | 455,000 | $251.48M | 3.46% | $552.71 | REDUCE | -9.0% |
| 13 | CRS | CARPENTER TECHNOLOGY CORP | 785,000 | $247.15M | 3.40% | $314.84 | REDUCE | -7.6% |
| 14 | LYV | LIVE NATION ENTERTAINMENT IN | 1,725,000 | $245.81M | 3.38% | $142.50 | ADD | +27.8% |
| 15 | CSGP | COSTAR GROUP INC | 3,165,000 | $212.81M | 2.93% | $67.24 | ADD | +4.9% |
| 16 | MTZ | MASTEC INC | 925,000 | $201.07M | 2.76% | $217.37 | ADD | +27.6% |
| 17 | RKT | ROCKET COS INC | 9,515,000 | $184.21M | 2.53% | $19.36 | ADD | +137.9% |
| 18 | LPLA | LPL FINL HLDGS INC | 510,000 | $182.16M | 2.50% | $357.17 | REDUCE | -14.2% |
| 19 | CMG | CHIPOTLE MEXICAN GRILL INC | 4,725,000 | $174.82M | 2.40% | $37.00 | NEW | — |
| 20 | CEG | CONSTELLATION ENERGY CORP | 475,000 | $167.80M | 2.31% | $353.27 | NEW | — |
| 21 | VST | VISTRA CORP | 1,005,000 | $162.14M | 2.23% | $161.33 | ADD | +7.5% |
| 22 | DHR | DANAHER CORPORATION | 600,000 | $137.35M | 1.89% | $228.92 | ADD | +1100.0% |
| 23 | SN | SHARKNINJA INC | 1,200,000 | $134.28M | 1.85% | $111.90 | REDUCE | -33.3% |
| 24 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | 425,000 | $129.15M | 1.78% | $303.89 | REDUCE | -61.4% |
| 25 | BABA | ALIBABA GROUP HLDG LTD | 825,000 | $120.93M | 1.66% | $146.58 | NEW | — |
| 26 | APG | API GROUP CORP | 3,000,000 | $114.78M | 1.58% | $38.26 | NEW | — |
| 27 | FIX | COMFORT SYS USA INC | 105,000 | $98.00M | 1.35% | $933.29 | REDUCE | -47.5% |
| 28 | SPOT | SPOTIFY TECHNOLOGY S A | 100,000 | $58.07M | 0.80% | $580.71 | NEW | — |
| 29 | KVUE | KENVUE INC | 3,250,000 | $56.06M | 0.77% | $17.25 | REDUCE | -69.0% |
| 30 | PGR | PROGRESSIVE CORP | 220,000 | $50.10M | 0.69% | $227.72 | NEW | — |
| 31 | TMO | THERMO FISHER SCIENTIFIC INC | 50,000 | $28.97M | 0.40% | $579.45 | NEW | — |
| 32 | SRTA | STRATA CRITICAL MEDICAL INC | 5,000,000 | $24.05M | 0.33% | $4.81 | — | 0% |
| 33 | WIX | WIX COM LTD | 225,000 | $23.38M | 0.32% | $103.89 | NEW | — |
| 34 | CSX | CSX CORP | 500,000 | $18.13M | 0.25% | $36.25 | NEW | — |
| 35 | HTZWW | HERTZ GLOBAL HLDGS INC | 3,970,000 | $10.64M | 0.15% | $2.68 | — | 0% |
| 36 | PCG 4.25 12/01/27 | PG&E CORP | 10,000,000 | $10.28M | 0.14% | $1.03 | — | 0% |
| 37 | — | ARS PHARMACEUTICALS INC | 556,237 | $6.48M | 0.09% | $11.65 | NEW | — |
| 38 | CTEV | CLARITEV CORPORATION | 145,000 | $6.20M | 0.09% | $42.75 | NEW | — |
| 39 | PCG 6 12/01/27 A | PG&E CORP | 140,000 | $5.74M | 0.08% | $41.00 | — | 0% |
| 40 | FLYX | FLYEXCLUSIVE INC | 1,022,000 | $4.20M | 0.06% | $4.11 | — | 0% |
| 41 | AUR | AURORA INNOVATION INC | 1,032,463 | $3.96M | 0.05% | $3.84 | — | 0% |
| 42 | BHC | BAUSCH HEALTH COS INC | 350,000 | $2.43M | 0.03% | $6.95 | ADD | +250.0% |
| 43 | AUROW | AURORA INNOVATION INC | 1,835,000 | $413.06K | 0.01% | $0.23 | — | 0% |
| 44 | FLYX/WS | FLYEXCLUSIVE INC | 367,499 | $104.66K | 0.00% | $0.28 | — | 0% |
Positions exited in Q4 2025
| Ticker | Issuer | Prior shares |
|---|---|---|
| HE | HAWAIIAN ELEC INDUSTRIES | 0 |
| — | JAWS MUSTANG ACQUISITION COR | 0 |
| ROP | ROPER TECHNOLOGIES INC | 0 |
| AD | UNITED STATES CELLULAR CORP | 0 |
| UBER | UBER TECHNOLOGIES INC | 0 |
| ASML | ASML HOLDING N V | 0 |
| IFF | INTERNATIONAL FLAVORS&FRAGRA | 0 |
| DT | DYNATRACE INC | 0 |
| IT | GARTNER INC | 0 |
| — | SOCIAL LEVERAGE ACQUISN CORP | 0 |
| FLT1EUR | FLEETCOR TECHNOLOGIES INC | 0 |
| WCC | WESCO INTL INC | 0 |
| GS | GOLDMAN SACHS GROUP INC | 0 |
| MRVL | MARVELL TECHNOLOGY INC | 0 |
| PTEN | PATTERSON-UTI ENERGY INC | 0 |
| MU | MICRON TECHNOLOGY INC | 0 |
| KBH | KB HOME | 0 |
| MSCI | MSCI INC | 0 |
| VZ | VERIZON COMMUNICATIONS INC | 0 |
| SPGI | S&P GLOBAL INC | 0 |
| TMCWW | TMC THE METALS COMPANY INC | 0 |
| MCK | MCKESSON CORP | 0 |
| BMRN | BIOMARIN PHARMACEUTICAL INC | 0 |
| FERG | FERGUSON PLC NEW | 0 |
| DD | DUPONT DE NEMOURS INC | 0 |
| AAPL | APPLE INC | 0 |
| DFSEUR | DISCOVER FINL SVCS | 0 |
| CORZ | CORE SCIENTIFIC INC NEW | 3,000,000 |
| GB | GLOBAL BLUE GROUP HOLDING AG | 0 |
| CYH | COMMUNITY HEALTH SYS INC NEW | 150,000 |
| T | AT&T INC | 0 |
| SABR | SABRE CORP | 0 |
| AKX | ANSYS INC | 0 |
| APH | AMPHENOL CORP NEW | 0 |
| FLUT | FLUTTER ENTMT PLC | 1,120,000 |
| AIG | AMERICAN INTL GROUP INC | 0 |
| GOOGL | ALPHABET INC | 0 |
| APO | APOLLO GLOBAL MGMT INC | 650,000 |
| APO 6.75 07/31/26 | APOLLO GLOBAL MGMT INC | 900,000 |
| META | META PLATFORMS INC | 220,000 |
| FND | FLOOR & DECOR HLDGS INC | 1,330,000 |
| J | JACOBS SOLUTIONS INC | 915,000 |
| 07WA | MR COOPER GROUP INC | 925,000 |
| AAP | ADVANCE AUTO PARTS INC | 0 |
| ARDT | ARDENT HEALTH INC | 0 |
| ASIC | ATEGRITY SPECIALTY IN CO HO | 0 |
| USX1 | UNITED STATES STL CORP NEW | 0 |
| GTLS | CHART INDS INC | 0 |
| CPAY | CORPAY INC | 0 |
| DOCU | DOCUSIGN INC | 0 |
| FLS | FLOWSERVE CORP | 0 |
| FTV | FORTIVE CORP | 0 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 0 |
| PRMB | PRIMO BRANDS CORPORATION | 5,775,000 |
| SPY | SPDR S&P 500 ETF TR | 875,000 |
| TLN | TALEN ENERGY CORP | 350,000 |
| EQT | EQT CORP | 0 |
| — | GLOBAL BLUE GROUP HOLDING AG | 0 |
| — | SPDR S&P 500 ETF TR | 0 |
| NPWR/WS | NET POWER INC | 0 |
| HES | HESS CORP | 0 |
| 75Z | SOHO HOUSE & CO INC | 0 |
| RBA | RB GLOBAL INC | 0 |
| RAL | RALLIANT CORP | 0 |
| SE | SEA LTD | 0 |
| TTAN | SERVICETITAN INC | 0 |
| WDAY | WORKDAY INC | 0 |
| PINS | PINTEREST INC | 0 |
| CNK | CINEMARK HLDGS INC | 0 |
| CCO | CLEAR CHANNEL OUTDOOR HLDGS | 0 |
| FERG | FERGUSON ENTERPRISES INC | 0 |
| TSLA | TESLA INC | 0 |
| BBWI | BATH & BODY WORKS INC | 0 |
| CVS | CVS HEALTH CORP | 0 |
| SDRL | SEADRILL LTD | 0 |
Source: SEC EDGAR 13F-HR filing Feb 17, 2026. Reported prices are derived from the filing's value-to-shares ratio (effectively the quarter-end mark). Filings are published with a 45-day delay. CIK 0001040273.