Datasets:

jkv53

/

13F_Reports

like 0

"Tracking Bill Ackman’s Pershing Square Portfolio – Q4 2014 Update"

"Ackman’s US long portfolio increased ~20% from $13.43B to $16.04B this quarter.Pershing Square’s largest stake is Allergan which is at a whopping ~35% of the US long portfolio.Pershing Square significantly increased Zoetis Inc. this quarter.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s US long portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 02/17/2015. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q3 2014.Ackman’s US long portfolio increased 19.49% from $13.43B to $16.04B this quarter. The number of positions remained steady at 7. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for just over 70% of the total portfolio value: Allergan Inc. (35.30%), Air Products & Chemicals (18.47%), and Canadian Pacific Railway (16.74%).In Q2 2014, Pershing Square unveiled plans to do an Initial Public Offering (IPO) as a means to increase the amount of capital that is permanent. Pershing Square Holdings (PSHZF) debut on Euronext Amsterdam in October 2014. At the time, Ackman said their total capital is at $18B of which around one-third is Pershing Square Holdings.To learn more about Bill Ackman, check-out the book “”.New stakes:None.Stake Disposals:None.Stake Increases:Zoetis Inc. (ZTS): ZTS was a small 1.52% of the US long portfolio position (5.5M shares) established last quarter at prices between $31.79 and $37.20. This quarter saw a whopping 650% stake increase. The overall cost-basis is around $37. Ackman controls 8.3% of the business. The stock currently trades at $45.65.Platform Specialty Products (PAH): On 01/23/2014, Ackman disclosed a huge new stake in Platform Specialty Products Corporation (PAH) in a 13G filing. Pershing Square was PAH investor prior to its NYSE IPO: Ackman had invested in Platform Acquisition Holdings, an investment vehicle incorporated in the London Exchange (since renamed Platforms Specialty Products). They acquired MacDermid (a US listed business that was taken private for ~$1.3B in an MBO transaction in 2007) in a $1.8B deal in Q4 2013. The NYSE IPO followed and the London listing was cancelled. The stock currently trades at $24.39 and has returned almost 70% since the IPO. This quarter saw a ~28% stake increase at prices between $20.97 and $27.74. The overall cost-basis is around $14 with the recent stake increase (9.4M shares) at $25.64.Stake Decreases:Allergan Inc. (AGN): AGN was a very small 0.88% of the US long portfolio stake established in Q1 2014 at prices between $110 and $132. On 04/21/2014, Ackman disclosed a huge 9.7% ownership in the business. It is currently his largest holding at 35.30% of the US long portfolio. The average-cost-basis is in the low $120s. This quarter saw a 7.77% stake reduction at prices between $177 and $214. The stock currently trades at $231.Note: In early 2014, Ackman collaborated with Valeant (VRX) in its effort to buy Allergan in a hostile takeover. That effort failed, but in November 17, 2014 Actavis plc (ACT) agreed to buy AGN for $219 per share in a cash-and-stock deal ($129.22 cash and 0.3683 Actavis stock for each share held). In December 2014, an Allergan shareholder sued Bill Ackman alleging insider trading.Restaurant Brands International (QSR) previously Burger King Worldwide (BKW): QSR is a ~9.25% of the US long portfolio stake. Tim Hortons and Burger King Worldwide merged and then renamed the entity as Restaurant Brands International. Pershing Square had a huge investment in BKW and those shares got exchanged for QSR shares. The original BKW stake was established in Q3 2012 at prices between $13.03 and $15.88. The position was increased marginally in Q1 2013 at prices between $16.31 and $19.95. This quarter saw a very minor reduction. The stock currently trades at $41.Kept Steady:Air Products & Chemicals (APD): In Q2 2013, a new 8.44% of the US long portfolio APD stake was purchased at prices between $92.80 and $96.59. The position was since more than doubled at prices between $91 and $107 by Q4 2013. It has since been kept steady. The stock currently trades at around $156 and the stake stands at 18.47% of the US long portfolio - it is Ackman’s second-largest position after Allergan. Pershing Square owns 9.8% of the shares outstanding in APD and they are very bullish. It is an activist stake and Ackman has enjoyed some success on that front - the and three new board members were appointed in June 2014.Howard Hughes Corp (HHC): HHC is a small 2.90% of the US long portfolio position that was established in 2010 as a result of its spin-off from General Growth Properties (GGP). The stake has remained untouched during the whole period. The stock returned ~63% in 2013 and has returned ~21% since. Ackman called HHC one of the best kept secrets on Wall Street at the Harbor Investor Conference in February 2013.Canadian Pacific Railway (CP): CP is Pershing Square’s third-largest 13F position at 16.74% of the US long portfolio. The stake was established in Q3 2011 with the bulk purchased in Q4 2011 at prices between $46.05 and $71.82. The stock currently trades at around $190. Ackman reigned in management and board changes at the company by winning a proxy battle in May 2012. The position was reduced by ~26% in Q4 2013 at prices between $123 and $157. Q2 2014 also saw a ~19% reduction at prices between $144 and $185. Ackman is opportunistically harvesting huge long-term gains from this position.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other large long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman holds just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at an average cost-basis of ~$2.30 and 63.5M shares of FMCC at an average cost-basis of $2.14. The combined investment outlay was ~$400M and it is currently valued at around $539M. In the Ira Sohn conference in August 2014, Ackman said his conservative case values FNMA & FMCC at ~$23 per share each. The stock prices of both these businesses experienced large price drops following a in early October 2014. Investors had filed around 20 lawsuits against the US government over Fannie/Freddie and the Federal Housing Finance Agency’s actions as conservator. Other Hedge Funds involved include Perry Capital and Fairholme Capital.Ackman also is known to have large short positions, although Herbalife (HLF) is the only one publicly known - there is no regulatory requirement to disclose short positions and so only the ones that Ackman voluntarily discloses are known.The spreadsheet below highlights changes to Pershing Square’s US stock holdings in Q4 2014:"

"Tracking Bill Ackman’s Pershing Square Portfolio – Q3 2014 Update"

"Ackman’s US long portfolio increased from $12.6B to $13.4B this quarter.Pershing Square’s largest stake is Allergan which is at a whopping ~38% of the US long portfolio.Pershing Square established a large position in Zoetis Inc. this quarter.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s US long portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 11/14/2014. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q2 2014.Ackman’s US long portfolio increased from $12.6B to $13.4B this quarter largely due to significant price increases in several of his positions. The number of positions increased from 6 to 7: a new position in Zoetis Inc. was established in the quarter. The portfolio remains heavily concentrated with a few huge bets: the top three positions account for close to 80% of the total portfolio value.In their Q2 2014 Investor , Pershing Square unveiled plans to do an Initial Public Offering (IPO) as a means to increase the amount of capital that is permanent. Pershing Square Holdings debut on Euronext Amsterdam in October. At the time, Bill Ackman their total capital is at $18B of which around one-third is Pershing Square Holdings.To learn more about Bill Ackman, check-out the book “”.New stakes:Zoetis Inc. (ZTS): ZTS was a small 1.52% of the US long portfolio position (5.5M shares) established this quarter at prices between $31.79 and $37.20. The stock currently trades at $43.14. On November 12, 2014, Ackman disclosed in a 13D that his ownership of the business has reached 8.3% (41.82M shares). The overall cost-basis is around $37.Stake Disposals:None.Stake Increases:Canadian Pacific Railway (CP): CP is Pershing Square’s second-largest 13F position at 21.54% of the US long portfolio. The stake was established in Q3 2011 with the bulk purchased in Q4 2011 at prices between $46.05 and $71.82. The stock currently trades at around $205. Ackman reigned in management and board changes at the company by winning a proxy battle in May 2012. The position was marginally reduced in Q3 2013 at prices between $117 and $130 and by ~26% in Q4 2013 at prices between $123 and $157. Last quarter, the position was further reduced by ~19% at prices between $144 and $185. This quarter saw a marginal increase. Ackman is opportunistically harvesting huge long-term gains from this position.Stake Decreases:None.Kept Steady:Air Products & Chemicals (APD): In Q2 2013, a new 8.44% of the US long portfolio APD stake was purchased at prices between $92.80 and $96.59. The position was since more than doubled at prices between $91 and $107 by Q4 2013. It has since been kept steady. The stock currently trades at around $135 and the stake stands at 19.93% of the US long portfolio - it is Ackman’s third-largest position after Allergan and Canadian Pacific Railway. Pershing Square owns 9.8% of the shares outstanding in APD and they are very bullish. It is an activist stake and Ackman has enjoyed some success on that front - the and three new board members were appointed in June 2014.Allergan Inc. (AGN): AGN was a very small 0.88% of the US long portfolio established in Q1 2014 at prices between $110 and $132. On 04/21/2014, Ackman disclosed a 9.7% ownership in the business, primarily through call options that expire in March/April 2015. The position has since been converted to a long stake and the overall cost-basis is in the low $120s. The stock currently trades at $199.Note: Ackman is collaborating with Valeant (VRX) in its effort to buy Allergan in a hostile takeover. It was disclosed in August that SEC is probing Valeant and Ackman’s hostile takeover bid of Allergan. Earlier in that month, alleging insider trading and other fraudulent practices. A deal between Actavis plc (ACT) and Allergan is rumored to be announced this week in a bid to fend off Valeant/Ackman.Burger King Worldwide (BKW): BKW is an 8.29% of the US long portfolio stake that was established in Q3 2012 at prices between $13.03 and $15.88. The position was increased marginally in Q1 2013 at prices between $16.31 and $19.95. The stock currently trades at $32.29. Ackman’s investment in Burger King Worldwide (BKW) started with a transaction to acquire 29% of the company for $1.4B in April 2012. The acquisition was done through Justice Holdings, a British company controlled by Ackman. That stake is not reported in the 13F filings as Justice Holdings is a UK listed investment vehicle - it is not a 13F security.Platform Specialty Products (PAH): On 01/23/2014, Ackman disclosed a huge new stake in Platform Specialty Products Corporation (PAH) in a 13G filing. PAH had an IPO and the transaction was similar to the Burger King Worldwide IPO - Prior to the NYSE listing, Platform Specialty Products (Platform Acquisition Holdings at that time) was incorporated in the London Exchange as an investment vehicle and they acquired MacDermid (a US listed business that was taken private for ~$1.3B in an MBO transaction in 2007) in a $1.8B deal. Ackman participated in the process as a Platform Acquisition Holdings investor. The stock currently trades at $25.50 and has so far returned around 71% since the IPO. On October 3, 2014, Pershing Square disclosed in a 13D that his ownership interest is at 26.1% (42.74M shares). The overall cost-basis is around $14 with the recent stake increase (9.4M shares) at $25.64.Howard Hughes Corp (HHC): HHC is a small 3.99% of the US long portfolio position that was established in 2010 as a result of its spin-off from GGP. The stake has remained untouched during the whole period. The stock returned ~63% in 2013 and has returned another 20% so far this year. Ackman called HHC one of the best kept secrets on Wall Street at the Harbor Investor Conference in February 2013.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other large long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman holds just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at an average cost-basis of ~$2.30 and 63.5M shares of FMCC at an average cost-basis of $2.14. The combined investment outlay was ~$400M and it is currently valued at around $380M. In the Ira Sohn conference in August, Ackman said his conservative case values FNMA & FMCC at ~$23 per share each. The stock prices of both these businesses experienced large price drops following a in early October. Investors had filed around 20 lawsuits against the US government over Fannie/Freddie and the Federal Housing Finance Agency’s actions as conservator. Other Hedge Funds involved include Perry Capital and Fairholme Capital.Ackman also is known to have large short positions, although Herbalife (HLF) is the only one publicly known - there is no regulatory requirement to disclose short positions and so only the ones that Ackman voluntarily discloses are known.The spreadsheet below highlights changes to Pershing Square’s US stock holdings in Q3 2014:"

"Tracking Bill Ackman’s Pershing Square Portfolio – Q2 2014 Update"

"Ackman’s US long portfolio increased from $8.38B to $12.6B this quarter.Pershing Square’s largest stake is Allergan which was increased to a whopping ~39% of the US long portfolio position this quarter.Pershing Square sold out of Beam Suntory and substantially decreased Canadian Pacific Railway.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s US long portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 08/13/2014. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q1 2014.Ackman’s US long portfolio increased from $8.38B to $12.6B this quarter largely due to a huge stake increase in Allergan Inc. The number of positions decreased from 9 to 6: the 11.60% position in Beam Suntory along with very small positions in Apartment Investment & Management Company and Home Properties Inc. were eliminated this quarter and no new positions were added. The portfolio remains heavily concentrated with a few huge bets: the top three positions account for close to 80% of the total portfolio value.To learn more about Bill Ackman, check-out the book “”.New stakes:None.Stake Disposals:Beam Suntory (BEAM): BEAM is a spin-off from Fortune Brands. Ackman acquired a stake in Fortune Brands in 2010 and his cost-basis is well below the spin-off price of $47. On 01/14/2014, Suntory Holdings of Japan announced the acquisition of BEAM at $83.50 cash-per-share. Soon after, Ackman disclosed that one-third of his position was sold at a price-per-share of around $83. This quarter, the remaining position was eliminated. Ackman harvested large long-term gains from this position.Apartment Investment & Management Co. (AIV) & Home Properties Inc. (HME): AIV & HME were small 1.35% & 0.34% of the US long portfolio positions respectively established last quarter. The AIV stake was acquired at prices between $25.72 and $31.09 and it was eliminated this quarter at prices between $29 and $32.50. The HME stake was purchased at prices between $53.62 and $61.39 and it was eliminated this quarter at prices between $59 and $64. The quick about-turn on these two positions was probably to raise cash for the Allergan bid.Stake Increases:Allergan Inc. (AGN): AGN was a very small 0.88% of the US long portfolio established last quarter at prices between $110 and $132. On 04/21/2014, Ackman disclosed a 9.7% ownership in the business, primarily through call options that expire in March/April 2015. The position has since been converted to a long stake and the overall cost-basis is in the low $120s. The stock currently trades at $157.Note: Ackman is collaborating with Valeant (VRX) in its effort to buy Allergan in a hostile takeover. It was disclosed yesterday that SEC is probing Valeant and Ackman’s hostile takeover bid of Allergan. Earlier in the month, alleging insider trading and other fraudulent practices.Stake Decreases:Canadian Pacific Railway (CP): CP is Pershing Square’s third-largest 13F position at 20.04% of the US long portfolio. The stake was established in Q3 2011 with the bulk purchased in Q4 2011 at prices between $46.05 and $71.82. The stock currently trades at around $192. Ackman reigned in management and board changes at the company by winning a proxy battle in May 2012. The position was marginally reduced in Q3 2013 at prices between $117 and $130 and by ~26% in Q4 2013 at prices between $123 and $157. This quarter, the position was further reduced by ~19% at prices between $144 and $185. Ackman is harvesting huge long-term gains from this position.Kept Steady:Air Products & Chemicals (APD): In Q2 2013, a new 8.44% of the US long portfolio APD stake was purchased at prices between $92.80 and $96.59. The position was since more than doubled at prices between $91 and $107 by Q4 2013. It has since been kept steady. The stock currently trades at around $132 and the stake stands at 20.98% of the US long portfolio - it is Ackman’s second-largest position after Allergan. Pershing Square owns 9.8% of the shares outstanding in APD and they are very bullish - Ackman recently commented that APD should trade upwards of $200 within the next three years. It is an activist stake and Ackman has enjoyed some success on that front - the and three new board members were appointed in June 2014.Burger King Worldwide (BKW): BKW is an 8.29% of the US long portfolio stake that was established in Q3 2012 at prices between $13.03 and $15.88. The position was increased marginally in Q1 2013 at prices between $16.31 and $19.95. The stock currently trades at $26.45. Ackman’s investment in Burger King Worldwide (BKW) started with a transaction to acquire 29% of the company for $1.4B in April 2012. The acquisition was done through Justice Holdings, a British company controlled by Ackman. That stake is not reported in the 13F filings as Justice Holdings is a UK listed investment vehicle - it is not a 13F security.Platform Specialty Products (PAH): On 01/23/2014, Ackman disclosed a huge new stake in Platform Specialty Products Corporation (PAH) in a 13G filing. It is currently valued at around $934M and Ackman controls 30.9% of the shares outstanding. PAH had an IPO and the transaction was similar to the Burger King Worldwide IPO - Prior to the NYSE listing, Platform Specialty Products (Platform Acquisition Holdings at that time) was incorporated in the London Exchange as an investment vehicle and they acquired MacDermid (a US listed business that was taken private for ~$1.3B in an MBO transaction in 2007) in a $1.8B deal. Ackman participated in the process as a Platform Acquisition Holdings investor. The stock currently trades at $26.35 and has so far returned around 77% since the IPO.Howard Hughes Corp (HHC): HHC is a small 4.47% of the US long portfolio position that was established in 2010 as a result of its spin-off from GGP. The stake has remained untouched during the whole period. The stock returned ~63% in 2013 and has returned another ~34% so far this year. Ackman called HHC one of the best kept secrets on Wall Street at the Harbor Investor Conference in February 2013.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other large long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman holds just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at an average cost-basis of ~$2.30 and 63.5M shares of FMCC at an average cost-basis of $2.14. The combined investment outlay was ~$400M and it is currently valued at over $720M. In the Ira Sohn conference earlier this month, Ackman said his conservative case values FNMA & FMCC at ~$23 per share each. The stocks currently trade in the $4 area. Other super-investors betting on Fannie & Freddie include Carl Icahn and Bruce Berkowitz.Ackman also is known to have large short positions, although Herbalife is the only one publicly known - there is no regulatory requirement to disclose short positions and so only the ones that Ackman voluntarily discloses are known.The spreadsheet below highlights changes to Pershing Square’s US stock holdings in Q2 2014:"

"Tracking Bill Ackman’s Pershing Square Portfolio – Q1 2014 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s US long portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 05/15/2014. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q4 2013.Ackman’s US long portfolio increased marginally from $8.23B to $8.38B this quarter. The number of positions increased from 7 to 9: there were four new additions and a large position in General Growth Properties was eliminated this quarter. The portfolio remains heavily concentrated with a few huge bets: the top three positions account for just over 72% of the total portfolio value.To learn more about Bill Ackman, check-out the book “”.New stakes:Platform Specialty Products (PAH): On 01/23/2014, Ackman disclosed a huge new stake in Platform Specialty Products Corporation (PAH) in a 13G filing. It is currently valued at around $635M and Ackman controls 30.9% of the shares outstanding. PAH had an IPO and the transaction was similar to the Burger King Worldwide IPO - Prior to the NYSE listing, Platform Specialty Products (Platform Acquisition Holdings at that time) was incorporated in the London Exchange as an investment vehicle and they acquired MacDermid (a US listed business that was taken private for ~$1.3B in an MBO transaction in 2007) in a $1.8B deal. Ackman participated in the process as a Platform Acquisition Holdings investor. The stock currently trades at $21 compared to the initial trading price of $14.90.Allergan Inc. (AGN): AGN is a very small 0.88% of the US long portfolio established this quarter at prices between $110 and $132. The stock currently trades at $159.On 04/21/2014, Ackman disclosed a 9.7% ownership in the business, primarily through call options that expire in March/April 2015. He is collaborating with Valeant in its effort to buy Allergan in a hostile takeover. The stock has spiked around 30% since the announcement.Apartment Investment & Management Co. (AIV) & Home Properties Inc. (HME): AIV & HME are small 1.35% & 0.34% of the US long portfolio positions respectively established this quarter. The AIV stake was acquired at prices between $25.72 and $31.09 and the stock currently trades at $30.92. The HME stake was purchased at prices between $53.62 and $61.39 and the stock currently trades at $61.84. As the position sizes are very small, they do not indicate a clear bias.Stake Disposals:General Growth Properties (GGP): GGP is one of Ackman’s biggest wins at Pershing Square. He acquired the stake during bankruptcy in Q2 2009 in the $1 price-range and the stock currently trades at $23.34! The stake was kept steady in Q1 2013 after it was increased by around 3.5% in Q3 2012 at prices between $17.20 and $20.99. In Q2 2013, the position was reduced by 9.3% at prices between $19.32 and $23.33. It was further reduced by ~48% in Q3 2013 at prices between $18.69 and $21.64. Last quarter saw a 23% stake reduction at prices between $19.29 and $21.61. On February 11, 2014, it was announced that his remaining ~28M share position was sold back to GGP for $556M. He harvested huge gains from the position. Ackman commented that his effort (pushing the company to file bankruptcy in 2009 and guiding it back to health) turned $60M into $1.6B in less than 5 years, an annualized return of just under 100%!Stake Increases:None.Stake Decreases:Beam Inc. (BEAM): BEAM is a spin-off from Fortune Brands and the stock is up around 50% since the spin-off in September 2011. Ackman acquired the stake in Fortune Brands in 2010 and his cost-basis is well below the spin-off price. On 01/14/2014, Suntory Holdings of Japan announced the acquisition of BEAM at $83.50 cash-per-share. Soon after, Ackman disclosed that one-third of his position was sold at a price-per-share of around $83. Ackman has started to harvest huge gains from this position.Kept Steady:Air Products & Chemicals (APD): In Q2 2013, a new 8.44% of the US long portfolio APD stake was purchased at prices between $92.80 and $96.59. The position was since more than doubled at prices between $91 and $107. Last quarter saw a marginal stake increase and this quarter the position was kept steady. The stock currently trades at around $117 and the stake stands at 29.19% of the US long portfolio - it is Ackman’s second-largest position after Canadian Pacific Railway. At roughly $2.45B, this is the biggest activist stake ever for Pershing Square. The Q3 2013 investor letter disclosed that Ackman is having success with activism at APD - CEO John McGlade has agreed to retire by June 30, 2014 and three new members are set to join the company board, replacing three retiring directors. Pershing Square owns 9.8% of the shares outstanding in APD and they are very bullish - Ackman recently commented that APD should trade upwards of $200 within the next three years.Burger King Worldwide (BKW): BKW is a 12.16% of the US long portfolio stake that was established in Q3 2012 at prices between $13.03 and $15.88. The position was increased marginally in Q1 2013 at prices between $16.31 and $19.95. Last quarter saw a marginal stake increase and was kept steady this quarter. The stock currently trades at $25. Ackman’s investment in Burger King Worldwide (BKW) started with a transaction to acquire 29% of the company for $1.4B in April 2012. The acquisition was done through Justice Holdings, a British company controlled by Ackman. That stake is not reported in the 13F filings as Justice Holdings is a UK listed investment vehicle - it is not a 13F security. Including that, the investment in BKW rivals his stakes in Canadian Pacific Railway and Air Products & Chemicals, his largest positions.Canadian Pacific Railway (CP): CP is Pershing Square’s largest 13F position at 30.81 % of the US long portfolio. The stake was established in Q3 2011 with the bulk purchased in Q4 2011 at prices between $46.05 and $71.82. The stock currently trades at around $159. Ackman reigned in management and board changes at the company by winning a proxy battle in May 2012. The position was marginally reduced in Q3 2013 at prices between $117 and $130 and by ~26% last quarter at prices between $123 and $157.Howard Hughes Corp (HHC): HHC is a small 6.08% of the US long portfolio position that was established in 2010 as a result of its spin-off from GGP. The stake has remained untouched during the whole period. The stock returned ~63% in 2013. Ackman called HHC one of the best kept secrets on Wall Street at the Harbor Investor Conference in February 2013.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other large long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman holds just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at an average cost-basis of ~$2.30 and 63.5M shares of FMCC at an average cost-basis of $2.14. The combined investment outlay was ~$400M and it is currently valued at around $760M. In the Ira Sohn conference earlier this month, Ackman said his conservative case values FNMA & FMCC at ~$23 per share each. The stocks currently trade in the $4 area. Ackman also is known to have large short positions, although Herbalife is the only one publicly known - there is no regulatory requirement to disclose short positions and so only the ones that Ackman voluntarily discloses are known.The spreadsheet below highlights changes to Pershing Square’s US stock holdings in Q1 2014:"

"Tracking Bill Ackman’s Pershing Square Portfolio – Q4 2013 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s US long portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 02/14/2014. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q3 2013.Ackman’s US long portfolio decreased around 20% from $10.28B to $8.23B this quarter. The number of positions reduced from 8 to 7: there were no new additions and a large position in Procter & Gamble (calls) was eliminated this quarter. The portfolio remains heavily concentrated with a few huge bets: the top five positions account for 94.06% of the total portfolio value.Since the end of the quarter, Ackman disclosed a huge new stake in Platform Specialty Products Corporation (PAH). It is currently valued at around $560M and Ackman controls 30.9% of the shares outstanding. PAH had an IPO earlier this year and the transaction was similar to the Burger King Worldwide IPO - Prior to the NYSE listing, Platform Specialty Products was incorporated in the London Exchange last year as an investment vehicle and they acquired MacDermid in a $1.8B deal. Fannie Mae (FNMA) and Freddie Mac (FMCC) are other large long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman holds just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at an average cost-basis of ~$2.30 and 63.5M shares of FMCC at an average cost-basis of $2.14. The combined investment outlay was ~$400M and it is currently valued just under $550M. Ackman also is known to have large short positions, although Herbalife is the only one publicly known - there is no regulatory requirement to disclose short positions and so only the ones that Ackman voluntarily discloses are known.The fund had below-par results for 2013 mostly due to two outsized bets that soured - J C Penney long and Herablife short. To learn more about Bill Ackman, check-out the book “”.New stakes:None.Stake Disposals:Procter & Gamble Co (PG) & CALLS: PG was a huge ~24% of the US long portfolio activist position established in Q2 2012 at prices between $59.27 and $67.57. The original position was through a combination of PG common stock and long-dated calls. The stake was increased by 28.55% in Q3 2012 at prices between $61.19 and $69.76. In Q4 2012, the long position was kept steady while the call options were reduced by one-third. The pattern continued in Q1 2013 as the call options were reduced by another 78%. Q2 2013 saw a huge reversal as the long position was drastically reduced while simultaneously increasing the position in the call options. Last quarter saw the long-position getting reduced by ~75% at prices between $75.59 and $82.17. This quarter, the position was almost eliminated. Only a small 0.73% of the US long portfolio allocation to PG common stock remains. The stock currently trades at around $79.40. Ackman has moved on from P&G - the CEO was ousted in May 2013 and the stock posted a ~20% gain in 2013.Stake Increases:Air Products & Chemicals (APD): In Q2 2013, a new 8.44% of the US long portfolio APD stake was purchased at prices between $92.80 and $96.59. The position was since more than doubled at prices between $91 and $107. This quarter saw a marginal stake increase. The stock currently trades at around $117 and the stake stands at 21.91% of the US long portfolio - it is Ackman’s second-largest position after Canadian Pacific Railway. At roughly $2.3B, this is the biggest activist stake ever for Pershing Square. The Q3 2013 investor letter disclosed that Ackman is having success with activism at APD - CEO John McGlade has agreed to retire by June 30, 2014 and three new members are set to join the company board, replacing three retiring directors. Pershing Square owns 9.8% of the shares outstanding in APD and they are very bullish - Ackman recently commented that APD should trade upwards of $200 within the next three years.Burger King Worldwide (BKW): BKW is a 10.66% of the US long portfolio stake that was established in Q3 2012 at prices between $13.03 and $15.88. The position was increased marginally in Q1 2013 at prices between $16.31 and $19.95. This quarter saw a marginal stake increase. The stock currently trades at $25.63. Ackman’s investment in Burger King Worldwide (BKW) started with a transaction to acquire 29% of the company for $1.4B in April 2012. The acquisition was done through Justice Holdings, a British company controlled by Ackman. That stake is not reported in the 13F filings as Justice Holdings is a UK listed investment vehicle - it is not a 13F security. Including that, the investment in BKW rivals his stakes in Canadian Pacific Railway and Air Products & Chemicals, his largest positions.Stake Decreases:General Growth Properties (GGP): GGP is one of Ackman’s biggest wins at Pershing Square. He acquired the stake during bankruptcy in Q2 2009 in the $1 price-range and the stock currently trades at $21.92! The stake was kept steady in Q1 2013 after it was increased by around 3.5% in Q3 2012 at prices between $17.20 and $20.99. In Q2 2013, the position was reduced by 9.3% at prices between $19.32 and $23.33. It was further reduced by ~48% last quarter at prices between $18.69 and $21.64. This quarter saw a 23% stake reduction at prices between $19.29 and $21.61. On February 11, 2014, it was announced that his remaining ~28M share position was sold back to GGP for $556M. He harvested huge gains from the position. Ackman commented that his effort (pushing the company to file bankruptcy in 2009 and guiding it back to health) turned $60M into $1.6B in less than 5 years, an annualized return of just under 100%!Canadian Pacific Railway (CP): CP is Pershing Square’s largest 13F position at 31.55 % of the US long portfolio. The stake was established in Q3 2011 with the bulk purchased in Q4 2011 at prices between $46.05 and $71.82. The stock currently trades at around $155. Ackman reigned in management and board changes at the company by winning a proxy battle in May 2012. The position was marginally reduced last quarter at prices between $117 and $130 and by ~26% this quarter at prices between $123 and $157. Ackman is starting to harvest large gains from this position.The remaining two positions were untouched during the quarter:Beam Inc. (BEAM): BEAM is a spin-off from Fortune Brands and the stock is up around 50% since the spin-off in September 2011. Ackman acquired the stake in Fortune Brands in 2010 and his cost-basis is well below the spin-off price. On 01/14/2014, Suntory Holdings of Japan announced the acquisition of BEAM at $83.50 cash-per-share. Soon after, Ackman disclosed that one-third of the position was sold at a price-per-share of around $83. Here again, Ackman started to harvest huge gains from this position.Howard Hughes Corp (HHC): HHC is a small 5.21% of the US long portfolio position that was established in 2010 as a result of its spin-off from GGP. The stake has remained untouched during the whole period. The stock returned ~63% in 2013. Ackman called HHC one of the best kept secrets on Wall Street at the Harbor Investor Conference in February 2013.The spreadsheet below highlights changes to Pershing Square’s US stock holdings in Q4 2013:"

"Tracking Bill Ackman’s Pershing Square Portfolio – Q3 2013 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s US stock portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 11/14/2013. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q2 2013.Ackman’s portfolio decreased around 6.5% from $10.95B to $10.28B this quarter. The number of positions reduced from 9 to 7. A very small position in Matson (MATX) and a 6.09% position in JC Penney (JCP) were eliminated and no new positions were added in the quarter. The portfolio remains heavily concentrated with a few large bets: the top five positions account for around 90% of the total portfolio value.Per Pershing Square’s Q3 2013 investor letter, the funds declined by more than 5% in Q3 2013 and had flat performance for the year. The below-par results are mostly due to two outsized bets that soured - J C Penney long and Herablife short. To learn more about Bill Ackman, check-out the book “”.New stakes:None.Stake Disposals:J C Penney (JCP): JCP was a 6.09% of the US long portfolio stake established in 2010 at a purchase price of around $25. JCP has been very volatile with the stock trading as high as $43 in February 2012 and dropping to as low as $6.24 last month. It currently trades at $8.69. Ackman resigned from JC Penney board on August 12th as a result of a disagreement with the CEO succession plan. Later that month, Ackman sold his entire position at around $12.90 per share. Per his Q3 2013 investor letter, Pershing Square incurred a loss of approximately 50% on this disposal.Matson Inc. (MATX): MATX stake was acquired as part of its spin-off from Alexander & Baldwin Inc. (ALEX). The position was eliminated this quarter at prices between $25 and $29.24. Last two quarters saw a ~1% position getting reduced to an insignificantly small 0.05% position at prices between $21.25 and $27.41. The stock currently trades at $24.83 compared to the spin-off price of ~$26.Stake Increases:Air Products & Chemicals (APD): Last quarter, a new 8.44% of the US long portfolio APD stake was purchased at prices between $92.80 and $96.59. The position was since doubled at prices between $91 and $107 per a . The stake currently stands at 21.31% of the US long portfolio - it is currently Ackman’s second-largest position after Canadian Pacific Railway. At roughly $2.2B, this is the biggest activist stake ever for Pershing Square. The Q3 2013 investor letter disclosed that Ackman is having success with activism at APD - CEO John McGlade has agreed to retire by June 30, 2014 and three new members are set to join the company board, replacing three retiring directors. Pershing Square owns 9.8% of the shares outstanding in APD.Stake Decreases:General Growth Properties (GGP): GGP is one of Ackman’s biggest wins at Pershing Square. He acquired the stake during bankruptcy in Q2 2009 in the $1 price-range and the stock currently trades at $20.74! The stake was kept steady in Q1 2013 after it was increased by around 3.5% in Q3 2012 at prices between $17.20 and $20.99. Last quarter, the position was reduced by 9.3% at prices between $19.32 and $23.33. It was further reduced by ~48% this quarter at prices between $18.69 and $21.64. The position still accounts for 6.70% of Ackman’s US long portfolio. He is harvesting huge gains from the position.Canadian Pacific Railway (CP): CP is his largest 13F position at 27.75% of the US long portfolio. The stake was established in Q3 2011 with the bulk purchased in Q4 2011 at prices between $46.05 and $71.82. The stock currently trades at around $150. Ackman reigned in management and board changes at the company by winning a proxy battle in May last year. The position was marginally reduced this quarter at prices between $117 and $130. Ackman is sitting on large gains on this position.Procter & Gamble Co (PG) & CALLS: PG was a huge ~24% of the US long portfolio activist position established in Q2 2012 at prices between $59.27 and $67.57. The original position was through a combination of PG common stock and long-dated calls. The stake was increased by 28.55% in Q3 2012 at prices between $61.19 and $69.76. In Q4 2012, the long position was kept steady while the call options were reduced by one-third. The pattern continued in Q1 2013 as the call options were reduced by another 78%. Last quarter saw a huge reversal as the long position was drastically reduced while simultaneously increasing the position in the call options. This quarter saw the long-position getting reduced by ~75% at prices between $75.59 and $82.17. The stock currently trades at around $84.73. Ackman left the long calls position untouched and so the huge leveraged bet is still on. It is likely that Ackman was freeing up capital to raise liquidity in the face of losing trades in Herbalife (HLF) (short - not a 13F holding) and JC Penney (long).The remaining positions were untouched during the quarter:Beam Inc. (BEAM): BEAM is a spin-off from Fortune Brands and the stock is up around 35% since the spin-off in September 2011. Ackman acquired the stake in Fortune Brands in 2010 and his cost-basis is well below the spin-off price. It currently accounts for 13.10% of the US long portfolio. Ackman is sitting on huge gains on this position as well.Burger King Worldwide (BKW): BKW is a 7.29% of the US long portfolio stake that was established in Q3 2012 at prices between $13.03 and $15.88. The position was increased marginally in Q1 2013 at prices between $16.31 and $19.95. The stock currently trades at $20.39. Ackman’s investment in Burger King Worldwide (BKW) started with a transaction to acquire 29% of the company for $1.4B in April 2012. The acquisition was done through Justice Holdings, a British company controlled by Ackman. That stake is not reported in the 13F filings as Justice Holdings is a UK listed investment vehicle - it is not a 13F security. Including that, the investment in BKW rivals his stakes in Canadian Pacific Railway and Air Products & Chemicals, his largest positions.Howard Hughes Corp (HHC): HHC is a small 3.90% of the US long portfolio position that was first purchased in 2010. The stake has remained untouched during the whole period. The stock is up over 52% YTD. Ackman called HHC one of the best kept secrets on Wall Street at the Harbor Investor Conference in February 2013.The spreadsheet below highlights changes to Pershing Square’s US stock holdings in Q3 2013:"

"Tracking Bill Ackman’s Pershing Square Portfolio – Q2 2013 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s US stock portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 08/14/2013. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q1 2013.Ackman’s portfolio increased 8.7% from $10.07B to $10.95B this quarter. The number of positions remained steady at 9. The small (1.82% of US long portfolio) position in Mondelez International was eliminated and a fairly large 8.44% position in Air Products & Chemicals (APD) was established this quarter. The portfolio remains heavily concentrated with a few large bets: the top five positions account for around 78% of the total portfolio value. To learn more about Bill Ackman, check-out the book “”.New stakes:Air Products & Chemicals (APD): The 8.44% of the US long portfolio new APD stake was purchased at prices between $92.80 and $96.59. The position was since doubled at prices between $91 and $107 per a . The stake currently stands at 9.8% of the business. At roughly $2.2B, this is the biggest activist stake ever for Bill Ackman.Stake Disposals:Mondelez International (MDLZ): MDLZ is a small 1.82% of the US long portfolio position established last quarter at prices between $25.45 and $30.62 and disposed of this quarter at prices between $28.34 and $31.86. The stock currently trades above that range at $30.96. The quick turnaround indicates a bearish bias.Stake Increases:Procter & Gamble Co (PG) & CALLS: PG is a huge ~24% of the US long portfolio activist position established in Q2 2012 at a price-range between $59.27 and $67.57. The stake was increased by 28.55% in Q3 2012 at prices between $61.19 and $69.76. In Q4 2012, the long position was kept steady while the call options were reduced by one-third. The pattern continued last quarter as the call options were reduced by another 78%. This quarter saw a huge reversal as the long position was drastically reduced while simultaneously increasing the position in the call options. The stock currently trades at around $79.90. Activist roles are effective when a good portion (over 10% ideally) of the outstanding shares are acquired or otherwise controlled by the investor concerned. This is not the case with Ackman’s position in PG as he controls only about 1% of the outstanding shares. Even so, the position has worked so far, as the stock is trading well above his cost-basis. In the Ira Sohn conference earlier this month, Ackman indicated that the shares could be worth $125 per share in two years, if financials improve and PG achieves $6 EPS. He also called for the need to separate the CEO and Chairman roles at the company. The overall position was increased by ~17.5% this quarter but the options exposure indicates Ackman going for the leverage - he was probably freeing up capital to establish positions in other parts of the portfolio - it might also be that there is pressure due to the losing trades in Herbalife (HLF) (short - not a 13F holding) and JC Penney (long).Stake Decreases:General Growth Properties (GGP): GGP is one of Ackman’s biggest wins at Pershing Square. He acquired the stake during bankruptcy in Q2 2009 in the $1 price-range and the stock currently trades at $19.57! The stake was kept steady last quarter after it was increased by around 3.5% in Q3 2012 at prices between $17.20 and $20.99. This quarter, the position was reduced by 9.3% at prices between $19.32 and $23.33. The position still accounts for 12.30% of Ackman’s US long portfolio. Investors attempting to follow Ackman should wait for a better entry point.Matson Inc. (MATX): MATX stake was acquired as part of its spin-off from Alexander & Baldwin Inc. (ALEX). It is a small 0.74% stake that was reduced by around 17% last quarter at prices between $24.25 and $27.41. This quarter, the position was further reduced to an insignificantly small 0.05% position at prices between $21.85 and $26.27. The stock currently trades at around $28 compared to the spin-off price of ~$26.The remaining positions were untouched during the quarter:Canadian Pacific Railway (CP): CP is his largest 13F position at 26.78% of the US long portfolio. The stake was established in Q3 2011 with the bulk purchased in Q4 2011 at prices between $46.05 and $71.82. The stock currently trades at around $122. Ackman reigned in management and board changes at the company by winning a proxy battle in May last year. Ackman is sitting on huge gains on this position.Beam Inc. (BEAM): BEAM is a spin-off from Fortune Brands and the stock is up around 32% since the spin-off in September 2011. Ackman acquired the stake in Fortune Brands in 2010 and his cost-basis is well below the spin-off price. It currently accounts for 12% of the US long portfolio. Ackman is sitting on huge gains on this position as well.Burger King Worldwide (BKW): BKW is a 6.84% of the US long portfolio stake that was established in Q3 2012 at prices between $13.03 and $15.88. The position was increased marginally last quarter at prices between $16.31 and $19.95. The stock currently trades at $19.32. Ackman’s investment in Burger King Worldwide (BKW) started with a transaction to acquire 29% of the company for $1.4B in April 2012. The acquisition was done through Justice Holdings, a British company controlled by Ackman. That stake is not reported in the 13F filings as Justice Holdings is a UK listed investment vehicle - it is not a 13F security. Including that, the investment in BKW rivals his stakes in Procter & Gamble (PG) and Canadian Pacific Railway (CP), his largest positions.J C Penney (JCP): JCP is a 6.09% of the US long portfolio stake established in 2010 at a purchase price of around $25. JCP has been very volatile with the stock trading as high as $43 in February 2012 and dropping to as low as $12.34 this month. It currently trades at $13.40. Ron Johnson (Apple fame) was brought in as CEO but was replaced as his initiatives resulted in a 25% drop in sales. A indicates that Pershing might choose to sell the stake - Ackman resigned from JC Penney board on August 12th as a result of a disagreement with the CEO succession plan. Pershing’s ownership of the business currently stands at 17.7%.Howard Hughes Corp (HHC): HHC is a small 2.97% of the US long portfolio position that was first purchased in 2010. The stake has remained untouched during the whole period. The stock is up over 45% YTD. Ackman called HHC one of the best kept secrets on Wall Street at the Harbor Investor Conference in February 2013.The spreadsheet below highlights changes to Pershing’s US stock holdings in Q2 2013:"

"Tracking Bill Ackman’s Pershing Square Portfolio – Q1 2013 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s US stock portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 05/15/2013. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q4 2012.Ackman’s portfolio increased 10% from $9.15B to $10.07B this quarter. The number of positions went up from 8 to 9 as a small (1.82% of US long portfolio) new position in Mondelez International was added in the quarter. The portfolio remains heavily concentrated with a few large bets: the top five positions account for close to 90% of the total portfolio value.New stakes:Mondelez International (MDLZ): MDLZ is a small 1.82% of the US long portfolio position established this quarter at prices between $25.45 and $30.62. The stock currently trades above that range at $31.50. Investors attempting to follow Ackman should also consider that Warren Buffett reduced his long position in MDLZ by around 50% this quarter - Buffett acquired the position as a result of the spin-off from Kraft.Stake Disposals:None.Stake Increases:Burger King Worldwide (BKW): BKW is a 7.28% of the US long portfolio stake that was established in Q3 2012 at prices between $13.03 and $15.88. The position was increased marginally this quarter at prices between $16.31 and $19.95. The stock currently trades at $19. Ackman’s investment in Burger King Worldwide (BKW) started with a transaction to acquire 29% of the company for $1.4B in April 2012. The acquisition was done through Justice Holdings, a British company controlled by Ackman. That stake is not reported in the 13F filings as Justice Holdings is a UK listed investment vehicle - it is not a 13F security. Including that, the investment in BKW rivals his stakes in Procter & Gamble (PG) and Canadian Pacific Railway (CP), his largest positions.Stake Decreases:Procter & Gamble Co (PG) CALLS: PG is a huge 22.12% of the US long portfolio activist position established in Q2 2012 at a price-range between $59.27 and $67.57. The stake was increased by 28.55% in Q3 2012 at prices between $61.19 and $69.76. Last quarter, the long position was kept steady while the call options were reduced by one-third. The pattern continued this quarter as the call options were reduced by another 78%. The stock currently trades at around $81. Activist roles are effective when a good portion (over 10% ideally) of the outstanding shares are acquired or otherwise controlled by the investor concerned. This is not the case with Ackman’s position in PG as he controls only about 1% of the outstanding shares. Even so, the position has worked so far, as the stock is trading well above his cost-basis. In the Ira Sohn conference earlier this month, Ackman indicated that the shares could be worth $125 per share in two years, if financials improve and PG achieves $6 EPS. He also called for the need to separate the CEO and Chairman roles at the company.Matson Inc. (MATX): MATX stake was acquired as part of its spin-off from Alexander & Baldwin Inc. (ALEX). It is a small 0.74% stake that was reduced by around 17% this quarter at prices between $24.25 and $27.41. The stock currently trades at around the spin-off price of ~$26.The remaining five positions were untouched during the quarter:General Growth Properties (GGP): GGP is one of Ackman’s biggest wins at Pershing Square. He acquired the stake during bankruptcy in Q2 2009 in the $1 price-range and the stock currently trades at $22.86! The stake was kept steady this quarter after it was increased by around 3.5% in Q3 2012 at prices between $17.20 and $20.99. The position accounts for 14.76% of Ackman’s US long portfolio. Investors attempting to follow Ackman should wait for a better entry point.J C Penney (JCP): JCP is a 5.86% of the US long portfolio stake established in 2010 at a purchase price of around $25. JCP has been very volatile with the stock trading as high as $43 in February 2012 and dropping to as low as $13.93 last month. It currently trades at $18.97. Ron Johnson (Apple fame) was brought in as CEO but was replaced as his initiatives resulted in a 25% drop in sales. In the last month, the stock rebounded as George Soros revealed a new 7.9% stake in the company.Canadian Pacific Railway (CP): CP is his largest 13F position at 31.31% of the US long portfolio. The stake was established in Q3 2011 with the bulk purchased in Q4 2011 at prices between $46.05 and $71.82. The stock currently trades at around $135. Ackman reigned in management and board changes at the company by winning a proxy battle in May last year. Ackman is sitting on huge gains on this position.Beam Inc. (BEAM): BEAM is a spin-off from Fortune Brands and the stock is up around one-third since the spin-off in September 2011. Ackman acquired the stake in Fortune Brands in 2010 and his cost-basis is well below the spin-off price. It currently accounts for 13.14% of the US long portfolio. Ackman is sitting on huge gains on this position as well.Howard Hughes Corp (HHC): HHC is a small 2.97% of the US long portfolio position that was first purchased in 2010. The stake has remained untouched during the whole period. The stock is currently in an uptrend having increased around 45% YTD. Ackman called HHC one of the best kept secrets on Wall Street at the Harbor Investor Conference in February 2013.The spreadsheet below highlights changes to Pershing’s US stock holdings in Q1 2013:"

"Tracking Bill Ackman’s Pershing Square Portfolio – Q4 2012 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s US stock portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 02/14/2013. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q3 2012.Ackman’s portfolio increased marginally from around $8.90B to $9.15B this quarter. The number of positions went down from 9 to 8. The portfolio remains heavily concentrated with a few large bets: the top five positions account for close to 90% of the total portfolio value.New stakes:None.Stake Disposals:Alexander & Baldwin Inc (ALEX): ALEX was a small (less than 0.5%) stake that was eliminated this quarter after it was reduced by around 60% last quarter. The stake disposals happened at prices between $26.39 and $34.25. The stock currently trades at around $35.14. ALEX position was purchased in Q2 2011 at prices between $44.83 and $54.47 and Matson Inc. (MATX) was spun-off from ALEX on July 3, 2012 (1:1 ratio). MATX currently trades at around $26.30. The stake elimination indicates a bearish bias.Stake Increases:None.Stake Decreases:Procter & Gamble Co (PG) & CALLS: PG is a huge 23.94% of the US long portfolio activist position established in Q2 2012 at a price-range between $59.27 and $67.57. The stake was increased by 28.55% last quarter at prices between $61.19 and $69.76. This quarter the long position was kept steady while the call options were reduced by one-third. The stock currently trades at around $76.78. Activist roles are effective when a good portion (over 10% ideally) of the outstanding shares are acquired or otherwise controlled by the investor concerned. This is not the case with Ackman’s position in PG as he controls only about 1% of the outstanding shares. Even so, the position has worked so far, as the stock is trading well above his cost-basis. Call options account for 13.42% of the overall position in PG. 13F filings do not include details on the strike price and expiry dates of call options and so it is unclear how well he is doing on that part of the position.The remaining eight positions were untouched during the quarter:Burger King Worldwide (BKW): BKW is a 6.89% of the US long portfolio stake that was established last quarter at prices between $13.03 and $15.88. The stock currently trades just outside that range at $16.58. His investment in Burger King Worldwide (BKW) started with a transaction to acquire 29% of the company for $1.4B in April 2012. The acquisition was done through Justice Holdings, a British company controlled by Ackman. That stake is not reported in the 13F filings as Justice Holdings is a UK listed investment vehicle - it is not a 13F security. Including that, the investment in BKW rivals his stakes in Procter & Gamble (PG) and Canadian Pacific Railway (CP), his largest positions. For investors attempting to follow Ackman, BKW is a good option to consider.Matson Inc. (MATX): MATX stake was acquired as part of its spin-off from Alexander & Baldwin Inc. (ALEX). It is a small 0.98% stake and as such does not indicate a clear bias. The stock is trading at $26.30, just above its spin-off price of ~ $26 per share.General Growth Properties (GGP): GGP is one of Ackman’s biggest wins at Pershing Square. He acquired the stake during bankruptcy in Q2 2009 in the $1 price-range and the stock currently trades at around $19.80! The stake was kept steady this quarter after it was increased by around 3.5% last quarter at prices between $17.20 and $20.99. The position accounts for 16.21% of Ackman’s US long portfolio. Investors attempting to follow Ackman should wait for a better entry point.J C Penney (JCP): JCP is an 8.41% of the US long portfolio stake established in 2010 at a purchase price of around $25. JCP has been very volatile with the stock trading as high as $43 in February 2012 and dropping to as low as $16.28 last quarter. It currently trades at around $20. For investors attempting to follow Ackman, JCP is a good option to consider.Canadian Pacific Railway (CP) and Beam Inc. (BEAM): Ackman is sitting on huge gains on these two large positions: CP is a 26.82% stake first established in Q3 2011 with the bulk purchased in Q4 2011 at prices between $46.05 and $71.82. The stock currently trades at around $120. Ackman reigned in management and board changes at the company by winning a proxy battle in May last year. BEAM is a spin-off from Fortune Brands and the stock is up around one-third since the spin-off in September 2011. Ackman acquired the stake in Fortune Brands in 2010 and his cost-basis is well below the spin-off price. It currently accounts for 13.89% of the US long portfolio.Howard Hughes Corp (HHC): HHC is a small 2.85% of the US long portfolio position that was first purchased in 2010. The stake has remained untouched during the whole period. The stock price has doubled since that time. Ackman called HHC one of the best kept secrets on Wall Street at the Harbor Investor Conference this week and that resulted in a ~10% spike in the share price.Bill Ackman has also disclosed a huge (20M shares) short position in Herbalife (HLF) recently. Investors attempting to follow Ackman should consider the fact that Third Point’s Dan Loeb and Carl Icahn are on the other side of that trade.The spreadsheet below highlights changes to Pershing’s US stock holdings in Q4 2012:"

"Tracking Bill Ackman’s Pershing Square Portfolio – Q3 2012 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s US stock portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 11/14/2012. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q2 2012.Ackman’s portfolio increased around 17% from around $7.59B to $8.90B this quarter. The number of positions went up from 8 to 9. The portfolio remains heavily concentrated with a few large bets: the top five positions account for close to 90% of the total portfolio value.New stakes:Burger King Worldwide (BKW): BKW is a ~6% of the US long portfolio stake that was established this quarter at prices between $13.03 and $15.88. The stock currently trades at $15.31. Ackman is very bullish on BKW. His investment in Burger King Worldwide (BKW) started with a transaction to acquire 29% of the company for $1.4B in April 2012. The acquisition was done through Justice Holdings, a British company controlled by Ackman. That stake is not reported in the 13F filings as Justice Holdings is a UK listed investment vehicle - it is not a 13F security. Including that, the investment in BKW rivals his stakes in Procter & Gamble (PG) and Canadian Pacific Railway (CP), his largest positions. For investors attempting to follow Ackman, BKW is a very good option to consider.Matson Inc. (MATX): MATX stake was acquired as part of its spin-off from Alexander & Baldwin Inc. (ALEX). It is a small (less than 1%) stake and as such does not indicate a clear bias. The stock is trading at around $22, well-off its spin-off price of around $26 per share.Stake Disposals:Citigroup (C): C was a large 11.8% stake that was reduced to an insignificantly small 0.4% position last quarter before the elimination this quarter. The position was first acquired in Q2 2010 and was doubled in Q2 2011 at prices between the high-30s and low-40s. The stock sales last quarter were at prices between $24.82 and $36.87 and this quarter the stock traded between $25.24 and $34.79. It currently trades at around $35. Ackman clearly realized significant losses on this position. The stake elimination indicates a bearish bias.Stake Increases:Procter & Gamble Co (PG): PG is a huge ~27% of the US long portfolio activist position established last quarter at a price-range between $59.27 and $67.57. The stake was increased by 28.55% this quarter at prices between $61.19 and $69.76. The stock currently trades at around $66.53. It is Ackman’s largest position, well ahead of the Canadian Pacific Railway (CP) position. Activist roles are effective when a good portion (over 10% ideally) of the outstanding shares are acquired or otherwise controlled by the investor concerned. This is not the case with Ackman’s position in PG as he controls only about 1% of the outstanding shares. It will be interesting to see how this position plays out. About one-fifth of the position is through call options. Although the 13F filings do not include details on the strike price and expiry dates of these options, it is clear Ackman is extremely bullish on PG stock - call options can lose the whole premium if the stock goes down but the upside is unlimited if it goes up.General Growth Properties (GGP): GGP is one of Ackman’s biggest wins at Pershing Square. He acquired the stake during bankruptcy in Q2 2009 in the $1 price-range and the stock currently trades at around $18.47! The stake was increased by around 3.5% this quarter at prices between $17.20 and $20.99.Stake Decreases:Alexander & Baldwin Inc (ALEX): ALEX is a small (less than 0.5%) stake that was reduced by around 60% this quarter at prices between $26.93 and $34.25. The stock currently trades at around $27.38. ALEX position was purchased in Q2 2011 at prices between $44.83 and $54.47 and Matson Inc. (MATX) was spun-off from ALEX on July 3, 2012 (1:1 ratio). MATX currently trades at around $22. The significant stake reduction indicates a clear bearish bias.The remaining four positions were untouched during the quarter:J C Penney (JCP): JCP is a 10.67% of the portfolio stake established in 2010 at a purchase price of around $25. JCP has been very volatile with the stock trading as high as $43 and dropping below $17 recently. For investors attempting to follow Ackman, JCP is a good option to consider.Canadian Pacific Railway (CP) and Beam Inc. (BEAM): Ackman is sitting on huge gains on these two large positions: CP is a 22.5% stake first established in Q3 2011 with the bulk purchased in Q4 2011 at prices between $46.05 and $71.82. The stock currently trades well above that range at around $91. Ackman reigned in management and board changes at the company by winning a proxy battle in May this year. BEAM is a spin-off from Fortune Brands and the stock is up around 20% since the spin-off in September 2011. Ackman acquired the stake in Fortune Brands in 2010 and his cost-basis is well below the spin-off price.Howard Hughes Corp (HHC): HHC is a small 2.85% of the US long portfolio position that was first purchased in 2010. The stake has remained untouched during the whole period. The stock has gained around 80% since that time and so Ackman is sitting on solid gains.The spreadsheet below highlights changes to Pershing’s US stock holdings in Q3 2012:"

"Tracking Bill Ackman’s Pershing Square Portfolio – Q2 2012 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s US stock portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 08/14/2012. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q1 2012.Ackman’s portfolio decreased slightly from just over $8B in Q1 2012 to $7.59B in Q2 2012. The number of positions has come down from 10 to 8 making the portfolio even more concentrated than before. The Top-5 positions account for close to 95% of the total portfolio value.New stakes:Procter & Gamble Co (PG) & CALLS: PG is a huge ~25% of the US long portfolio activist position established this quarter at a price-range between $59.27 and $67.57. The stock currently trades at around $66.70. It is Ackman’s largest position just ahead of the Canadian Pacific Railway (CP) position. Activist roles are effective when a good portion (over 10% ideally) of the outstanding shares are acquired or otherwise controlled by the investor concerned. In the case of PG, even though it is Ackman’s largest stake, he still owns only about 1% of the outstanding shares and so it is unclear how effective he can be. In a CNBC interview on July 18, 2012 Ackman explained his position in PG saying he believes he can influence the management and board at the company even though his stake is less than 1%. He also maintained that there is very little downside risk with the company. One-third of his position is through call options. Although the 13F filings do not include details on the strike price and expiry dates of these options, it is clear Ackman is putting money where his mouth is - call options can lose the whole premium if the stock goes down but the upside is unlimited if it goes up.Stake Disposals:Kraft Foods (KFT): KFT was a relatively large stake first purchased in Q1 2010 when the price-per-share was in the high 20s. The stake was increased in Q2 2010 but from then on was consistently trimmed every quarter. It was a 7.3% position as of last quarter but was sold-off completely this quarter at prices between $36.87 and $39.87. The stock currently trades at around $40.90. The large stake elimination indicates a clear bearish bias.Fortune Brands Home & Sec (FBHS): FBHS was a ~3.5% stake that Ackman received following the split of Fortune Brands into Beam Inc. (BEAM) and Fortune Brands Home & Security (FBHS). The terms of the deal called for holders of Fortune brands to receive one share each of BEAM and FBHS for each share of Fortune Brands. Ackman had large gains on this position and has cashed out this quarter. He had trimmed the position by one-third in the last quarter as well. The stake elimination indicates a mild bearish bias.Family Dollar Stores (FDO): FDO was a 2% stake that was eliminated this quarter after reducing it by around 70% last quarter. The original position was a large 9% stake established in Q2 2011 when the price-per-share varied between $51.32 and $55.74. It had since been trimmed over the last several quarters. The stake elimination this quarter happened at prices between $62.85 and $73.26. The stock currently trades at around $63. The disposal indicates a bearish bias.Stake Increases:None.Stake Decreases:Citigroup (C): C was a large 11.8% stake that was almost completely eliminated this quarter. The remaining stake accounts for just 0.4% of the portfolio. The position was first acquired in Q2 2010 and was doubled in Q2 2011 at prices between the high-30s and low-40s. The stock sales this quarter were at prices between $24.82 and $36.87. The stock trades currently at around $28.80. Ackman realized significant losses on this position. Ackman probably sold this position to make room for the huge PG position that was built-up during the quarter.The remaining six positions were untouched during the quarter:J C Penney (JCP): JCP is a ~12% of the portfolio stake established in 2010 at a purchase price of around $25. JCP has had a wild ride this year with the shares trading as high as $43 in early February and falling below $20 last month. The stock currently trades at around $23 which is below the price-range Ackman acquired the bulk of the stake at. For investors attempting to follow Ackman, JCP is a good option to consider.Canadian Pacific Railway (CP), General Growth Properties (GGP), and Beam Inc. (BEAM): Ackman is sitting on huge gains on these three large positions: CP is a 23% stake first established in Q3 2011 with the bulk purchased in Q4 2011 at prices between $46.05 and $71.82. The stock currently trades well above that range at around $85. Ackman reigned in management and board changes at the company by winning a proxy battle in May this year. GGP is one of Ackman’s biggest wins at Pershing Square. He acquired the stake during bankruptcy in Q2 2009 in the $1 price-range and the stock currently trades at around $18.50! BEAM is a spin-off from Fortune Brands and the stock is up around one-third since the spin-off in September 2011. Ackman acquired the stake in Fortune Brands in 2010.Alexander & Baldwin Inc (ALEX) & Howard Hughes Corp (HHC): ALEX & HHC are small positions accounting for around 2.5% of the portfolio each. ALEX position was purchased in Q2 2011 at prices between $44.83 and $54.47. The stock currently trades at around $31 - Matson Inc. (MATX) was spun-off from ALEX on July 3, 2012 and MATX currently trades at around $26. HHC has been in the portfolio since 2010.Pershing Square also has a 12% interest in Burger King Worldwide (BKW), although that position is not in the 13F filing - the stake is held through Justice Holdings Ltd., a UK listed investment vehicle controlled by Ackman. The spreadsheet below highlights changes to Pershing’s US stock holdings in Q2 2012:"

"Tracking Bill Ackman’s Pershing Square Portfolio – Q1 2012 Update"

"This article is part of a series that provide an ongoing analysis of the changes made to Pershing Square’s US stock portfolio on a quarterly basis. Ackman’s portfolio increased in size by ~4% during Q1 2012. The number of positions held steady at 10 making it one of the most concentrated portfolios among the top hedge funds. The Top-5 positions - CP, JCP, GGP, BEAM, and C - account for ~77.5% of the total portfolio value.New stakes:None.Stake Disposals:None.Stake Increases:J C Penney (JCP): JCP, a huge 17% of the portfolio activist stake, was established in 2010 at an average cost basis of around $25. The small long position in JCP Calls the fund held as of Q4 2011 was exercised this quarter to increase the JCP long position marginally. JCP traded as high as $43 during the quarter but plunged sharply following Q1 2012 results and EPS guidance. It currently trades in the $27 price-range which is very near where Ackman acquired the bulk of the stake. For investors attempting to follow Ackman, JCP is a good choice.Canadian Pacific Railway (CP): CP, a huge 23% stake, was first purchased in Q3 2011. The bulk of the stake was purchased in Q4 2011 when the price-per-share varied between $46.05 and $71.82. The stock currently trades at around $75. As an activist investor, Ackman is engaged in a proxy battle - on 05/17/2012 during the Annual General Body Meeting, he is expected to seek the election of seven directors to the board to push management changes at the company. If successful, the immediate change will be the replacement of CEO Fred Green with Hunter Harrison, the former head of Canadian National Railway Company.Citigroup (C): C, a large ~12% stake, was increased marginally this quarter. The stake was first acquired in Q2 2010 when the price-per-share varied between the high-30s and low-40s. The stock underwent a 1:10 split in Q2 2011 (May 2011) and Ackman roughly doubled the stake in the same price-range. Though Ackman is sitting on losses on C, he is still very bullish. Currently, the stock trades at around $27. The price-per-share proved very volatile this quarter fluctuating from $26 to $38 before ending the quarter at $36.55.Alexander & Baldwin Inc (ALEX): ALEX, a ~2% position purchased in Q2 2011 when the price-per-share varied between $44.83 and $54.47, was marginally increased this quarter. The stock currently trades at around $50. The minor stake increase does not indicate a clear bias.Stake Decreases:Fortune Brands Home & Sec (FBHS): FBHS is a ~3.5% stake that Ackman received following the split of Fortune Brands - for every share of Fortune Brands, the holders received a share each of BEAM and FBHS. Ackman’s average cost basis of the original Fortune Brands shares is in the low-50s range. He is sitting on substantial gains on both these holdings but has trimmed the FBHS position by a third this quarter. The substantial stake reduction indicates a bearish bias.Family Dollar Stores (FDO): FDO, a 2% stake, was reduced by almost 70% this quarter when the price-per-share varied between $53.63 and $63.29. A large 9% stake was established in Q2 2011 when the price-per-share varied between $51.32 and $55.74. It was reduced by 26% in Q4 2011 when the price-per-share varied between $50.01 and $59.78. The stock currently trades at around $67. The significant stake reduction indicates a clear bearish bias.Kraft Foods (KFT): KFT, a 7.3% stake, was initially purchased in Q1 2010 when the price-per-share was in the high 20s. The stake peaked at ~33 million shares in Q2 2010 but has since been consistently trimmed every quarter. During Q1 2012, the stake was reduced by a very substantial ~27% when the price-per-share varied between $37.27 and $38.88. The pattern of stake drops indicates a bearish bias.The remaining three positions - BEAM Inc (BEAM), General Growth Properties (GGP), and Howard Hughes (HHC) were untouched during the quarter. BEAM and GGP positions are huge ~15% stakes while (HHC) is a 3% position. The former two indicate a bullish bias but Ackman acquired the stakes at much lower prices – BEAM before the spin-off in 2010 at ~40% of the current stock price and GGP during bankruptcy in Q2 2009 in the $1 price-range.The spreadsheet below highlights changes to Pershing’s US stock holdings in Q1 2012:Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q4 2011.02/15/2012"

"Tracking Bill Ackman’s Pershing Square Portfolio – Q4 2011 Update"

"This series of articles are an ongoing analysis of the changes made to Pershing Square’s US stock portfolio on a quarterly basis. Bill Ackman’s Pershing Square US stock portfolio size increased by ~29% during Q4 2011. With just ten positions by the end of Q4 2011, Ackman is the epitome of running a heavily concentrated stock portfolio. All of his top-5 largest positions (CP, JCP and calls, GGP, BEAM, and KFT) which account for 76.5% of the US stock portfolio increased significantly in value during the quarter.New stakes:Beam Inc (BEAM) and Fortune Brands Home & Sec (FBHS): BEAM and FBHS are stakes initiated following the split-up of Fortune Brands which resulted in Fortune Brands holders receiving a share each of BEAM and FBHS for every share of Fortune Brands held. The bulk of the original stake in Fortune Brands was acquired in Q3 2010 and Q4 2010 in the low 50s range. Given that the combined share price now stands at ~$73 per share, it is evident Ackman is sitting pretty on the position. As of Q4 2011, BEAM accounts for ~13.5% of the US stock portfolio and FBHS for ~4.5%.Stake Disposals:Lowes Companies (LOW): LOW, acquired in Q3 2011 when the price-per-share varied between $18.11 and $23.99, was a sizable ~7% of the US stock portfolio. In Q4 2011, the price-per-share varied between $18.98 and $25.96. The stock is currently trading at $27.43. The sudden about-turn clearly indicates a bearish bias. This disposal was a shocker for Ackman presented LOW as a long stock idea on 11/08/2011 in the “Great Investors’ Best Ideas Foundation” 2011 event in Dallas. The stock price, in the $21 range then, spiked over 20% to ~$26 by 12/21/2011. Ackman must have exited the position as the price-per-share approached ~$28 (the low-end of his valuation-range for EOY 2014) in less than 45 days.Fortune Brands Inc: Pershing Square started buying Fortune Brands in Q3 2010 and continued doing so till Q3 2011 when the stake peaked at 20.82 million shares. Following the split-up, Pershing received an equal amount of shares each in BEAM and FBHS. Combined the stake is huge at ~18% of the US stock portfolio.Stake Increases:Canadian Pacific Railway (CP): CP, a huge 21% stake, was initially purchased in Q3 2011 when the price-per-share varied between $44.92 and $63.86. The stake was increased by ~500% in Q4 2011 when the price-per-share varied between $46.05 and $71.82. The stock currently trades at $73.17. As an activist investor, Ackman has plans to replace CEO Fred Green with former Canadian National Railway CEO Hunter Harrison. Clearly a power struggle is ensuing – Ackman is very critical of CP Rail’s performance under Green and his Q3 2011 letter to investors stated the following: “On nearly every operating measure, CP underperforms its closest competitor Canadian National Railway Company as well as the other North American railroads. We believe the discrepancy in performance at CP is generally not attributable to structural factors and can largely be resolved.” Ackman asserts the 2008 acquisition of US Class II railroad DM&E - made at a high valuation with irresponsible financing - was a huge gaffe. Ackman has a history of several spectacular successes and a few catastrophic failures in his role as an activist investor and the jury is still out on the CP story.Stake Decreases:Family Dollar Stores (FDO): FDO, a 6% stake purchased in Q2 2011 when the price-per-share varied between $51.32 and $55.74, was reduced by 26% this quarter when the price-per-share varied between $50.01 and $59.78. Ackman was bullish on FDO during Q3 2011 commenting “On September 29th, Family Dollar announced that Edward Garden, the CEO of Trian is joining FDO’s board of directors. Contemporaneous with this announcement, Trian withdrew its $55 to $60 offer to acquire the company, an offer we and the company deemed inadequate. We hold Ed and the Trian team in high regard and are confident that Ed will serve the interests of shareholders well.” The significant stake reduction indicates a shift in bias to the bearish camp.Kraft Foods (KFT): KFT, a 10% stake, was initially purchased in Q1 2010 when the price-per-share was in the high 20s. The stake peaked at ~33 million shares in Q2 2010. Since then, the position has been trimmed to just over 21 million shares. The stake was eased by a sizable 16% this quarter. The significant stake reduction indicates a bearish bias.Citigroup (C): C, a 9% stake marginally reduced this quarter, was first acquired in Q2 2010 when the price-per-share was in the high-30s and low-40s. The stock underwent a 1:10 split in Q2 2011 (May 2011). During that quarter, Ackman roughly doubled the stake in the same price-range. Ackman is sitting on losses on this position but is quite bullish despite the marginal stake reduction, as indicated by the comment regarding Q3 2011 earnings: “Citi remains on track to begin returning capital to shareholders in 2012, which we expect will be a catalyst for share price appreciation.”The remaining five positions have remained unchanged during the quarter. J C Penney (JCP) and General Growth Properties (GGP) positions are huge stakes that represent ~17.5% and ~14% of the total US stock portfolio value respectively. As such, the positions indicate a strong bullish bias.The spreadsheet below highlights changes to Pershing’s US stock holdings in Q4 2011:Please visit our article for an idea on how his holdings have progressed over the years."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s 13F stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 8/14/2023. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q1 2023.Berkowitz’s 13F stock portfolio value increased from $1.21B to $1.32B this quarter. The 13F portfolio currently has most of the assets invested in St. Joe Companies.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: the fund returned at an annualized rate of 9.58% compared to 6.85% for S&P 500 index through 2022. FAIRX has however underperformed over the most recent 10-year period. The other funds under Fairholme umbrella are Fairholme Focused Income Fund (FOCIX) and Fairholme Allocation Fund (FAAFX). Equity holdings that are not in the 13F report include Fannie Mae (FNMA) pfds, Freddie Mac (FMCC) pfds, and Imperial Metals (IPMLF). The stake in Fannie/Freddie pfds was reduced by ~40% during H1 2023.New Stakes:W R Berkeley (WRB), Comerica (CMA), US Bancorp (USB), and KeyCorp (KEY): These are very small (less than ~0.60% of the portfolio each) stakes established this quarter.Stake Disposals:Magellan Midstream (MMP): MMP was a very small 0.13% of the portfolio stake established last quarter at prices between ~$50 and ~$50. It was disposed this quarter at prices between ~$54 and ~$63. The stock currently trades at $66.54.Citigroup (C ), Intel Corp (INTC), and Walgreens Boots Alliance (WBA): These very small (less than ~0.5% of the portfolio each) stakes were dropped this quarter.Stake Increases:Enterprise Product Partners (EPD): EPD is a ~9% of the portfolio position primarily built over the four quarters through Q2 2022 at prices between ~$21 and ~$28. The stock is now at $26.72. There were minor increases in the last four quarters.Berkshire Hathaway (BRK.A) (BRK.B): Q1 2019 saw a 5.6% of the portfolio stake purchased at prices between $188 and $209. The position was reduced by ~85% to a very small 0.84% portfolio stake next quarter at prices between $197 and $219. Q1 2020 saw a ~9% portfolio stake built at prices between ~$162 and ~$230. There was a one-third increase next quarter at prices between $170 and $202. Q4 2020 saw a ~80% selling at prices between ~$201 and ~$234. That was followed by a ~15% reduction next quarter at prices between ~$227 and ~$265. Q3 2022 saw the stake almost doubled at prices between ~$264 and ~$307. There was a roughly one-third reduction next quarter at prices between ~$264 and ~$319. The stock currently trades at ~$361 and the stake is now at 1.71% of the portfolio. There was a ~4% trimming last quarter while this quarter saw a ~10% increase.Stake Decreases:St Joe Companies (JOE): ~87% of Fairholme’s 13F assets are in St. Joe stock. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. The last three quarters of 2017 had seen a combined ~14% increase at prices between $16.35 and $19.55. Since then, the activity has been minor. The stock is now at ~$58. There was marginal trimming in the last six quarters. They control ~36% of the business.Commercial Metals (CMC): The 0.52% of the portfolio stake in CMC was built over the five quarters through Q2 2022 at prices between ~$29 and ~$44 and the stock currently trades at $56.30. There was a ~43% selling last quarter at prices between ~$43 and ~$57. That was followed by a ~90% reduction this quarter at prices between ~$43 and ~$54.Kept Steady:Apple Inc. (AAPL) and Energy Transfer LP (ET),: These very small (less than ~0.3% of the portfolio each) positions were kept steady this quarter.The spreadsheet below highlights changes to Fairholme’s 13F stock holdings in Q2 2023:Source: John Vincent. Data constructed from Fairholme's 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 3/20/2023 to 5/24/2023: None."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q1 2023 Update"

"Bruce Berkowitz’s 13F stock portfolio value increased marginally from ~$1.20B to ~$1.21B this quarter.They decreased Commercial Metals and Citigroup during the quarter.The 13F portfolio is mostly invested in St. Joe Companies.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s 13F stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 5/15/2023. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q4 2022.Berkowitz’s 13F stock portfolio value increased marginally from $1.20B to $1.21B this quarter. The 13F portfolio currently has most of the assets invested in St. Joe Companies.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: the fund returned at an annualized rate of 8.89% compared to 6.28% for S&P 500 index through 2022. FAIRX has however underperformed over the most recent 10-year period. The other funds under Fairholme umbrella are Fairholme Focused Income Fund (FOCIX) and Fairholme Allocation Fund (FAAFX). Equity holdings that are not in the 13F report include Fannie Mae (FNMA) pfds, Freddie Mac (FMCC) pfds, and Imperial Metals (IPMLF).New Stakes:Magellan Midstream (MMP): MMP is a very small 0.13% of the portfolio stake established this quarter at prices between ~$50 and ~$50 and the stock currently trades well above that range at ~$62.Stake Disposals:Alibaba Group Holdings (BABA) and Old Republic International (ORI): These two small (less than ~0.75% of the portfolio each) stakes were disposed during the quarter.Stake Increases:Enterprise Product Partners (EPD): EPD is a ~9% of the portfolio position primarily built over the four quarters through Q2 2022 at prices between ~$21 and ~$28. The stock is now at ~$26. There were minor increases in the last three quarters.Stake Decreases:St Joe Companies (JOE): ~83% of Fairholme’s 13F assets are in St. Joe stock. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. The last three quarters of 2017 had seen a combined ~14% increase at prices between $16.35 and $19.55. Since then, the activity has been minor. The stock is now at ~$46. There was marginal trimming in the last five quarters. They control ~42% of the business.Commercial Metals (CMC): The ~5% of the portfolio stake in CMC was built over the five quarters through Q2 2022 at prices between ~$29 and ~$44 and the stock currently trades at $44.67. There was a ~43% selling this quarter at prices between ~$43 and ~$57.Berkshire Hathaway (BRK.A) (BRK.B): Q1 2019 saw a 5.6% of the portfolio stake purchased at prices between $188 and $209. The position was reduced by ~85% to a very small 0.84% portfolio stake next quarter at prices between $197 and $219. Q1 2020 saw a ~9% portfolio stake built at prices between ~$162 and ~$230. There was a one-third increase next quarter at prices between $170 and $202. Q4 2020 saw a ~80% selling at prices between ~$201 and ~$234. That was followed with a ~15% reduction next quarter at prices between ~$227 and ~$265. Q3 2022 saw the stake almost doubled at prices between ~$264 and ~$307. There was a roughly one-third reduction last quarter at prices between ~$264 and ~$319. The stock currently trades at ~$329 and the stake is now at 1.52% of the portfolio. There was a minor ~4% trimming this quarter.Citigroup (C ), and Intel Corp (INTC): These very small (less than ~1% of the portfolio each) stakes were decreased this quarter.Kept Steady:Apple Inc. (AAPL), Energy Transfer LP (ET), and Walgreens Boots Alliance (WBA): These very small (less than ~1% of the portfolio each) positions were kept steady this quarter.The spreadsheet below highlights changes to Fairholme’s 13F stock holdings in Q1 2023:Source: John Vincent. Data constructed from Fairholme's 13F filings for Q4 2022 and Q1 2023.Info from Annual/Semi-Annual Reports – 2022 annual (Jan 30, 2023): Performance: 8.89% annualized from 12/1999 inception compared to 6.28% for S&P 500. CASH: ~10%. Commentary: JOE – growing with Florida. EPD – dramatically more expensive to put pipes in today. Have increased payouts for 24th year. CMC – much more recycling etc. will be required for supply chain reshoring. Bothe EPD & CMC have regional moats just like JOE. Fannie/Freddie – No comment in the annuals – they own 2% of AUM in these pfds.Regulatory filings from 12/20/2022 to 3/20/2023: None."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q4 2022 Update"

"Bruce Berkowitz’s 13F stock portfolio value increased this quarter from $1.03B to $1.20B.They decreased Berkshire Hathaway and Intel Corp this quarter. They also dropped Kinder Morgan.The 13F portfolio is mostly invested in St. Joe Companies.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s 13F stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 2/14/2023. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q3 2022.Berkowitz’s 13F stock portfolio value increased ~16% from $1.03B to $1.20B this quarter. The 13F portfolio currently has most of the assets invested in St. Joe Companies.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: the fund returned at an annualized rate of 8.89% compared to 6.28% for S&P 500 index through 2022. FAIRX has however underperformed over the most recent 10-year period. The other funds under Fairholme umbrella are Fairholme Focused Income Fund (FOCIX) and Fairholme Allocation Fund (FAAFX). Equity holdings that are not in the 13F report include Fannie Mae (FNMA) pfds, Freddie Mac (FMCC) pfds, and Imperial Metals (IPMLF).New Stakes:None.Stake Disposals:Kinder Morgan (KMI): The 0.57% KMI position saw a ~220% stake increase in Q4 2020 at prices between ~$11.50 and ~$15. H2 2021 saw a ~57% stake increase at prices between ~$15.25 and ~$18.70. There was a ~25% selling in Q1 2022 at prices between $16.35 and $19.25. That was followed with a ~60% reduction in the last quarter at prices between ~$16 and ~$19.25. The disposal this quarter was at prices between $16.65 and $19.15. The stock currently trades at $16.82.Stake Increases:Enterprise Product Partners (EPD): EPD is a 8.36% of the portfolio position primarily built over the four quarters through Q2 2022 at prices between ~$21 and ~$28. The stock is now at $25.12. There were minor increases in the last two quarters.Stake Decreases:St Joe Companies (JOE): ~79% of Fairholme’s 13F assets are in St. Joe stock. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. The last three quarters of 2017 had seen a combined ~14% increase at prices between $16.35 and $19.55. Since then, the activity has been minor. The stock is now at $40.49. There was marginal trimming in the last four quarters. They control ~42% of the business.Commercial Metals (CMC): The ~9% of the portfolio stake in CMC was built over the five quarters through Q2 2022 at prices between ~$29 and ~$44 and the stock currently trades at $46.07. The last two quarters have seen only minor adjustments.Berkshire Hathaway (BRK.A) (BRK.B): Q1 2019 saw a 5.6% of the portfolio stake purchased at prices between $188 and $209. The position was reduced by ~85% to a very small 0.84% portfolio stake next quarter at prices between $197 and $219. Q1 2020 saw a ~9% portfolio stake built at prices between ~$162 and ~$230. There was a one-third increase next quarter at prices between $170 and $202. Q4 2020 saw a ~80% selling at prices between ~$201 and ~$234. That was followed with a ~15% reduction next quarter at prices between ~$227 and ~$265. Last quarter saw the stake almost doubled at prices between ~$264 and ~$307. There was a roughly one-third reduction this quarter at prices between ~$264 and ~$319. The stock currently trades at ~$304 and the stake is now at 1.64% of the portfolio.Alibaba Group Holdings (BABA), Citigroup (C ), and Intel Corp (INTC): These very small (less than ~1% of the portfolio each) stakes were decreased this quarter.Kept Steady:Apple Inc. (AAPL), Energy Transfer LP (ET), Old Republic International (ORI), and Walgreens Boots Alliance (WBA): These very small (less than ~1% of the portfolio each) positions were kept steady this quarter.The spreadsheet below highlights changes to Fairholme’s 13F stock holdings in Q4 2022:Source: John Vincent. Data constructed from Fairholme's 13F filings for Q3 2022 and Q4 2022.Info from Annual/Semi-Annual Reports – 2022 semi-annual (July 29, 2022): Performance: 9.18% annualized from 12/1999 inception compared to 6.32% for S&P 500. CASH: ~11%. Commentary: JOE – no slowdown in demand, but slowed development due to supply chain issues. Although profits have grown, not yet reflecting long-run potential. EPD – one of the largest public mid-stream with 50K miles pipelines, 260M barrel liquid storage, and 14B cubic foot gas storage – irreplacable and part of the solution for cleaner energy. CMC – manufactures steel reinforcing bars, etc. markets in sold-out condition – a third facility under construction & fourth planned – benefits from US Infra Invesment and Jobs Act. Bothe EPD & CMC have regional moats just like JOE. Fannie/Freddie – Uncle Sam must eventually release them from federal conservator ship.Regulatory filings from 9/20/2022 to 12/20/2022: None."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q3 2022 Update"

"Bruce Berkowitz’s 13F stock portfolio value decreased this quarter from $1.21B to $1.03B.They increased Berkshire Hathaway while decreasing Kinder Morgan during the quarter.The 13F portfolio is mostly invested in St. Joe Companies.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s 13F stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 11/14/2022. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q2 2022.Berkowitz’s 13F stock portfolio value decreased ~15% from $1.21B to $1.03B this quarter. The 13F portfolio currently has most of the assets invested in St. Joe Companies.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: the fund returned at an annualized rate of 9.18% compared to 6.32% for S&P 500 index through H1 2022. FAIRX has however underperformed over the most recent 10-year period. The other funds under Fairholme umbrella are Fairholme Focused Income Fund (FOCIX) and Fairholme Allocation Fund (FAAFX). Equity holdings that are not in the 13F report include Fannie Mae (FNMA) pfds, Freddie Mac (FMCC) pfds, and Imperial Metals (IPMLF).New Stakes:None.Stake Disposals:D R Horton (DHI) and West Fraser Timber (WFG): These minutely small (less than ~0.5% of the portfolio each) positions were disposed this quarter.Stake Increases:Commercial Metals (CMC) and Enterprise Product Partners (EPD): The 8.20% of the portfolio stake in CMC was built over the last five quarters at prices between ~$29 and ~$44 and the stock currently trades at $48.22. This quarter saw a ~4% increase. EPD is a ~9% of the portfolio position primarily built over the last four quarters at prices between ~$21 and ~$28. The stock is now at $23.39. There was a ~8% increase this quarter.Berkshire Hathaway (BRK.A) (BRK.B): Q1 2019 saw a 5.6% of the portfolio stake purchased at prices between $188 and $209. The position was reduced by ~85% to a very small 0.84% portfolio stake next quarter at prices between $197 and $219. Q1 2020 saw a ~9% portfolio stake built at prices between ~$162 and ~$230. There was a one-third increase next quarter at prices between $170 and $202. Q4 2020 saw a ~80% selling at prices between ~$201 and ~$234. That was followed with a ~15% reduction next quarter at prices between ~$227 and ~$265. This quarter saw the stake almost doubled at prices between ~$264 and ~$307. The stock currently trades at ~$302 and the stake is now at 2.57% of the portfolio.Walgreens Boots Alliance (WBA): The minutely small 0.23% of the portfolio stake in WBA saw a ~7% stake increase this quarter.Stake Decreases:Intel Corp (INTC): The 1.47% INTC stake was purchased over the last four quarters at prices between ~$45 and ~$68. The stock currently trades well below that range at $26.44. There was marginal trimming this quarter.Citigroup (C ): The 0.71% Citigroup stake was built over the last three quarters at prices between ~$44 and ~$73. The stock currently trades at $43.81. There was a minor ~1% trimming this quarter.Kinder Morgan (KMI): The 0.57% KMI position saw a ~220% stake increase in Q4 2020 at prices between ~$11.50 and ~$15 and it currently trades above at $17.61. H2 2021 saw a ~57% stake increase at prices between ~$15.25 and ~$18.70. There was a ~25% selling in Q1 2022 at prices between $16.35 and $19.25. That was followed with a ~60% reduction this quarter at prices between ~$16 and ~$19.25.Alibaba Group Holdings (BABA): The minutely small 0.12% stake in BABA saw a minor ~5% trimming this quarter.Kept Steady:St Joe Companies (JOE): ~76% of Fairholme’s 13F assets are in St. Joe stock. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Last three quarters of 2017 had seen a combined ~14% increase at prices between $16.35 and $19.55. Since then, the activity has been minor. The stock is now at $37.76. There was marginal trimming in the last three quarters. They control ~42% of the business.Note: Fairholme’s 2022 semi-annual report had the following on St. Joe: Although supply-chain issues have slowed progress there is no letup in demand.Old Republic International (ORI): The very small 0.64% stake in ORI was increased by ~60% in Q4 2021 at prices between ~$23 and ~$26. The stock currently trades at $23.71. There was a ~15% trimming last quarter.Apple Inc. (AAPL) and Energy Transfer LP (ET): These two minutely small (less than ~0.25% of the portfolio each) positions were kept steady this quarter.The spreadsheet below highlights changes to Fairholme’s 13F stock holdings in Q3 2022:Source: John Vincent. Data constructed from Fairholme's 13F filings for Q2 2022 and Q3 2022.Info from Annual/Semi-Annual Reports – 2022 semi-annual (July 29, 2022): Performance: 9.18% annualized from 12/1999 inception compared to 6.32% for S&P 500. CASH: ~11%. Commentary: JOE – no slowdown in demand, but slowed development due to supply chain issues. Although profits have grown, not yet reflecting long-run potential. EPD – one of the largest public mid-stream with 50K miles pipelines, 260M barrel liquid storage, and 14B cubic foot gas storage – irreplacable and part of the solution for cleaner energy. CMC – manufactures steel reinforcing bars, etc. markets in sold-out condition – a third facility under construction & fourth planned – benefits from US Infra Invesment and Jobs Act. Bothe EPD & CMC have regional moats just like JOE. Fannie/Freddie – Uncle Sam must eventually release them from federal conservator ship.Regulatory filings from 6/11/2022 to 9/20/2022: None."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q2 2022 Update"

"Bruce Berkowitz’s 13F stock portfolio value decreased this quarter from $1.72B to $1.21B.They increased Commercial Metals, Enterprise Product Partners, and Citigroup during the quarter.The 13F portfolio is mostly invested in St. Joe Companies.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s 13F stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 8/15/2022. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q1 2022.Berkowitz’s 13F stock portfolio value decreased ~30% from $1.72B to $1.21B this quarter. The 13F portfolio currently has most of the assets invested in St. Joe Companies.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: the fund returned at an annualized rate of 9.18% compared to 6.32% for S&P 500 index through H1 2022. FAIRX has however underperformed over the most recent 10-year period. The other funds under Fairholme umbrella are Fairholme Focused Income Fund (FOCIX) and Fairholme Allocation Fund (FAAFX). Equity holdings that are not in the 13F report include Fannie Mae (FNMA) pfds, Freddie Mac (FMCC) pfds, and Imperial Metals (IPMLF).New Stakes:D R Horton (DHI) and West Fraser Timber (WFG): These are minutely small (less than ~0.5% of the portfolio each) positions established during the quarter.Stake Disposals:Sanderson Farms (SAFM): SAFM was a minutely small 0.08% of the portfolio position established last quarter but sold this quarter.Stake Increases:Commercial Metals (CMC), Enterprise Product Partners (EPD), and Citigroup (C ): These three positions were increased substantially over the last few quarters. The 6.27% of the portfolio stake in CMC was built over the last five quarters at prices between ~$29 and ~$44 and the stock currently trades at $37.46. EPD is a 7.24% of the portfolio position primarily built over the last four quarters at prices between ~$21 and ~$28. The stock is now at $25.81. The 0.67% Citigroup stake was built over the last three quarters at prices between ~$44 and ~$73. The stock currently trades at $47.25.Berkshire Hathaway (BRK.A) (BRK.B): Q1 2019 saw a 5.6% of the portfolio stake purchased at prices between $188 and $209. The position was reduced by ~85% to a very small 0.84% portfolio stake next quarter at prices between $197 and $219. Q1 2020 saw a ~9% portfolio stake built at prices between ~$162 and ~$230. There was a one-third increase next quarter at prices between $170 and $202. Q4 2020 saw a ~80% selling at prices between ~$201 and ~$234. That was followed with a ~15% reduction next quarter at prices between ~$227 and ~$265. The stock currently trades at ~$277 and the stake is now very small at 1.11% of the portfolio. Last several quarters have seen only minor adjustments.Alibaba Group Holdings (BABA): The BABA stake was almost doubled this quarter. It is still a minutely small 0.15% of the portfolio position.Stake Decreases:St Joe Companies (JOE): ~80% of Fairholme’s 13F assets are in St. Joe stock. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Last three quarters of 2017 had seen a combined ~14% increase at prices between $16.35 and $19.55. Since then, the activity has been minor. The stock is now at $34.43. There was marginal trimming in the last three quarters. They control ~42% of the business.Note: Fairholme’s 2022 semi-annual report had the following on St. Joe: Although supply-chain issues have slowed progress there is no letup in demand.Kinder Morgan (KMI) and Energy Transfer LP (ET): The ~1% KMI position saw a ~220% stake increase in Q4 2020 at prices between ~$11.50 and ~$15 and it currently trades above that range at $17.90. H2 2021 saw a ~57% stake increase at prices between ~$15.25 and ~$18.70. There was a ~25% selling last quarter at prices between $16.35 and $19.25. This quarter saw marginal trimming. ET is a 0.22% of the portfolio position purchased at prices between ~$5 and ~$8.60 and it is now at $11.93. There was a two-thirds reduction this quarter at prices between ~$9.80 and ~$12.30.Old Republic International (ORI): The very small 0.58% stake in ORI was increased by ~60% in Q4 2021 at prices between ~$23 and ~$26. The stock currently trades at $21.97. There was a ~15% trimming this quarter.Kept Steady:Intel Corp (INTC): The 1.82% INTC stake was purchased over the last four quarters at prices between ~$45 and ~$68. The stock currently trades well below that range at $28.96.Apple Inc. (AAPL) and Walgreens Boots Alliance (WBA): These two minutely small (less than ~0.25% of the portfolio each) positions were kept steady this quarter.The spreadsheet below highlights changes to Fairholme’s 13F stock holdings in Q2 2022:Source: John Vincent. Data constructed from Fairholme's 13F filings for Q1 2022 and Q2 2022.Info from Annual/Semi-Annual Reports – 2021 annual (December 31, 2021): Performance: 10.20% annualized from 12/1999 inception compared to 7.36% for S&P 500. CASH: ~13%. Commentary: JOE – although profits have grown, not yet reflecting long-run potential. EPD – one of the largest public mid-stream with 50K miles pipelines, 260M barrel liquid storage, and 14B cubic foot gas storage – irreplacable and part of the solution for cleaner energy. CMC – manufactures steel reinforcing bars, etc. markets in sold-out condition – a third facility under construction & fourth planned – benefits from US Infra Invesment and Jobs Act. Imperial Metals – 30% owner of Red Chris which as a $2B copper and gold project underway – 30 years with payback less than 3 years at current prices. Fannie/Freddie – Uncle Sam must eventually release them from federal conservator ship.Regulatory filings from 3/1/2022 to 6/11/2022: None."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q1 2022 Update"

"Bruce Berkowitz’s 13F stock portfolio value increased this quarter from $1.53B to $1.72B.They increased Commercial Metals, Enterprise Product Partners, and Intel during the quarter.The 13F portfolio is mostly invested in St. Joe Companies.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s 13F stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 5/16/2022. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q4 2021.Berkowitz’s 13F stock portfolio value increased ~13% from $1.53B to $1.72B this quarter. The 13F portfolio currently has most of the assets invested in St. Joe Companies.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: the fund returned at an annualized rate of 10.20% compared to 7.36% for S&P 500 index through 2021. FAIRX has however underperformed over the most recent 10-year period. The other funds under Fairholme umbrella are Fairholme Focused Income Fund (FOCIX) and Fairholme Allocation Fund (FAAFX). Equity holdings that are not in the 13F report include Fannie Mae (FNMA) pfds, Freddie Mac (FMCC) pfds, and Imperial Metals (IPMLF).New Stakes:Sanderson Farms (SAFM): SAFM is a minutely small 0.08% of the portfolio position established this quarter.Stake Disposals:Dow Inc. (DOW), Enbridge Inc. (ENB), Lyondellbasell Industries (LYB), Williams Companies (WMB), and Western Midstream Partners (WES): These very small (less than 0.75% of the portfolio each) positions were dropped this quarter.Stake Increases:Commercial Metals (CMC), Enterprise Product Partners (EPD), and Intel Corp (INTC): These three positions were increased substantially over the last three quarters. The ~5% of the portfolio stake in CMC was built over the last four quarters at prices between ~$29 and ~$44 and the stock currently trades at $37.27. EPD is a 4.82% of the portfolio position primarily built over the last three quarters at prices between ~$21 and ~$26. The stock is now at $25.46. The 1.69% INTC stake was purchased over the last four quarters at prices between ~$45 and ~$68. The stock currently trades below that range at $38.65.Walgreens Boots Alliance (WBA) and Citigroup (C ): These two very small (less than ~0.50% of the portfolio each) positions were increased this quarter.Stake Decreases:St Joe Companies (JOE): ~85% of Fairholme’s 13F assets are in St. Joe stock. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Last three quarters of 2017 had seen a combined ~14% increase at prices between $16.35 and $19.55. Since then, the activity has been minor. The stock is now at $41.55. There was marginal trimming in the last two quarters. They control ~42% of the business.Note: Fairholme’s 2021 annual report had the following on St. Joe: Although profits have grown, the share price is still not reflecting long-run growth potential.Kinder Morgan (KMI) and Energy Transfer LP (ET): The 0.88% KMI position saw a ~220% stake increase in Q4 2020 at prices between ~$11.50 and ~$15 and it currently trades above that range at $17.60. Last two quarters also saw a ~57% stake increase at prices between ~$15.25 and ~$18.70. There was a ~25% selling this quarter at prices between $16.35 and $19.25. ET is a 0.55% of the portfolio position purchased at prices between ~$5 and ~$8.60 and it is now at $10.72. There was a ~45% stake increase in Q3 2021 at prices between ~$8.75 and ~$10.70 while this quarter there was a similar reduction at prices between ~$8.70 and ~$11.50.Old Republic International (ORI): The very small 0.56% stake in ORI was increased by ~60% last quarter at prices between ~$23 and ~$26. The stock currently trades at $21.90. There was marginal trimming this quarter.Apple Inc. (AAPL): The minutely small 0.04% of the portfolio stake in AAPL saw a ~70% selling this quarter.Kept Steady:Berkshire Hathaway (BRK.A) (BRK.B): Q1 2019 saw a 5.6% of the portfolio stake purchased at prices between $188 and $209. The position was reduced by ~85% to a very small 0.84% portfolio stake next quarter at prices between $197 and $219. Q1 2020 saw a ~9% portfolio stake built at prices between ~$162 and ~$230. There was a one-third increase next quarter at prices between $170 and $202. Q4 2020 saw a ~80% selling at prices between ~$201 and ~$234. That was followed with a ~15% reduction next quarter at prices between ~$227 and ~$265. The stock currently trades at ~$279 and the stake is now very small at ~1% of the portfolio.Alibaba Group Holdings (BABA): The minutely small 0.05% of the portfolio stake in BABA was kept steady this quarter.The spreadsheet below highlights changes to Fairholme’s 13F stock holdings in Q1 2022:Source: John Vincent. Data constructed from Fairholme's 13F filings for Q4 2021 and Q1 2022.Info from Annual/Semi-Annual Reports – 2021 annual (December 31, 2021): Performance: 10.20% annualized from 12/1999 inception compared to 7.36% for S&P 500. CASH: ~13%. Commentary: JOE – although profits have grown, not yet reflecting long-run potential. EPD – one of the largest public mid-stream with 50K miles pipelines, 260M barrel liquid storage, and 14B cubic foot gas storage – irreplacable and part of the solution for cleaner energy. CMC – manufactures steel reinforcing bars, etc. markets in sold-out condition – a third facility under construction & fourth planned – benefits from US Infra Invesment and Jobs Act. Imperial Metals – 30% owner of Red Chris which as a $2B copper and gold project underway – 30 years with payback less than 3 years at current prices. Fannie/Freddie – Uncle Sam must eventually release them from federal conservator ship.Regulatory filings from 12/20/2021 to 3/1/2022: None."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q4 2021 Update"

"Bruce Berkowitz’s 13F stock portfolio value increased this quarter from $1.24B to $1.53B.They increased Commercial Metals, Enterprise Product Partners, and Intel during the quarter.The 13F portfolio is mostly invested in St. Joe Companies.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s 13F stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 2/14/2022. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q3 2021.Berkowitz’s 13F stock portfolio value increased ~23% from $1.24B to $1.53B this quarter. The 13F portfolio currently has most of the assets invested in St. Joe Companies.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: the fund returned at an annualized rate of 10.20% compared to 7.36% for S&P 500 index through 2021. FAIRX has however underperformed over the most recent 10-year period. Of the ~$1.5B AUM, Cash and Equivalents are at ~13%, St. Joe stock at ~77%, Fannie/Freddie pfds at ~2.7%, Enterprise Products Partners at 2.3%, Commercial Metals at 2.3%, and Imperial Metals at ~1.5%. The other funds under Fairholme umbrella are Fairholme Focused Income Fund (FOCIX) and Fairholme Allocation Fund (FAAFX). Equity holdings that are not in the 13F report include Fannie Mae (FNMA) pfds, Freddie Mac (FMCC) pfds, and Imperial Metals (IPMLF).New Stakes:Lyondellbasell Industries (LYB), Dow Inc. (DOW), Walgreens Boots Alliance (WBA), and Citigroup (C ): These are minutely small (less than ~0.25% of the portfolio each) new positions established this quarter.Stake Disposals:Nutrien Ltd. (NTR): NTR was a very small 0.10% of the portfolio position established last quarter but disposed this quarter.Stake Increases:Commercial Metals (CMC), Enterprise Product Partners (EPD), and Intel Corp (INTC): These three positions were increased substantially over the last two quarters. The 4.20% of the portfolio stake in CMC was built over the last three quarters at prices between ~$28 and ~$36 and the stock currently trades at ~$41. EPD is a ~3% of the portfolio position primarily built over the last two quarters at prices between ~$20.75 and ~$24.70. The stock is now at $24.12. The 1.78% INTC stake was purchased over the last three quarters at prices between ~$48 and ~$68. The stock currently trades below that range at $46.63.Kinder Morgan (KMI) and Energy Transfer LP (ET): These small (less than ~1.10% of the portfolio each) stakes were established in Q3 2020. The 1.26% KMI position saw a ~220% stake increase in Q4 2020 at prices between ~$11.50 and ~$15 and it currently trades above that range at $17.25. Last two quarters also saw a ~57% stake increase at prices between ~$15.25 and ~$18.70. ET is a 0.81% of the portfolio position purchased at prices between ~$5 and ~$8.60 and it is now at $9.84. There was a ~45% stake increase last quarter at prices between ~$8.75 and ~$10.70. This quarter saw a marginal increase.Old Republic International (ORI): The very small 0.60% stake in ORI was increased by ~60% this quarter at prices between ~$23 and ~$26. The stock currently trades at $25.94.Stake Decreases:St Joe Companies (JOE): ~85% of Fairholme’s 13F assets are in St. Joe stock. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Last three quarters of 2017 had seen a combined ~14% increase at prices between $16.35 and $19.55. Since then, the activity has been minor. The stock is now at $53.16. There was marginal trimming this quarter. They control ~43% of the business.Note: Fairholme’s 2021 annual report had the following on St. Joe: Although profits have grown, the share price is still not reflecting long-run growth potential.Berkshire Hathaway (BRK.A) (BRK.B): Q1 2019 saw a 5.6% of the portfolio stake purchased at prices between $188 and $209. The position was reduced by ~85% to a very small 0.84% portfolio stake next quarter at prices between $197 and $219. Q1 2020 saw a ~9% portfolio stake built at prices between ~$162 and ~$230. There was a one-third increase next quarter at prices between $170 and $202. Q4 2020 saw a ~80% selling at prices between ~$201 and ~$234. That was followed with a ~15% reduction next quarter at prices between ~$227 and ~$265. The stock currently trades at ~$336 and the stake is now very small at ~1% of the portfolio. There was marginal trimming this quarter.Alibaba Group Holdings (BABA), Enbridge Inc. (ENB), Williams Companies (WMB), and Western Midstream Partners (WES): These very small (less than 0.75% of the portfolio each) positions were reduced during the quarter.Kept Steady:Apple Inc. (AAPL): The minutely small 0.16% of the portfolio stake in AAPL was kept steady this quarter. .The spreadsheet below highlights changes to Fairholme’s 13F stock holdings in Q4 2021:Source: John Vincent. Data constructed from Fairholme's 13F filings for Q3 2021 and Q4 2021."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q3 2021 Update"

"Bruce Berkowitz’s 13F stock portfolio value decreased this quarter from $1.27B to $1.24B.They increased Enterprise Product Partners, Commercial Metals and Intel while dropping Vistra Corp.The 13F portfolio is mostly invested in St. Joe Companies.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s 13F stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 11/15/2021. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q2 2021.Berkowitz’s 13F stock portfolio value decreased ~2% from $1.27B to $1.24B this quarter. The 13F portfolio currently has most of the assets invested in St. Joe Companies.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: the fund returned at an annualized rate of 10.10% compared to 7.18% for S&P 500 index through Q2 2021. FAIRX has however underperformed over the most recent 10-year period. Of the ~$1.5B AUM, Cash and Equivalents are at ~23%, St. Joe stock at ~70%, Fannie/Freddie pfds at ~8%, and Imperial Metals at ~2%. The other funds under Fairholme umbrella are Fairholme Focused Income Fund (FOCIX) and Fairholme Allocation Fund (FAAFX). Equity holdings that are not in the 13F report include Fannie Mae (FNMA) pfds, Freddie Mac (FMCC) pfds, and Imperial Metals (IPMLF).New Stakes:Nutrien Ltd. (NTR): NTR is a very small 0.10% of the portfolio position established this quarter.Stake Disposals:Vistra Corp (VST): VST was a small 0.81% of the portfolio position purchased over the last two quarters at prices between ~$16 and ~$24. The disposal this quarter was at prices between $16.75 and $19.50. The stock currently trades at $21.09.Stake Increases:Commercial Metals (CMC), Enterprise Product Partners (EPD), and Intel Corp (INTC): These three positions were increased substantially this quarter. The 2.77% of the portfolio stake in CMC was built over the last two quarters at prices between ~$28 and ~$36 and the stock currently trades at $33.23. EPD is a 2.78% of the portfolio position primarily built this quarter at prices between ~$21.30 and ~$24.60. The stock is now just below that range at $20.73. The 1.80% INTC stake was purchased over the last two quarters at prices between ~$52 and ~$68. The stock currently trades below that range at $49.60.Kinder Morgan (KMI) and Energy Transfer LP (ET): These small (less than ~1% of the portfolio each) stakes were established in Q3 2020. The 1.26% KMI position saw a ~220% stake increase in Q4 2020 at prices between ~$11.50 and ~$15 and it currently trades above that range at $15.24. This quarter also saw a ~40% stake increase at prices between ~$15.70 and ~$18.70. ET is a 1.15% of the portfolio position purchased at prices between ~$5 and ~$8.60 and it is now at $8.25. There was a ~45% stake increase this quarter at prices between ~$8.75 and ~$10.70.Enbridge Inc. (ENB), Old Republic International (ORI) and Williams Companies (WMB): These small (less than ~1.25% of the portfolio each) stakes were increased this quarter.Stake Decreases:St Joe Companies (JOE): ~86% of Fairholme’s 13F assets are in St. Joe stock. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Last three quarters of 2017 had seen a combined ~14% increase at prices between $16.35 and $19.55. Since then the activity has been minor. The stock is now at $47.29. There was marginal trimming this quarter. They control ~43% of the business.Note: Fairholme’s mid-year 2021 report referenced St. Joe CEO Jorge Gonzalez’s comment regarding the growth runway: “…only scratching the surface…for multi-generational growth”. The 2020 annual report mentioned the following as the reasons for Fairholme’s continued bullishness: robust pricing, strong sales, and the fact that their entitled lands in Walton, Bay, and Gulf Counties may be worth exponentially more than implied by the company’s market value.Western Midstream Partners (WES): WES is a small stake first purchased in Q1 2020 at prices between ~$3 and ~$22. Q3 2020 saw a ~85% stake increase at prices between $7.35 and $10.50. The stock is now at $19.79 and the stake is at 0.63% of the portfolio. Last two quarters have seen a one-third reduction at prices between ~$18.30 and ~$23.35.Kept Steady:Berkshire Hathaway (BRK.A) (BRK.B): Q1 2019 saw a 5.6% of the portfolio stake purchased at prices between $188 and $209. The position was reduced by ~85% to a very small 0.84% portfolio stake next quarter at prices between $197 and $219. Q1 2020 saw a ~9% portfolio stake built at prices between ~$162 and ~$230. There was a one-third increase next quarter at prices between $170 and $202. Q4 2020 saw a ~80% selling at prices between ~$201 and ~$234. That was followed with a ~15% reduction next quarter at prices between ~$227 and ~$265. The stock currently trades at ~$290 and the stake is now very small at 1.13% of the portfolio.Alibaba Group Holdings (BABA) and Apple Inc. (AAPL): These two minutely small (less than ~0.16% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Fairholme’s 13F stock holdings in Q3 2021:Source: John Vincent. Data constructed from Fairholme's 13F filings for Q2 2021 and Q3 2021.Info from Annual/Semi-Annual Reports – 2021 Semi-annual: Performance: 10.10% annualized from 12/1999 inception compared to 7.18% for S&P 500. CASH: 23%. Looking for positions other than treasuries for higher yield and protection against inflation.Regulatory filings from 6/22/2021 thru 9/29/2021: None."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q2 2021 Update"

"Bruce Berkowitz’s 13F stock portfolio value increased this quarter from $1.21B to $1.27B.Several small positions were dropped, and new ones added during the quarter.The 13F portfolio is mostly invested in St. Joe Companies.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s 13F stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 8/16/2021. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q1 2021.Berkowitz’s 13F stock portfolio value increased marginally from $1.21B to $1.27B this quarter. The 13F portfolio currently has most of the assets invested in St. Joe Companies.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: the fund returned at an annualized rate of 10.10% compared to 7.18% for S&P 500 index through Q2 2021. FAIRX has however underperformed over the most recent 10-year period. Of the ~$1.5B AUM, Cash and Equivalents are at ~23%, St. Joe stock at ~70%, Fannie/Freddie pfds at ~8%, and Imperial Metals at ~2%. The other funds under Fairholme umbrella are Fairholme Focused Income Fund (FOCIX) and Fairholme Allocation Fund (FAAFX). Equity holdings that are not in the 13F report include Fannie Mae (FNMA) pfds, Freddie Mac (FMCC) pfds, and Imperial Metals (IPMLF).New Stakes:Commercial Metals (CMC), Intel Corp (INTC), Alibaba Group Holdings (BABA), and Enterprise Product Partners (EPD): These are small (less than ~1.35% of the portfolio each) stakes established this quarter. EPD is back in the portfolio after a quarter’s gap.Stake Disposals:AT&T Inc. (T), CVS Health (CVS), TC Energy Corp (TRP), and Verizon Communications (VZ): These very small (less than ~1% of the portfolio each) stakes were disposed during the quarter. TC Energy and Verizon Communications were small new positions purchased last quarter.Stake Increases:Apple Inc. (AAPL) and Vistra Corp (VST): These two very small positions established last quarter were increased this quarter. Vistra stake is very small at 0.81% of the portfolio while the Apple position is even smaller at 0.15%.Stake Decreases:Western Midstream Partners (WES): WES is a small stake first purchased in Q1 2020 at prices between ~$3 and ~$22. Q3 2020 saw a ~85% stake increase at prices between $7.35 and $10.50. The stock is now at $21.11 and the stake is at 0.82% of the portfolio. There was a ~13% trimming this quarter.Enbridge Inc. (ENB): The 1.12% ENB stake saw a marginal reduction this quarter.Kept Steady:St Joe Companies (JOE): ~91% of Fairholme’s 13F assets are in St. Joe stock. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Last three quarters of 2017 had seen a combined ~14% increase at prices between $16.35 and $19.55. The stock is now at $43.02.Note: Fairholme’s mid-year 2021 report referenced St. Joe CEO Jorge Gonzalez’s comment regarding the growth runway: “…only scratching the surface…for multi-generational growth”. The 2020 annual report mentioned the following as the reasons for Fairholme’s continued bullishness: robust pricing, strong sales, and the fact that their entitled lands in Walton, Bay, and Gulf Counties may be worth exponentially more than implied by the company’s market value.Berkshire Hathaway (BRK.A) (BRK.B): Q1 2019 saw a 5.6% of the portfolio stake purchased at prices between $188 and $209. The position was reduced by ~85% to a very small 0.84% portfolio stake next quarter at prices between $197 and $219. Q1 2020 saw a ~9% portfolio stake built at prices between ~$162 and ~$230. There was a one-third increase next quarter at prices between $170 and $202. Q4 2020 saw a ~80% selling at prices between ~$201 and ~$234. That was followed with a ~15% reduction last quarter at prices between ~$227 and ~$265. The stock currently trades at ~$277 and the stake is now very small at 1.13% of the portfolio.Kinder Morgan (KMI), and Energy Transfer LP (ET): These small (less than ~1% of the portfolio each) stakes established in Q3 2020 were increased over the next two quarters. The 0.96% KMI position saw a ~220% stake increase in Q4 2020 at prices between ~$11.50 and ~$15 and it currently trades above that range at $16.92. There was a ~5% stake increase last quarter. ET is a 0.86% of the portfolio position purchased at prices between ~$5 and ~$8.60 and it is now above that range at $9.58.Old Republic International (ORI) and Williams Companies (WMB): These very small (less than ~0.70% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Fairholme’s 13F stock holdings in Q2 2021:Source: John Vincent. Data constructed from Fairholme's 13F filings for Q1 2021 and Q2 2021.Regulatory filings from 3/15/2021 thru 6/22/2021: None."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q1 2021 Update"

"Bruce Berkowitz’s 13F stock portfolio value decreased this quarter from $1.24B to $1.21B.The portfolio value remained almost steady this quarter.The 13F portfolio is mostly invested in St. Joe Companies.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s 13F stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 5/17/2021. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q4 2020.Berkowitz’s 13F stock portfolio value decreased marginally from $1.24B to $1.21B this quarter. The 13F portfolio currently has most of the assets invested in St. Joe Companies.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: the fund returned at an annualized rate of 10.64% compared to 6.63% for S&P 500 index through 2020. FAIRX has however underperformed over the most recent 10-year period. Of the ~$1.5B AUM, Cash and Equivalents are at ~22%, St. Joe stock at ~66%, Fannie/Freddie pfds at ~11%, and Imperial Metals at ~2%. The other funds under Fairholme umbrella are Fairholme Focused Income Fund (FOCIX) and Fairholme Allocation Fund (FAAFX). Equity holdings that are not in the 13F report include Fannie Mae (FNMA) pfds, Freddie Mac (FMCC) pfds, and Imperial Metals (IPMLF).New Stakes:Vistra Corp (VST), Williams Companies (WMB), Verizon Communications (VZ), and TC Energy Corp (TRP): These are very small (less than ~0.75% of the portfolio each) stakes established this quarter.Stake Disposals:Bank of America (BAC) and Canadian Natural Resources (CNQ): These small stakes established over the last two quarters were disposed this quarter. The 1.19% BAC stake was established at prices between ~$22.50 and ~$30. The elimination this quarter was at prices between ~$29.50 and ~$39.50. The stock is now at ~$40. CNQ was a small 0.93% of the portfolio position built at prices between ~$21 and ~$32. The disposal this quarter was at prices between ~$22.50 and ~$32.50. It is now at ~$36.55.Cincinnati Financial (CINF), Altria Group (MO), Enterprise Product Partners (EPD), Plains All American Pipeline (PAA), Magellan Midstream (MMP), Occidental Petroleum (OXY) wts, and Philip Morris (PM): These very small (less than ~0.75% of the portfolio each) stakes were eliminated during the quarter.Stake Increases:AT&T Inc. (T), Kinder Morgan (KMI), and Energy Transfer LP (ET): These small (less than ~1% of the portfolio each) stakes established in Q3 2020 were increased over the last two quarters. The ~1% AT&T stake was purchased at prices between ~$26.50 and ~$31.50 and it now goes for ~$28.80. There was a minor ~3% increase this quarter. The 0.92% KMI position saw a ~220% stake increase last quarter at prices between ~$11.50 and ~$15 and it currently trades well above that range at ~$18.20. There was a ~5% stake increase this quarter. ET is a 0.65% of the portfolio position purchased at prices between ~$5 and ~$8.60 and it is now well above that range at ~$10.95.Enbridge Inc. (ENB) and CVS Health (CVS): These two small (less than ~1% of the portfolio each) stakes established last quarter were increased by roughly one-third each this quarter.Stake Decreases:St Joe Companies (JOE): ~91% of Fairholme’s 13F assets are in St. Joe stock. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Last three quarters of 2017 had seen a combined ~14% increase at prices between $16.35 and $19.55. The stock is now at ~$43.60. Last few quarters have seen only minor adjustments.Note: Fairholme’s 2020 report mentions the following as the reasons for their continued bullishness: robust pricing, strong sales, and the fact that their entitled lands in Walton, Bay, and Gulf Counties may be worth exponentially more than implied by the company’s market value. Fairholme’s mid-year 2020 report also pointed to St. Joe’s project update .Berkshire Hathaway (BRK.A) (BRK.B): Q1 2019 saw a 5.6% of the portfolio stake purchased at prices between $188 and $209. The position was reduced by ~85% to a very small 0.84% portfolio stake next quarter at prices between $197 and $219. Q1 2020 saw a ~9% portfolio stake built at prices between ~$162 and ~$230. There was a one-third increase next quarter at prices between $170 and $202. Last quarter saw a ~80% selling at prices between ~$201 and ~$234. That was followed with a ~15% reduction this quarter at prices between ~$227 and ~$26. The stock currently trades at ~$277 and the stake is now very small at 1.08% of the portfolio.Old Republic International (ORI): The minutely small (less than ~0.50% of the portfolio each) ORI stake established last quarter was reduced by ~35% this quarter.Kept Steady:Western Midstream Partners (WES): WES is a small stake first purchased in Q1 2020 at prices between ~$3 and ~$22. Q3 2020 saw a ~85% stake increase at prices between $7.35 and $10.50. The stock is now at ~$22.30 and the stake is at 0.85% of the portfolio.Apple Inc. (AAPL): The minutely small 0.04% of the portfolio AAPL stake was kept steady this quarter.The spreadsheet below highlights changes to Fairholme’s 13F stock holdings in Q1 2021:Source: John Vincent. Data constructed from Fairholme's 13F filings for Q4 2020 and Q1 2021.Regulatory filings thru 3/14/2021: 13D/A – 3/12 – JOE – 21.89M shares – 37.2% of business."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q4 2020 Update"

"Bruce Berkowitz’s 13F stock portfolio value increased this quarter from $653M to $1.24B.The portfolio value almost doubled as St. Joe Companies had a stunning stock performance this quarter.The 13F portfolio is mostly invested in St. Joe Companies.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s 13F stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 2/16/2021. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q3 2020.Berkowitz’s 13F stock portfolio value increased ~90% from $653M to $1.24B this quarter. The 13F portfolio currently has most of the assets invested in St. Joe Companies.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: the fund returned at an annualized rate of 10.64% compared to 6.63% for S&P 500 index through 2020. FAIRX has however underperformed over the most recent 10-year period. Of the ~$1.5B AUM, Cash and Equivalents are at ~22%, St. Joe stock at ~66%, Fannie/Freddie Pfds at ~11%, and Imperial Metals at ~2%. The other funds under Fairholme umbrella are Fairholme Focused Income Fund (FOCIX) and Fairholme Allocation Fund (FAAFX). Equity holdings that are not in the 13F report include Fannie Mae (FNMA) pfds, Freddie Mac (FMCC) pfds, and Imperial Metals (IPMLF).New Stakes:Cincinnati Financial (CINF), Enbridge Inc. (ENB), CVS Health (CVS), Old Republic International (ORI), Altria Group (MO), Enterprise Product Partners (EPD), Plains All American Pipeline (PAA), Magellan Midstream (MMP), and Philip Morris (PM): These are very small (less than ~0.7% of the portfolio each) new stakes established this quarter.Stake Disposals:Kraft Heinz (KHC): The 1.22% KHC stake was established in Q1 2020 at prices between ~$20 and ~$32 and it is now at $39.55. Last quarter saw a ~40% reduction at prices between ~$29 and ~$36. The disposal this quarter was at prices between ~$29 and ~$35.Simon Property Group (SPG): The 0.52% SPG position was established in Q1 2020 at prices between ~$45 and ~$150. Next quarter saw a ~40% selling at prices between ~$44 and ~$96 while last quarter there was a ~80% stake increase at prices between ~$60 and ~$74. The stake was disposed this quarter at prices between ~$61 and ~$94. SPG currently trades at ~$115.Stake Increases:Bank of America (BAC), Canadian Natural Resources (CNQ), AT&T Inc. (T), Kinder Morgan (KMI), and Energy Transfer LP (ET): These small stakes established last quarter were increased substantially this quarter. The 1.19% BAC stake was established at prices between ~$22.50 and ~$30 and it is now at $37.66. CNQ is a small 0.93% of the portfolio position built at prices between ~$21 and ~$32 and it currently trades at ~$37. The 0.90% AT&T stake was purchased at prices between ~$26.50 and ~$31.50 and it now goes for ~$30. The 0.70% KMI position saw a ~220% stake increase this quarter at prices between ~$11.50 and ~$15 and it currently trades at $15.78. ET is a 0.39% of the portfolio position purchased at prices between ~$5 and ~$7 and it is now at $8.10.Western Midstream Partners (WES): WES was a minutely small stake purchased in Q1 2020 at prices between ~$3 and ~$22. Last quarter saw a ~85% stake increase to a ~0.66% portfolio stake at prices between $7.35 and $10.50. The stock is now at $18.25. This quarter saw a minor increase.Stake Decreases:St Joe Companies (JOE): ~91% of Fairholme’s 13F assets are in St. Joe stock. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Last three quarters of 2017 had seen a combined ~14% increase at prices between $16.35 and $19.55. The stock is now at $47.29. There was marginal trimming this quarter.Note 1: Regulatory filings since the quarter ended show them owning 25.76M shares (~44% of business) of JOE. This is compared to 26.43M shares in the 13F report.Note 2: Fairholme’s 2020 report mentions the following as the reasons for their continued bullishness: robust pricing, strong sales, and the fact that their entitled lands in Walton, Bay, and Gulf Counties may be worth exponentially more than implied by the company’s market value. Fairholme’s mid-year 2020 report also pointed to St. Joe’s project update .Berkshire Hathaway (BRK.A) (BRK.B): Q1 2019 saw a 5.6% of the portfolio stake purchased at prices between $188 and $209. The position was reduced by ~85% to a very small 0.84% portfolio stake next quarter at prices between $197 and $219. Q1 2020 saw a ~9% portfolio stake built at prices between ~$162 and ~$230. There was a one-third increase next quarter at prices between $170 and $202. This quarter saw a ~80% selling at prices between ~$201 and ~$234. The stock currently trades at ~$250 and the stake is at ~1.12% of the portfolio.Kept Steady:Apple Inc. (AAPL) and Occidental Petroleum (OXY) WTS: These two minutely small stakes (less than ~0.1% of the portfolio each) were kept steady this quarter.The spreadsheet below highlights changes to Fairholme’s 13F stock holdings in Q4 2020:Source: John Vincent. Data constructed from Fairholme's 13F filings for Q3 and Q4 2020.Regulatory filings thru 11/28/2020: None."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q3 2020 Update"

"Bruce Berkowitz’s 13F stock portfolio value increased this quarter from $598M to $653M.Fairholme decreased Kraft Heinz and dropped Occidental Petroleum during the quarter.The 13F portfolio is mostly invested in St. Joe Companies stock.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s 13F stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 11/16/2020. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q2 2020.Berkowitz’s 13F stock portfolio value increased ~9% from $598M to $653M this quarter. The 13F portfolio currently has most of the assets invested in St. Joe Companies.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: the fund returned at an annualized rate of ~8.4% compared to ~5.8% for S&P 500 index through H1 2020. FAIRX has however underperformed over the most recent 10-year period. Of the ~$1.1B AUM, Cash and Equivalents are at ~34%, St. Joe stock at ~46%, Fannie/Freddie Pfds at ~15%, and Imperial Metals at ~1%. The other funds under Fairholme umbrella are Fairholme Focused Income Fund (FOCIX) and Fairholme Allocation Fund (FAAFX). Equity holdings that are not in the 13F report include Fannie Mae (FNMA) pfds, Freddie Mac (FMCC) pfds, and Imperial Metals (IPMLF).New Stakes:Bank of America (BAC), AT&T Inc. (T), Canadian Natural Resources (CNQ), KinderMorgan (KMI), Energy Transfer LP (ET), Apple Inc. (AAPL), and Occidental Petroleum (OXY) WTS: These are very small new stakes established this quarter.Stake Disposals:Occidental Petroleum (OXY): The ~1% OXY stake was established in Q1 2020 at prices between ~$10 and ~$47. It was reduced by ~25% last quarter at prices between ~$10.70 and ~$24.40 and the disposal this quarter was at prices between ~$9.70 and ~$18.30. The stock currently trades at $16.56.Note: The small stake in the common was replaced with a very small position in the warrants during the quarter.Stake Increases:Western Midstream Partners (WES): WES was a minutely small stake purchased in Q1 2020 at prices between ~$3 and ~$22. This quarter saw a ~85% stake increase to a ~0.66% portfolio stake at prices between $7.35 and $10.50. The stock is now at $13.70.Simon Property Group (SPG): The 0.52% SPG position was established in Q1 2020 at prices between ~$45 and ~$150. Last quarter saw a ~40% selling at prices between ~$44 and ~$96 while this quarter there was a ~80% stake increase at prices between ~$60 and ~$74. SPG currently trades at $85.55.Stake Decreases:St Joe Companies (JOE): 84% of Fairholme’s 13F assets are in St. Joe stock. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Last three quarters of 2017 had seen a combined ~14% increase at prices between $16.35 and $19.55. The stock is now at $33.12. Berkowitz’s ownership stake is at ~45% of the business. There was marginal trimming this quarter.Note: Fairholme’s mid-year 2020 report pointed to St. Joe’s project update to indicate why they continue to be very bullish.Berkshire Hathaway (BRK.A) (BRK.B): Q1 2019 saw a 5.6% of the portfolio stake purchased at prices between $188 and $209. The position was reduced by ~85% to a very small 0.84% portfolio stake next quarter at prices between $197 and $219. Q1 2020 saw a ~9% portfolio stake built at prices between ~$162 and ~$230. There was a one-third increase last quarter at prices between $170 and $202. The stock currently trades at ~$232 and the stake is at ~10% of the portfolio. This quarter saw minor trimming.Note: Fairholme’s mid-year 2020 report acknowledges hits to Berkshire’s portfolio companies due to the pandemic but concludes that their core insurance businesses could turn out to be a tailwind as most policies exclude pandemics and premiums are rising faster than risks.Kraft Heinz (KHC): The 1.22% KHC stake was established in Q1 2020 at prices between ~$20 and ~$32 and it is now at $32.84. This quarter saw a ~40% reduction at prices between ~$29 and ~$36.Kept Steady:None.The spreadsheet below highlights changes to Fairholme’s 13F stock holdings in Q3 2020:"

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q2 2020 Update"

"Bruce Berkowitz’s 13F stock portfolio value increased this quarter from $510M to $598M.Fairholme increased Berkshire Hathaway during the quarter.The 13F portfolio is mostly invested in St. Joe Companies stock.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s 13F stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 08/14/2020. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q1 2020.Berkowitz’s 13F stock portfolio value increased ~17% from $510M to $598M this quarter. The 13F portfolio currently has most of the assets invested in St. Joe Companies.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: the fund returned at an annualized rate of 8.38% compared to 5.76% for S&P 500 index. FAIRX has however underperformed over the most recent 10-year period. Of the ~$1.1B AUM, Cash and Equivalents are at ~34%, St. Joe stock at ~46%, Fannie/Freddie Pfds at ~15%, and Imperial Metals at ~1%. The other funds under Fairholme umbrella are Fairholme Focused Income Fund (FOCIX) and Fairholme Allocation Fund (FAAFX). Equity holdings that are not in the 13F report include Fannie Mae (FNMA) pfds (FNMAS), Freddie Mac (FMCC) pfds (FMCKJ), and Imperial Metals (IPMLF).New Stakes:None.Stake Disposals:Vista Outdoor (VSTO): VSTO was a fairly large 6.5% of the portfolio stake established in H1 2018 at prices between $13 and $20. Q3 2018 saw a ~30% selling at prices between $15.50 and $19 and that was followed with a ~60% selling next quarter at prices between $10 and $17.50. Last five quarters had seen the stake almost eliminated at prices between ~$5 and ~$18. The stock currently trades at $19.43. The remainder stake was disposed this quarter.Note: Vista Outdoor is a 2015 spinoff from Alliant Techsystems which in turn was spun off from Honeywell. It is a dominant producer of ammunition that is purchased by military, police, and governments around the world.Stake Increases:Berkshire Hathaway (BRK.A) (BRK.B): Q1 2019 saw a 5.6% of the portfolio stake purchased at prices between $188 and $209. The position was reduced by ~85% to a very small 0.84% portfolio stake next quarter at prices between $197 and $219. Last quarter saw a ~9% portfolio stake built at prices between ~$162 and ~$230. This quarter saw a one-third increase at prices between $170 and $202. The stock currently trades at ~$218 and the stake is at ~10% of the portfolio.Note: Fairholme’s mid-year 2020 report acknowledges hits to Berkshire’s portfolio companies due to the pandemic but concludes that their core insurance businesses could turn out to be a tailwind as most policies exclude pandemics and premiums are rising faster than risks.Stake Decreases:St Joe Companies (JOE): 86% of Fairholme’s 13F assets are in St. Joe stock. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Last three quarters of 2017 had seen a combined ~14% increase at prices between $16.35 and $19.55. The stock is now at $21.28. Berkowitz’s ownership stake is at ~45% of the business. There was marginal trimming this quarter.Note: Fairholme’s mid-year 2020 report pointed to St. Joe’s project update to indicate why they continue to be very bullish.Kraft Heinz (KHC), Occidental Petroleum (OXY), and Simon Property Group (SPG): These positions established last quarter were reduced this quarter. The 2.35% KHC stake was established at prices between ~$20 and ~$32 and it is now at $31.71. This quarter saw marginal trimming. OXY and SPG are very small stakes that saw reduction this quarter.Kept Steady:Western Midstream Partners (WES): The minutely small 0.49% WES stake was kept steady during the quarter.The spreadsheet below highlights changes to Fairholme’s 13F stock holdings in Q2 2020:Regulatory filings thru 5/30/2020: 13G/A – 4/9 – JOE – 26.5M shares – 44.5% of business."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q1 2020 Update"

"Bruce Berkowitz’s 13F stock portfolio value decreased this quarter from $528M to $510M.Fairholme added Kraft Heinz and increased Berkshire Hathaway during the quarter.The 13F portfolio is mostly invested in St. Joe Companies stock.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s 13F stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 05/15/2020. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q4 2019.Berkowitz’s 13F stock portfolio value decreased ~3% from $528M to $510M this quarter. The 13F portfolio currently has most of the assets invested in St. Joe Companies.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: the fund returned at an annualized rate of 9.08% compared to 6.08% for S&P 500 index. FAIRX has however underperformed over the most recent 10-year period. Of the ~$1.1B AUM, Cash and Equivalents are at ~35%, St. Joe stock at ~43%, Fannie/Freddie Pfds at ~20%, and Imperial Metals at ~1%. The other funds under Fairholme umbrella are Fairholme Focused Income Fund (FOCIX) and Fairholme Allocation Fund (FAAFX). Equity holdings that are not in the 13F report include Fannie Mae (FNMA) pfds (FNMAS), Freddie Mac (FMCC) pfds (FMCKJ), and Imperial Metals (IPMLF).New Stakes:Kraft Heinz (KHC), Occidental Petroleum (OXY), Simon Property Group (SPG), and Western Midstream Partners (WES): These are the new positions this quarter. The 2.16% KHC stake was established at prices between ~$20 and ~$32 and it is now at ~$34. The stock is back in the portfolio after a quarter’s gap. It was a ~4% of the 13F portfolio position established in Q3 2019 at prices between $25 and $32.50 and disposed last quarter at prices between $26.50 and $33.50. OXY, SPG, and WES are very small stakes established this quarter.Stake Disposals:None.Stake Increases:St Joe Companies (JOE): 87% of Fairholme’s 13F assets are in St. Joe stock. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Last three quarters of 2017 had seen a combined ~14% increase at prices between $16.35 and $19.55. The stock is now at ~$22. Berkowitz’s ownership stake is at ~45% of the business. This quarter saw a minor increase.Note: Fairholme’s 2019 report notes record construction activity at St. Joe’s sites.Berkshire Hathaway (BRK.B): Q1 2019 saw a 5.6% of the portfolio stake purchased at prices between $188 and $209. The position was reduced by ~85% to a very small 0.84% portfolio stake next quarter at prices between $197 and $219. This quarter saw a ~9% portfolio stake built at prices between ~$162 and ~$230. The stock currently trades at ~$202.Note: Berkshire Hathaway has had a previous recent round-trip in the portfolio. It was a minutely small 0.34% of the portfolio stake established in Q3 2018 at prices between $186 and $222 and disposed next quarter at prices between $188 and $224.Stake Decreases:Vista Outdoor (VSTO): VSTO was a fairly large 6.5% of the portfolio stake established in H1 2018 at prices between $13 and $20. Q3 2018 saw a ~30% selling at prices between $15.50 and $19 and that was followed with a ~60% selling next quarter at prices between $10 and $17.50. Last five quarters have seen the stake almost eliminated at prices between ~$5 and ~$18. The stock currently trades at ~$12 and the position is now very small at ~0.18% of the portfolio.Note: Vista Outdoor is a 2015 spinoff from Alliant Techsystems which in turn was spun off from Honeywell. It is a dominant producer of ammunition that is purchased by military, police, and governments around the world.Kept Steady:None.The spreadsheet below highlights changes to Fairholme’s 13F stock holdings in Q1 2020:Jan 29, 2020 – Fairholme Funds : Performance: ~32.5% for 2019 vs ~31.5% for S&P. 9.08% annualized since Dec 1999 inception vs 6.08% annualized for S&P. CASH: 38.5%.Regulatory filings thru 2/26/2020: None."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q4 2019 Update"

"Bruce Berkowitz’s 13F stock portfolio value increased 11% this quarter from $475M to $528M.Fairholme dropped Kraft Heinz and reduced Vista Outdoor during the quarter.The 13F portfolio is mostly invested in St. Joe Companies.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s 13F stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 02/14/2020. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q3 2019.Berkowitz’s 13F stock portfolio value increased 11% from $475M to $528M this quarter. The 13F portfolio currently has most of the assets invested in St. Joe Companies.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: the fund returned at an annualized rate of 9.08% compared to 6.08% for S&P 500 index. FAIRX has however underperformed over the most recent 10-year period. Of the ~$1.1B AUM, Cash and Equivalents are at ~38%, St. Joe stock at ~41%, Fannie/Freddie Pfds at ~20%, and Imperial Metals at ~1%. The other funds under Fairholme umbrella are Fairholme Focused Income Fund (FOCIX) and Fairholme Allocation Fund (FAAFX). Equity holdings that are not in the 13F report include Fannie Mae (FNMA) pfds (FNMAS), Freddie Mac (FMCC) pfds (FMCKJ), and Imperial Metals (IPMLF).New Stakes:None.Stake Disposals:Kraft Heinz (KHC): KHC was a ~4% of the 13F portfolio position established last quarter at prices between $25 and $32.50. It was disposed this quarter at prices between $26.50 and $33.50. The stock currently trades at $24.50.Stake Decreases:St Joe Companies (JOE): Most of Fairholme’s 13F assets are in St. Joe stock. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Last three quarters of 2017 had seen a combined ~14% increase at prices between $16.35 and $19.55. The stock is now at $18.59. Berkowitz’s ownership stake is at ~44% of the business. Last two years saw minor trimming.Note: Fairholme’s 2019 report notes record construction activity at St. Joe’s sites.Berkshire Hathaway (BRK.B): Q1 2019 saw a 5.6% of the portfolio stake purchased at prices between $188 and $209. The position was reduced by ~85% to a very small 0.84% portfolio stake next quarter at prices between $197 and $219. The stock currently trades at ~$203. Last two quarters have also seen minor trimming.Note: Berkshire Hathaway has had a previous recent round-trip in the portfolio. It was a minutely small 0.34% of the portfolio stake established in Q3 2018 at prices between $186 and $222 and disposed next quarter at prices between $188 and $224.Vista Outdoor (VSTO): VSTO was a fairly large 6.5% of the portfolio stake established in H1 2018 at prices between $13 and $20. Q3 2018 saw a ~30% selling at prices between $15.50 and $19 and that was followed with a ~60% selling next quarter at prices between $10 and $17.50. Last four quarters have seen another ~80% selling at prices between $4.50 and $12. The stock currently trades at $5.57 and the position is now very small at ~0.37% of the portfolio.Note: Vista Outdoor is a 2015 spinoff from Alliant Techsystems which in turn was spun off from Honeywell. It is a dominant producer of ammunition that is purchased by military, police, and governments around the world.Kept Steady:None.The spreadsheet below highlights changes to Fairholme’s 13F stock holdings in Q4 2019:"

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q3 2019 Update"

"Bruce Berkowitz’s 13F stock portfolio value increased marginally this quarter from $467M to $475M.Fairholme added Kraft Heinz while reducing Vista Outdoor during the quarter.The 13F portfolio has 97% invested in St. Joe Companies.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s 13F stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 11/14/2019. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q2 2019.Berkowitz’s 13F stock portfolio value increased marginally from $467M to $475M this quarter. The 13F portfolio currently has 97% invested in St. Joe Companies.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: thru June 2019, the fund returned at an annualized rate of 9.08% compared to 5.67% for S&P 500 index. FAIRX has however underperformed over the most recent 10-year period. Of the $1.1B AUM, Cash and Equivalents are at ~32%, St. Joe stock at ~34%, Fannie/Freddie Pfds at ~20%, and Imperial Metals equity & debt at ~14%. The other funds under Fairholme umbrella are Fairholme Focused Income Fund (FOCIX) and Fairholme Allocation Fund (FAAFX). Large equity holdings that are not in the 13F report include Fannie Mae (FNMA) pfds (FNMAS), Freddie Mac (FMCC) pfds (FMCKJ), and Imperial Metals (IPMLF).New Stakes:Kraft Heinz (KHC): KHC is a ~4% of the 13F portfolio position established this quarter at prices between $25 and $32.50 and the stock currently trades near the top of that range at $32.22.Stake Decreases:St Joe Companies (JOE): JOE is the largest stake by far at 97% of the 13F portfolio. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Last three quarters of 2017 had seen a combined ~14% increase at prices between $16.35 and $19.55. Currently, it trades at $19.91. Berkowitz’s ownership stake is at ~44% of the business. Last seven quarters saw minor trimming.Note: Fairholme’s 2019 semi-annual letter had the following regarding St. Joe: By 2021, hopes to reach a run rate of 1,000 home and home lot sales per year; rent over 1,300 apartments, 900 hotel rooms, and 1.5 million square feet of commercial space; and register more than 1,400 The Clubs by JOE full-time members.Berkshire Hathaway (BRK.B): Q1 2019 saw a 5.6% of the portfolio stake purchased at prices between $188 and $209. The position was reduced by ~85% to a very small 0.84% portfolio stake last quarter at prices between $197 and $219. The stock currently trades at ~$226. There was a ~10% trimming this quarter.Note: Berkshire Hathaway has had a previous recent round-trip in the portfolio. It was a minutely small 0.34% of the portfolio stake established in Q3 2018 at prices between $186 and $222 and disposed next quarter at prices between $188 and $224.Vista Outdoor (VSTO): VSTO was a fairly large 6.5% of the portfolio stake established in H1 2018 at prices between $13 and $20. Q3 2018 saw a ~30% selling at prices between $15.50 and $19 and that was followed with a ~60% selling next quarter at prices between $10 and $17.50. Last three quarters have seen another ~75% selling at prices between $4.41 and $12.21. The stock currently trades at $7.61 and the position is now very small at ~0.50% of the portfolio.Note: Vista Outdoor is a 2015 spinoff from Alliant Techsystems which in turn was spun off from Honeywell. It is a dominant producer of ammunition that is purchased by military, police, and governments around the world.Kept Steady:None.The spreadsheet below highlights changes to Fairholme’s 13F stock holdings in Q3 2019:"

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q2 2019 Update"

"Bruce Berkowitz’s 13F stock portfolio value decreased marginally this quarter from $473M to $467M.Fairholme reduced Vista Outdoor and Berkshire Hathaway during the quarter.The 13F portfolio has 98% invested in St. Joe Companies.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s 13F stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 08/14/2019. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q1 2019.Berkowitz’s 13F stock portfolio value decreased marginally from $473M to $467M this quarter. The 13F portfolio currently has 98% invested in St. Joe Companies.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: thru June 2019, the fund returned at an annualized rate of 9.08% compared to 5.67% for S&P 500 index. FAIRX has however underperformed over the most recent 10-year period. Of the $1.1B AUM, Cash and Equivalents are at ~32%, St. Joe stock at ~34%, Fannie/Freddie Pfds at ~20%, and Imperial Metals equity & debt at ~14%. The other funds under Fairholme umbrella are Fairholme Focused Income Fund (FOCIX) and Fairholme Allocation Fund (FAAFX). Large equity holdings that are not in the 13F report include Fannie Mae (FNMA) pfds (FNMAS), Freddie Mac (FMCC) pfds (FMCKJ), and Imperial Metals (IPMLF).Note: Fairholme’s 2019 semi-annual letter had the following regarding St. Joe: By 2021, hopes to reach a run rate of 1,000 home and home lot sales per year; rent over 1,300 apartments, 900 hotel rooms, and 1.5 million square feet of commercial space; and register more than 1,400 The Clubs by JOE full-time members.New Stakes:None.Stake Decreases:St Joe Companies (JOE): JOE is the largest stake by far at 98% of the 13F portfolio. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Last three quarters of 2017 had seen a combined ~14% increase at prices between $16.35 and $19.55. Currently, it trades at $16.95. Berkowitz’s ownership stake is at ~44% of the business. Last six quarters saw minor trimming.Vista Outdoor (VSTO): VSTO is a ~1% portfolio stake established in Q1 2018 at prices between $14 and $20 and increased by ~80% next quarter at prices between $13 and $18. The stock currently trades well below those ranges at $5.11. Q3 2018 saw a ~30% selling at prices between $15.50 and $19 and that was followed with a ~60% selling next quarter at prices between $10 and $17.50. There was another ~22% selling last quarter at prices between $8 and $12.25 and that was followed with another ~50% reduction this quarter at prices between $7.50 and $10.15.Note: Vista Outdoor is a 2015 spinoff from Alliant Techsystems which in turn was spun off from Honeywell. It is a dominant producer of ammunition that is purchased by military, police, and governments around the world.Berkshire Hathaway (BRK.B): Last quarter saw a 5.6% of the portfolio stake purchased at prices between $188 and $209. The stake was reduced by ~85% to a very small 0.84% portfolio position this quarter at prices between $197 and $219. The stock currently trades at ~$198.Note: Berkshire Hathaway has had a previous recent round-trip in the portfolio. It was a minutely small 0.34% of the portfolio stake established in Q3 2018 at prices between $186 and $222 and disposed next quarter at prices between $188 and $224.Kept Steady:None.The spreadsheet below highlights changes to Fairholme’s 13F stock holdings in Q2 2019:Regulatory filings thru 6/12/2019 – None."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q1 2019 Update"

"Bruce Berkowitz’s 13F stock portfolio value increased ~29% this quarter from $367M to $473M.Fairholme added Berkshire Hathaway while dropping Jefferies Financial Group and reducing Vista Outdoor.The 13F portfolio has 92% invested in St. Joe Companies.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s 13F stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 05/15/2019. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q4 2018.Berkowitz’s 13F stock portfolio value increased ~29% from $367M to $473M this quarter. The 13F portfolio currently has 92.44% invested in St. Joe Companies.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: thru 2018, the fund returned at an annualized rate of 7.99% compared to 4.89% for S&P 500 index. FAIRX has however underperformed over the most recent 10-year period. Of the $1.1B AUM, Cash and Equivalents are at ~37%, St. Joe stock at ~34%, and Fannie/Freddie Pfds at ~17%. The other funds under Fairholme umbrella are Fairholme Focused Income Fund (FOCIX) and Fairholme Allocation Fund (FAAFX). Large equity holdings that are not in the 13F report include Fannie Mae (FNMA) pfds (FNMAS), Freddie Mac (FMCC) pfds (FMCKJ), and Imperial Metals (IPMLF).Note: Fairholme’s 2018 Letter had the following regarding Fannie/Freddie: they believe that despite the 35% jump in January, the preferred shares continue to trade at large discounts to redemption values and realistic future outcomes.Stake Disposals:Jefferies Financial Group (JEF) previously Leucadia National: JEF was a very long-term holding that was built over several years. The position had seen reductions since Q2 2013. Q4 2015 & Q1 2016 saw the position almost eliminated at prices between $14.50 and $21. It currently trades at ~$18. The minutely small 0.1% of the portfolio remainder stake was disposed this quarter.New Stakes:Berkshire Hathaway (BRK.B): BRK.B is back in the portfolio after a quarter’s gap. It was a minutely small 0.34% of the portfolio stake established in Q3 2018 at prices between $186 and $222 and disposed last quarter at prices between $188 and $224. This quarter saw a 5.6% of the portfolio stake purchased at prices between $188 and $209. The stock currently trades at ~$205.Stake Increases:None.Stake Decreases:St Joe Companies (JOE): JOE is the largest stake by far at 92.44% of the 13F portfolio. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Last three quarters of 2017 had seen a combined ~14% increase at prices between $16.35 and $19.55. Currently, it trades at $16.33. Berkowitz’s ownership stake is at ~44% of the business. Last five quarters saw minor trimming.Vista Outdoor (VSTO): VSTO is a ~2% portfolio stake established in Q1 2018 at prices between $14 and $20 and increased by ~80% next quarter at prices between $13 and $18. The stock currently trades well below those ranges at $8.11. Q3 2018 saw a ~30% selling at prices between $15.50 and $19 and that was followed with a ~60% selling last quarter at prices between $10 and $17.50. There was another ~22% selling this quarter at prices between $8 and $12.25.Note: Vista Outdoor is a 2015 spinoff from Alliant Techsystems which in turn was spun off from Honeywell. It is a dominant producer of ammunition that is purchased by military, police, and governments around the world.Kept Steady:None.The spreadsheet below highlights changes to Fairholme’s 13F stock holdings in Q1 2019:Regulatory filings thru 3/11/2019 – 13D/A – 12/4 – JOE – 26.6M shares – 43.8% of business.Fairholme Fund – 2018 (all Funds) and (FAIRX): PERFORMANCE – down 23.17% for 2018 compared to down 4.38% for S&P. 7.99% since December 1999 inception compared to 4.89% for S&P. Thru January the fund is up 10% & AUM is $1.1B with ~38% cash. CASH – 44.4%, INVESTMENTS NOT IN 13F – FAIRX: Imperial Metals (10.5%), Fannie & Freddie (12.8%)."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q4 2018 Update"

"Bruce Berkowitz’s 13F stock portfolio value decreased ~39% this quarter from $599M to $367M.Fairholme dropped Spectrum Brands and Vistra Energy while reducing Vista Outdoor and Jefferies Financial Group.The 13F portfolio has 95% invested in St. Joe Companies.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s 13F stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 02/14/2019. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q3 2018.Berkowitz’s 13F stock portfolio value decreased ~39% from $599M to $367M this quarter. The 13F portfolio currently has 95.34% invested in St. Joe Companies.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: thru 2018, the fund returned at an annualized rate of 7.99% compared to 4.89% for S&P 500 index. FAIRX has however underperformed over the most recent 10-year period. Of the $1.1B AUM, Cash and Equivalents are at ~44%, St. Joe stock at ~30%, and Fannie/Freddie Pfds at 12.8%. The other funds under Fairholme umbrella are Fairholme Focused Income Fund (FOCIX) and Fairholme Allocation Fund (FAAFX). Large equity holdings that are not in the 13F report include Fannie Mae (FNMA) pfds (FNMAS), Freddie Mac (FMCC) pfds (FMCKJ), and Imperial Metals (IPMLF).Note: Fairholme’s 2018 Letter had the following regarding Fannie/Freddie: they believe that despite the 35% jump in January, the preferred shares continue to trade at large discounts to redemption values and realistic future outcomes.Stake Disposals:Spectrum Brands (SPB): Combined, SPB & HRG Group accounted for 5.4% of the portfolio as of Q2 2018. In August, HRG Group’s controlling interest structure was unwound by merging with Spectrum Brands. SPB traded at prices between $68 and $98 over Q2 & Q3 2018 and currently goes for $55.52. The position was disposed this quarter at prices between $41.50 and $75.Berkshire Hathaway (BRK.B): BRK.B was a minutely small 0.34% of the portfolio stake established last quarter at prices between $186 and $222 and disposed this quarter at prices between $188 and $224. The stock currently trades at ~$204.Vistra Energy (VST): The 4.21% VST positon was purchased in Q1 2018 at prices between $17.50 and $21 and disposed this quarter at prices between $21 and $25.50. It is now at $26.02.Note: Vistra Energy emerged from bankruptcy reorg in December 2016 and started trading at ~$16 per share.Sears Holdings Corp (SHLDQ) and Sears WTS 28.41 Strike: The original Sears stake was established in 2007 although the position size has fluctuated over the years. Fairholme’s original cost-basis was ~$61. There was a ~13% trimming in Q4 2017 and that was followed with a ~27% selling next quarter at prices between $2.07 and $3.80. Last quarter also saw a ~20% reduction at prices between $0.80 and $2.40. In October, Sears filed for bankruptcy protection and CEO Eddie Lampert stepped down.AT&T Inc. (T): T was a minutely small position established in Q1 2018. Next quarter saw the stake built up to a 5.30% position at prices between $31.50 and $36. Last quarter saw an about turn: ~70% selling at prices between $30.25 and $34 and the elimination this quarter was at prices between $27.25 and $34. The stock currently trades at $30.28.New Stakes:None.Stake Increases:None.Stake Decreases:St Joe Companies (JOE): JOE is the largest stake by far at 95.34% of the 13F portfolio. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Last three quarters of 2017 had seen a combined ~14% increase at prices between $16.35 and $19.55. Currently, it trades at $15.56. Berkowitz’s ownership stake is at ~44% of the business. Last year saw minor trimming.Vista Outdoor (VSTO): VSTO is a 4.57% portfolio stake established in Q1 2018 at prices between $14 and $20 and increased by ~80% next quarter at prices between $13 and $18. The stock currently trades well below those ranges at $8.29. Last quarter saw a ~30% selling at prices between $15.50 and $19 and that was followed with a ~60% selling this quarter at prices between $10 and $17.50.Note: Vista Outdoor is a 2015 spinoff from Alliant Techsystems which in turn was spun off from Honeywell. It is a dominant producer of ammunition that is purchased by military, police, and governments around the world.Jefferies Financial Group (JEF) previously Leucadia National: JEF is a very long-term holding that was built over several years. The position had seen large reductions since Q2 2013. Recent activity follow: Q4 2015 saw a ~55% reduction at prices between $16 and $21 and the remaining stake was almost eliminated the following quarter at prices between $14.50 and $17.50. It currently trades at $19.72.Kept Steady:None.The spreadsheet below highlights changes to Fairholme’s 13F stock holdings in Q4 2018:Fairholme Fund – Performance – negative 14.23% over the last year vs 7.71% for S&P 500 – 378.88% since Dec 1999 inception compared to 186.26% for S&P 500 index. JOE - Hurricane Michael - The company’s assets benefit from high elevations and hurricane-resistant construction – activities planned for next five years have to be accomplished in 3 now. CEO to update. Long-term focus is key. Fannie/Freddie pfds - on September 28th Judge Lamberth changed his mind and decided that FHFA is not the government but a private actor. Fairholme and others can sue FHFA for money damages for breach of the implied covenant of good faith and fair dealings to be expected from any shareholder-owned company. Judge Lamberth’s latest ruling should advance the re-IPO of Fannie and Freddie in similar fashion to AIG in 2012, Imperial Metals - , Allocation in the Flagship Fairholme Fund: has $1.1 billion of net assets. Of the total, 42.8% is composed of cash, U.S. Treasury Bills, money market funds, and investment-grade commercial paper with an average duration of two weeks. 30.6% is in St. Joe common stock, 12.3% in the preferred stock of Fannie Mae and Freddie Mac, 8.9% in the debt of Imperial Metals, and 2.9% in the common stock of Vista Outdoors. Sears 8% bonds of 2019 compose 1.5% of net assets, with Imperial Metals’ common stock at 0.8% and Sears’ common stock at 0.1%. I and all other Fairholme-affiliates own 17.7% of the Fairholme Fund shares.Regulatory filings thru 11/28/2018:13G/A – 10/19 – SHLD – 3.9M shares – 3.6% of business, 8/28 13GA (14.06M shares – 13% of business)."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q3 2018 Update"

"Bruce Berkowitz’s 13F stock portfolio value decreased ~20% this quarter from $744M to $599M.Fairholme increased Spectrum Brands while reducing Vista Outdoor, AT&T, and Sears Holdings.The portfolio is very concentrated with St. Joe Companies, Vista Outdoor, and Vistra Energy forming almost ~92% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s 13F stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 11/14/2018. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q2 2018.Berkowitz’s 13F stock portfolio value decreased ~20% from $744M to $599M this quarter. The portfolio continues to be very concentrated with ~92% of the holdings invested in St. Joe Companies, Vista Outdoor, and Vistra Energy.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: thru Q3 2018, the fund returned at an annualized rate of 8.71% compared to 5.77% for S&P 500 index. FAIRX has however underperformed over the most recent 10-year period. Of the $1.1B AUM, Cash and Equivalents are at ~43%, St. Joe stock at 30.6%, and Fannie/Freddie Pfds at 12.3%. The other funds under Fairholme umbrella are Fairholme Focused Income Fund (FOCIX) and Fairholme Allocation Fund (FAAFX). Large equity holdings that are not in the 13F report include Fannie Mae (FNMA) pfds (FNMAS), Freddie Mac (FMCC) pfds (FMCKJ), Imperial Metals (IPMLF), and International Wire Group (ITWG).Note: Fairholme’s October Investment Update had the following regarding Fannie/Freddie: they believe Judge Lamberth’s latest ruling should advance the re-IPO of Fannie and Freddie in similar fashion to AIG in 2012.Stake Disposals:HRG Group: HRG Group and Spectrum Brands were new stakes established last quarter for a combined 5.4% position. In August, HRG Group’s controlling interest structure was unwound by merging with Spectrum Brands thus eliminating this position.Citigroup Inc. (C): C was a 2.11% portfolio stake established last quarter at prices between $65.50 and $73 and disposed this quarter at around the same price range. The stock currently trades at $63.46.Oaktree Capital Group (OAK): OAK was a small ~1% position purchased in Q1 2018 at prices between $39.50 and $46 and doubled last quarter at prices between $39 and $42.50. The elimination this quarter was at prices between $38.75 and $42.50. The stock is now at $40.90.Clipper Realty (CLPR): The minutely small 0.32% CLPR position was disposed this quarter.New Stakes:Berkshire Hathaway (BRK.B): BRK.B is a minutely small 0.34% of the portfolio stake established this quarter at prices between $186 and $222 and the stock currently trades at ~$213.Stake Increases:Spectrum Brands (SPB): Combined, SPB & HRG Group accounted for 5.4% of the portfolio as of last quarter. In August, HRG Group’s controlling interest structure was unwound by merging with Spectrum Brands. SPB traded at prices between $68 and $98 over the last two quarters and currently goes for $49.76. The stake is now at 3.63% of the portfolio.Stake Decreases:St Joe Companies (JOE): JOE is the largest stake by far at ~77% of the 13F portfolio. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Last three quarters of 2017 had seen a combined ~14% increase at prices between $16.35 and $19.55. Currently, it trades at $14.91. Berkowitz’s ownership stake is at ~44% of the business. Last three quarters have seen minor trimming.Vista Outdoor (VSTO): VSTO is a large (top three) 10.54% portfolio stake established in Q1 2018 at prices between $14 and $20 and increased by ~80% last quarter at prices between $13 and $18. The stock currently trades at $11.74. This quarter saw a ~30% selling at prices between $15.50 and $19.Note: Vista Outdoor is a 2015 spinoff from Alliant Techsystems which in turn was spun off from Honeywell. It is a dominant producer of ammunition that is purchased by military, police, and governments around the world. Faiholme thinks the shares are currently down because of consumer oversupply issues. They expect Vista Outdoor to sell non-core assets and reduce debt.Vistra Energy (VST): The 4.21% VST positon was purchased in Q1 2018 at prices between $17.50 and $21 and it is now above that range at $22.92. Last two quarters have seen minor trimming.Note: Vistra Energy emerged from bankruptcy reorg in December 2016 and started trading at ~$16 per share.Sears Holdings Corp (SHLDQ): The original Sears stake was established in 2007 although the position size has fluctuated over the years. Fairholme’s original cost-basis was ~$61. There was a ~13% trimming in Q4 2017 and that was followed with a ~27% selling next quarter at prices between $2.07 and $3.80. This quarter also saw a ~20% reduction at prices between $0.80 and $2.40.Note 1: Last month, Sears filed for bankruptcy protection and CEO Eddie Lampert stepped down.Note 2: Regulatory filings since the quarter ended show them owning 3.9M shares (3.6% of business). This is compared to 14.06M shares (~13% of business) in the 13F report.AT&T Inc. (T): T was a minutely small position established in Q1 2018. Last quarter saw the stake built up to a 5.30% position at prices between $31.50 and $36. This quarter saw an about turn: ~70% selling at prices between $30.25 and $34. The stock currently trades at $30.44.Sears WTS 28.41 Strike: The minutely small 0.02% position in Sears WTS had seen a ~12% reduction in Q4 2017 and that was followed with a ~4% trimming next quarter. Last two quarters have seen marginal trimming.Kept Steady:Jefferies Financial Group (JEF) previously Leucadia National: JEF is a very long-term holding that was built over several years. The position had seen large reductions since Q2 2013. Recent activity follow: Q4 2015 saw a ~55% reduction at prices between $16 and $21 and the remaining stake was almost eliminated the following quarter at prices between $14.50 and $17.50. It currently trades at $21.52.The spreadsheet below highlights changes to Fairholme’s 13F stock holdings in Q3 2018:Faiholme Fund – Performance – negative 8.49% YTD vs 2.65% for S&P 500 – 9.24% annualized since Dec 1999 inception compared to 5.42% for S&P 500 index. JOE – valued at $5.1K per acre net of cash – growth should serve as catalyst over next few years: 3000 homes for 50-and-better in 2020 thru a joint venture, 813K commercial space 87% leased, and airport (Northwest Florida Beaches International Airport) reaching 1M annual passenger traffic. The company has repurchased one-third of its outstanding shares over the last few years as well. Fannie/Freddie pfds – latest developments positive (White House released paper advocating ending conservatorship among other things and Mnuchin saying 2019 is the year to resolve Fannie/Freddie issues). Imperial Metals – bonds trading at double-digit yields because of metal pricing although assets are there – expects equity to post favorable returns over coming years. Sears – their bonds have 2019 maturities while the company’s debt maturities have been extended. International Wire Group debt – Good assets backing the April 2021 debt offer equity-like returns. NEW INVESTMENTS IN 2018: Vista Outdoor – VSTO –Honeywell offshoot from the early 90s - dominant producer of ammunition that is purchased by military, police, and governments around the world, in addition to U.S. consumers – currently down because of consumer oversupply issues – expects the company to sell non-core assets and reduce debt. Spectrum Brand Holdings – several well-known brands – all-stock merger with controlling shareholder HRG should unlock value – expects reduction in debt and selling of non-core assets. Vistra Energy – Reorganized Energy Future Holdings & Dynergy merger – strong balance sheet with good cash-flow generation capacity. AT&T – strong cash-flow providing ample coverage for a large dividend. C – purchased at 10x earnings and at a discount to BV – essential global financial institution. OUTLOOK – The current benign environment could quickly change allowing an opportunity to investors with liquidity. CASH at 25.3%. Holdings Summary:Regulatory Filings thru 8/14/2018: 13D/A – 8/2 – JOE – 25.84M shares – 42.2% of business. Bruce’s ownership is mentioned as 27.4M shares - ~44% of business – consistent with 13F."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q2 2018 Update"

"Bruce Berkowitz’s 13F stock portfolio value increased this quarter from $701M to $744M.Fairholme increased Vista Outdoor and AT&T while dropping Seritage Growth Properties.The portfolio is very concentrated with St. Joe Companies, Vista Outdoor, and Sears Holdings forming almost ~80% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s 13F stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 08/14/2018. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q1 2018.Berkowitz’s 13F stock portfolio value increased ~6% from $701M to $744M this quarter. The portfolio continues to be very concentrated with ~80% of the holdings invested in St. Joe Companies, Vista Outdoor, and Sears Holdings.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: thru Q2 2018, the fund returned at an annualized rate of 9.24% compared to 5.42% for S&P 500 index. FAIRX has however underperformed over the most recent 10-year period. Large equity holdings that are not in the 13F report include Fannie Mae (FNMA) pfds (FNMAS), Freddie Mac (FMCC) pfds (FMCKJ), Imperial Metals (IPMLF), and International Wire Group (ITWG). Cash and Equivalents are at ~25% and Fannie/Freddie Pfds at ~17% of AUM. The other funds under Fairholme umbrella are Fairholme Focused Income Fund (FOCIX) and Fairholme Allocation Fund (FAAFX).Stake Disposals:Seritage Growth Properties (SRG): SRG was a top-three ~8% position as of last quarter. Seritage was spun-off from Sears Holdings through a Rights Offering in July 2015 and Fairholme participated in the transaction. Trading started at $37 per share and it currently trades at $49.78. There was a ~50% reduction last quarter at prices between $34.50 and $43 and the disposal this quarter was at prices between $34.50 and $44.50.New Stakes:HRG Group Inc. and Spectrum Brands (SPB): Combined, these two positions are at 5.4% of the portfolio. Last month, HRG Group’s controlling interest structure was unwound by merging with Spectrum Brands. SPB traded at prices between $69 and $100 during the quarter and currently goes for $87.37.Citigroup Inc. (C): C is a 2.11% portfolio stake established this quarter at prices between $65.50 and $73 and the stock currently trades at $70.01.Stake Increases:Vista Outdoor (VSTO): VSTO is a large (top three) 10.52% portfolio stake established last quarter at prices between $14 and $20 and increased by ~80% this quarter at prices between $13 and $18. The stock currently trades at $18.60.Note: Vista Outdoor is a 2015 spinoff from Alliant Techsystems which in turn was spun off from Honeywell. It is a dominant producer of ammunition that is purchased by military, police, and governments around the world. Faiholme thinks the shares are currently down because of consumer oversupply issues. They expect Vista Outdoor to sell non-core assets and reduce debt.AT&T Inc. (T): T was a minutely small position established last quarter. This quarter saw the stake built up to a 5.30% position at prices between $31.50 and $36. The stock currently trades at $32.24.Oaktree Capital Group (OAK): OAK is a small ~1% position purchased last quarter at prices between $39.50 and $46 and doubled this quarter at prices between $39 and $42.50. The stock is now at $41.05.Stake Decreases:St Joe Companies (JOE): JOE is the largest stake by far at ~66% of the 13F portfolio. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Last three quarters of 2017 had seen a combined ~14% increase at prices between $16.35 and $19.55. Currently, it trades at $17.75. Berkowitz’s ownership stake is at ~44% of the business. Last two quarters have seen minor trimming.Note: Fairholme’s thesis is centered on the idea that JOE is undervalued - $5.1K per acre net of cash. Growth should serve as catalyst over next few years: 3000 homes for 50-and-better in 2020 thru a joint venture, 813K commercial space 87% leased, and airport (Northwest Florida Beaches International Airport) reaching 1M annual passenger traffic. The company has repurchased one-third of its outstanding shares over the last few years as well.Sears Holdings Corp (SHLD): Sears is Berkowitz’s third-largest 13F position at ~6% of the portfolio. The original stake was established in 2007 although the position size has fluctuated over the years. The current stock price ($1.83) is far below Fairholme’s cost-basis of ~$61. There was a ~13% trimming in Q4 2017 and that was followed with a ~27% selling last quarter at prices between $2.07 and $3.80. There was marginal trimming this quarter.Note: In their Q4 2017 report, Faiholme acknowledged their failure to foresee operating losses that significantly diminished the value of the assets - even though they got the asset values largely correct, their thesis was proved wrong.Vistra Energy (VST): The ~3% VST positon was purchased last quarter at prices between $17.50 and $21 and it is now above that range at $22.41. There was marginal trimming this quarter.Note: Since emerging from bankruptcy reorg in December 2016, Vistra Energy has returned ~45%.Sears WTS 28.41 Strike: The very small 0.11% position in Sears WTS had seen a ~12% reduction in Q4 2017 and that was followed with a ~4% trimming last quarter. There was a marginal reduction this quarter.Kept Steady:Jefferies Financial Group (JEF) previously Leucadia National: JEF is a very long-term holding that was built-up over several years. The position had seen large reductions since Q2 2013. Recent activity follow: Q4 2015 saw a ~55% reduction at prices between $16 and $21 and the remaining stake was almost eliminated the following quarter at prices between $14.50 and $17.50. It currently trades at $23.77.Clipper Realty (CLPR): The minutely small 0.32% CLPR position was kept steady this quarter.The spreadsheet below highlights changes to Fairholme’s 13F stock holdings in Q2 2018:Regulatory Filings thru 5/29/2018: 13G/A – 3/23 – SRG – ~1.7M shares – 4.9% of business, Form 4 – 3/19, 3/13, 3/8 – JOE – minor transactions,"

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q1 2018 Update"

"Bruce Berkowitz’s 13F stock portfolio value decreased this quarter from $726M to $701M.Fairholme added Vista Outdoor and Vistra Energy while reducing Sears and Seritage Growth Properties.The portfolio is very concentrated with St. Joe Companies, Sears Holdings, and its spinoff Seritage Growth Properties forming almost 90% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s 13F stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 05/15/2018. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q4 2017.Berkowitz’s 13F stock portfolio value decreased ~4% from $726M to $701M this quarter. The portfolio continues to be very concentrated with ~90% of the holdings invested in St. Joe Companies, Seritage Growth Properties, and Sears Holdings.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: thru Q1 2018, the fund returned ~403% compared to ~156% for S&P 500 index. FAIRX has however underperformed over the most recent 10-year period. Large equity holdings that are not in the 13F report include Fannie Mae (FNMA) pfds (FNMAS), Freddie Mac (FMCC) pfds (FMCKJ), Imperial Metals (IPMLF), and in International Wire Group (ITWG). They also have a small stakes in Bristow Group (BRS), and Monitronics International. Cash and Equivalents are at ~31% and Fannie/Freddie Pfds at ~21% of AUM. The other funds under Fairholme umbrella are Fairholme Focused Income Fund (FOCIX) and Fairholme Allocation Fund (FAAFX).Stake Disposals:None.New Stakes:Vista Outdoor (VSTO) and Vistra Energy (VST): VSTO is a fairly large 6.50% portfolio stake established this quarter at prices between $14 and $20 and the stock currently trades near the low end of that range at $15.26. The ~3% VST positon was purchased at prices between $17.50 and $21 and it is now above that range at $23.95.Note 1: Vista Outdoor is a 2015 spinoff from Alliant Tech Systems. Early this year, several sports retailers stopped selling Vista Outdoor products in response to calls by activists for NRA boycott. On May 1st, VSTO announced plans to sell their gun manufacturing subsidiaries by end of FY 2020.Note 2: Since emerging from bankruptcy reorg in December 2016, Vistra Energy has returned ~50%.Oaktree Capital Group (OAK), AT&T Inc. (T), and Clipper Realty (CLPR): These are minutely small (less than 0.5% of the portfolio each) stakes established this quarter.Stake Increases:None.Stake Decreases:St Joe Companies (JOE): JOE is the largest stake at ~74% of the 13F portfolio. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Last three quarters had seen a combined ~14% increase at prices between $16.35 and $19.55. Currently, it trades at $18.05. Berkowitz’s ownership stake is at ~42% of the business. This quarter saw minor trimming.Note: Fairholme’s thesis is centered on the idea that JOE has little debt, low fixed expenses, low-cost land, and $300M in cash reserve. That combination should allow long-term value creation.Seritage Growth Properties (SRG): SRG is a top-three ~8% position. Seritage was spun-off from Sears Holdings through a Rights Offering in July 2015 and Fairholme participated in the transaction. Trading started at $37 per share and it currently trades at $42.74. H1 2017 saw a ~12% increase while last quarter had seen similar trimming. This quarter saw a ~50% reduction at prices between $34.50 and $43.Sears Holdings Corp (SHLD): Sears is Berkowitz’s third-largest 13F position at ~7% of the portfolio. The original stake was established in 2007 although the position size has fluctuated over the years. The current stock price ($3.49) is far below Fairholme’s cost-basis of ~$61. There was a ~13% trimming last quarter and that was followed with a ~27% selling this quarter at prices between $2.07 and $3.80.Note 1: In their Q4 2017 report, Faiholme acknowledged their failure to foresee operating losses that significantly diminished the value of the assets - even though they got the asset values largely correct, their thesis was proved wrong. As a percentage of Fairholme’s overall AUM, the SHLD positon is now a much diminished stake (~5%) and so will have less portfolio impact going forward. Bruce Berkowitz stepped down from the board of directors of Sears in October last year.Sears WTS 28.41 Strike: The very small 0.28% position in Sears WTS had seen a ~12% reduction last quarter and that was followed with a ~4% trimming this quarter.Kept Steady:Jefferies Financial Group (JEF) previously Leucadia National (LUK): JEF is a very long-term holding that was built-up over several years. The position had seen large reductions since Q2 2013. Recent activity follow: Q4 2015 saw a ~55% reduction at prices between $16 and $21 and the remaining stake was almost eliminated the following quarter at prices between $14.50 and $17.50. It currently trades at $23.24.The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q1 2018:Regulatory Filings thru 2/17/2018: 13G/A – 2/15/22018 – SRSC – 0, SRG – 3.27M shares – 10.8% of business, 13G/A – 1/16 – SHLD – 21.3M shares – 19.8% of business - 2.59M shares is owned by Bruce individually, Form 4 – 12/14, 12/8 & 13D/A 12/8, Form 4 12/5, 11/29, 11/22, 11/17 – JOE – 135K shares acquired @ 18.73, 106K shares acquired @ 18.5, 200K shares acquired @ 18.5, 260K shares @ 18.9, 200K shares @ 18.8, 200K @ 18.5, 27.7M shares – 41.8% of business, .1/29/2018 – : AUM: Around $2B distributed as follows: FAIRX $1.7B, FOCIX - ~$280M, and FAAFX - ~$109M. Flagship FAIRX Performance: disappointing performance often pays and this has been true since inception. Negative 5.96% for 2017 compared to 21.83% for S&P. Since inception (12/1999) up 460.74% compared to 158.91% for S&P. Net Assets at FAIRX: As of 1/26/2018, net assets are $1.7B – has $710M of tax-loss attributes to shelter future gains from taxes. Cash:27.1% currently in FAIRX. Sears: 6.6% of FAIRX. Did not foresee operating losses that have significantly diminished the value – got the asset values largely correct but missed the company’s inability to stop retail losses. Now a much diminished position nowhere as relevant to our financial position. St. Joe: 21.7% of FAIRX. Great combination of little debt, low fixed expenses, low-cost land, and $300M in cash reserve. Fannie/Freddie pfds: 30.5% of FAIRX. So far has realized gains of $140M over the last four years. Expects further gains from any Trump Administration lead initiative. Reform is coming – FHFA direction said this month that conservatorship is not sustainable and needs to end and Steve Mnuchin (Treasury Secretary) said 2018 is the year for Fannie/Freddie reform. Imperial Metals - IPMLF: 8.1% of FAIRX. Red Chris mine – mother lode of copper & gold in British Columbia – slowing supply growth with increasing industrial demand should result in a boost to cashflow & valuation. Copper has moved up to over $3 at the moment. Seritage: 4.7% of FAIRX. When Sears closes Seritage stores and re-rented, the market rate is 3x of what they are getting from Sears and therein lies the opportunity that Buffett sees by his personal investment (he is one of the largest owners). International Wire Group (ITWG): 2% of FAIRX. Monitronics Intl. - pvt: 1.8% of FAIRX."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q4 2017 Update"

"Bruce Berkowitz’s 13F stock portfolio value decreased this quarter from $907M to $726M.Sears and Seritage positions saw reductions this quarter.The portfolio is very concentrated with St. Joe Companies, Sears Holdings, and its spinoff Seritage Growth Properties forming almost the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s 13F stock portfolio on a quarterly basis. It is based on Fairholme’s (FAIRX) (FOCIX) (FAAFX) regulatory filed on 02/15/2018. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q3 2017.Berkowitz’s 13F stock portfolio value decreased ~20% from $907M to $726M this quarter. The portfolio continues to be very concentrated with the entire holdings invested in St. Joe Companies, Seritage Growth Properties, Sears Holdings, and Leucadia National.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: thru 2017, the fund returned 460.74% compared to 158.91% for S&P 500 index. FAIRX has however underperformed over the most recent 10-year period. For 2017, FAIRX was down 5.96% compared to up 21.83% for the S&P 500 index. Large equity holdings that are not in the 13F report include Fannie Mae (FNMA) pfds (FNMAS), Freddie Mac (FMCC) pfds (FMCKJ), and Imperial Metals (IPMLF). They also have small positions in International Wire Group (ITWG), Bristow Group (BRS), and Monitronics International. Stocks and Preferreds together account for ~73% of the AUM and the rest are in cash & equivalents (~27%). Fannie/Freddie Pfds are at ~26% of AUM.Stake Disposals:None.Stake Increases:St Joe Companies (JOE): JOE is the largest stake at ~70% of the 13F portfolio. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Last three quarters have seen a combined ~14% increase at prices between $16.35 and $19.55. Currently, it trades at $18.80. Berkowitz’s ownership stake is at ~42% of the business.Note: Fairholme’s thesis is centered on the idea that JOE has little debt, low fixed expenses, low-cost land, and $300M in cash reserve. That combination should allow long-term value creation.Stake Decreases:Sears Holdings Corp (SHLD): Sears is Berkowitz’s third-largest 13F position at ~12% of the portfolio. The original stake was established in 2007 although the position size has fluctuated over the years. The current stock price ($2.61) is far below Fairholme’s cost-basis of ~$61. There was a ~13% trimming this quarter.Note 1: In their Q4 report, Faiholme acknowledged their failure to foresee operating losses that significantly diminished the value of the assets - even though they got the asset values largely correct, their thesis was proved wrong. As a percentage of Fairholme’s overall AUM, the SHLD positon is now a much diminished stake (~7%) and so will have much less portfolio impact going forward.Note 2: Regulatory filings since the quarter ended show them owning ~21.3M shares (~19.8% of the business). This is compared to ~24M shares in the 13F.Note 3: Bruce Berkowitz stepped down from the board of directors of Sears effective 10/31/2017.Seritage Growth Properties (SRG): SRG is a top-three ~18% position. Seritage was spun-off from Sears Holdings through a Rights Offering in July 2015 and Fairholme participated in the transaction. Trading started at $37 per share and it currently trades at $42.02. H1 2017 saw a ~12% increase while this quarter saw a similar trimming.Note: Their thesis is based on the fact that when Sears closes Seritage stores and they are then re-rented, the market rate is 3x of what they are getting from Sears.Sears WTS 28.41 Strike: The very small 0.28% position in Sears WTS saw a ~12% trimming this quarter.Kept Steady:Leucadia National (LUK): LUK is a very long-term holding that was built-up over several years. The position had seen large reductions since Q2 2013. Recent activity follow: Q4 2015 saw a ~55% reduction at prices between $16 and $21 and the remaining stake was almost eliminated the following quarter at prices between $14.50 and $17.50. It currently trades at $24.97.The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q4 2017:: The interviewer said Berkowitz’s position in St. Joe was built in the high-20s and have held it a decade. Berkowitz acknowledged this. So, his cost-basis can be inferred to be high-20s.– Bruce Berkowitz stepped down from the board of Sears Holdings – 6 directors left…Regulatory Filings thru 11/15/2017:Form 4 – JOE – 11/13/2017 – Around 118K shares purchased at $17.84 and ~35K shares purchased at ~$18.4 – 26.64M shares indirect & 59K shares direct owned. 13D/A 11/3 – 26.2M shares – 39.5% of business. 13D/A – 9/22/2017 – 27M shares – 40.5% of business - ~1.5M shares acquired at ~$19. 13D/A – 8/22/2017 – 26.5M shares – 37.7% of business. 13D/A – SHLD – 11/3/2017 – 26.04M shares – 24.2%. 13D – 10/17 – 28M shares – 26.1% of business. Form 4 – 10/14 – certain distributions from private fund to limited partners - ~28M shares total (~2M shares distributed). 13G/A – SRSC - 9/6 – 8.8M shares – 8.6% of business. 13G/A – 8/24 – 16.54M shares – 16.2% of business. 8/22 – 17.24M shares – 16.9% of business – sales at prices between $0.15 and $0.61.11/15/2017 – a reader said he believes Berkowitz has said their cost-basis is closer to $20. So, I replied saying SHLD Cost-basis of $61 confirmation from the following transcript: ."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q3 2017 Update"

"Bruce Berkowitz’s 13F stock portfolio value decreased this quarter from $982M to $907M.Small positions in Lands’ End, Sears Canada, Sears Hometown & Outlet Stores, and Washington Prime Group were all dropped during the quarter.The portfolio is very concentrated with St. Joe Companies, Sears Holdings & its spinoff Seritage Growth Properties forming almost the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s US stock portfolio on a quarterly basis. It is based on Fairholme’s (FAIRX) (FOCIX) (FAAFX) regulatory filed on 11/14/2017. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q2 2017.Berkowitz’s 13F stock portfolio value decreased ~8% from $982M to $907M this quarter. The portfolio continues to be very concentrated with the entire portfolio invested in St. Joe Companies, Sears Holdings, Seritage Growth Properties, and Leucadia National.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: thru Q3 2017, the fund’s annual returns are at 10.17% compared to 5.12% for the S&P 500 index. FAIRX has however underperformed over the most recent 10-year period. Large equity holdings that are not in the 13F report include Fannie Mae (FNMA) pfds (FNMAS), Freddie Mac (FMCC) pfds (FMCKJ), and Imperial Metals (IPMLF). They also have small positions in International Wire Group (ITWG), Bristow Group (BRS), and Monitronics International. Stocks and Preferreds together account for ~70% of the AUM. The rest are in cash (~18%) and bonds (~12%). Fannie/Freddie Pfds are at one-third of AUM.Stake Disposals:Lands’ End (LE): LE was a 4.33% stake purchased in Q3 2015 at prices between $21 and $29 and increased by 63% the following quarter at prices between $21 and $28. There was a ~12% increase in Q3 2016 at prices between $14.21 and $19.36. Last quarter had seen a ~13% reduction and the disposal this quarter was at prices between $11.30 and $14.90. The stock is currently at $11.50.Note: Lands’ End is an April 2014 spinoff from Sears Holding. Berkowitz received ~7.35M shares but that stake was sold out by the end of that year.Sears Hometown & Outlet Stores (SHOS): SHOS was a minutely small 0.21% position disposed this quarter. The original position came about as a result of the spinoff of Sears Hometown from Sears Holdings through a rights offering in mid-October 2012. Trading started at ~$31 per share and it currently goes for $1.60.Sears Canada (SRSCQ): SRSCQ was a 1.76% position established in Q4 2014 as a result of Fairholme participating in a rights offering from Sears Holdings. They distributed one subscription right for each share of Sears Holdings held and it allowed the purchase of 0.375643 shares of Sears Canada at $9.50 per share. The rights would have resulted in the purchase of around 10M shares but Berkowitz ended up with ~40% more (oversubscription privilege). The position was increased since. The stake was sold out this quarter following Sears Canada’s bankruptcy filing on June 22nd at prices between $0.15 and $0.61.Washington Prime Group (WPG): WPG was a small ~1% portfolio position. It was established in Q1 2017 at prices between $8 and $11 and increased by ~300% last quarter at prices between $7.50 and $9.35. The disposal this quarter was at prices between $8.25 and $9.60. The stock is now at $7.05.Stake Increases:St Joe Companies (JOE): JOE is the largest stake at 56.14% of the 13F portfolio. The bulk of the position was purchased in the 2008-2009 timeframe and there had only been minor adjustments since. Last quarter saw a ~4% increase and that was followed with another ~6% increase this quarter at ~$19 per share. Currently, it trades at $18.60. Berkowitz’s ownership stake is at ~40% of the business.Note: Earlier this year, Bruce Berkowitz stated that JOE would be his pick “to buy more of one stock right now”.Stake Decreases:Sears Holdings Corp (SHLD): Sears is Berkowitz’s second-largest 13F position at ~23% of the portfolio. The original stake was established in 2007 although the position size has fluctuated over the years. The current stock price ($3.81) is far below Fairholme’s cost-basis of ~$61. There was marginal trimming this quarter.Note 1: Regulatory filings since the quarter ended show them owning ~26M shares (~24% of the business). This is compared to ~27M shares in the 13F – distributions from the fund to limited partners account for the difference.Note 2: Bruce Berkowitz stepped down from the board of directors of Sears effective October 31st.Note 3: In their Q2 report, Faiholme indicated that their NAV estimate on SHLD is now $90 per share. They are aligned with equity & unsecured debt holders - owns 27% of common stock, 30% of warrants, and 58% of 8% unsecured 2019 bonds.Seritage Growth Properties (SRG): SRG is a top-three ~19% position. Seritage was spun-off from Sears Holdings through a Rights Offering in July 2015 and Fairholme participated in the transaction. Trading started at $37 per share and it currently trades at $40.28. H1 2017 saw a ~12% increase while this quarter saw marginal trimming.Sears WTS 28.41 Strike: The very small 1.58% position in Sears WTS saw marginal trimming this quarter.Kept Steady:Leucadia National (LUK): LUK is a very long-term holding that was built-up over several years. The position had seen large reductions since Q2 2013. Recent activity follow: Q4 2015 saw a ~55% reduction at prices between $16 and $21 and the remaining stake was almost eliminated the following quarter at prices between $14.50 and $17.50. It currently trades at $25.32.The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q3 2017:Regulatory Filings thru 8/14/2017: 13G/A – 8/10/2017 – LE – 851K – 2.7%. 13D/A – 8/8/2017 – Sears Canada – 19M shares – 18.7%, 13D/A – 7/10 & 27/2017 – 21.09M shares – 20.7%. 13D/A – 7/18/2017 – JOE – 25.47M shares – 36.1%, 5/31/2017 – 25.12M shares – 34.9%.6/29/2017: : SHLD - cost-basis is $61, NAV estimate is ~$90. Aligned with equity & unsecured debt holders - owns 27% of common stock, 30% of warrants, and 58% of 8% unsecured 2019 bonds - no preference of one over the other. Sears Canada - believes NAV after adjustments after court costs is around $7 per share. SRG - Seritage has been tarnished by Sears. But, the company will be able to continue its pace of redevelopment, especially given the nature of the calls and the puts. Seritage will call a property when they have tenants lined up for that space with much higher rental rates. And if Sears puts part or all of a property to Seritage, then Seritage receives one year’s worth of rent and operating expenses and most likely, they’ve already identified potential customers for the space. It still could double the dividend to $2 per share in three years and double again to $4 per share in six years. Fannie/Freddie - why did you purchase certain prefs but not others? - each is trade-off between price and stated terms & conditions - we wanted a spectrum of the different prefs. The companies remaining nationalized is the worst-case scenario - it is improbable. The 80% government ownership (the warrants) makes them aligned with the government. JOE - it is still the investment he will buy if he could purchase only one investment with new capital.6/20/2017: : Longest time to have underperformed is now. Always been a balance sheet buyer - buy assets at significant discount to value - that means they have issues but you invest when you believe it is fixable. Public investing involves other people liking what you like - eventually - otherwise, even if he is right, he loses. Highfliers: Priced for a rosy future - but not in his circle of competence. He is convinced what is holding now will appreciate just like BAC & AIG did. Fannie/Freddie is exponentially better than BAC/AIG was when he invested. Real Estate: his margin-of-safety is that in retailing rather than him being a retailer analyst. Sears worth - asset worth is between $90 and $100 per share. Will have to show operating profits before investors realize value - the RE part of the equation is also depressed because of operational problems. Amazon & Whole Foods deal - positive for Sears because it says physical locations are important. Amazon buying Sears would be an intelligent move - but no reason to believe they will make an offer - math makes perfect sense. Premature accumulation was the big mistake. St. Joe is another - ten years - still quite optimistic. Fannie/Freddie end-game: They are insurers conceived to make sure there is affordability. They should continue as private companies. Previous administration worried about markets and debt of Fannie/Freddie - thought conservatorship is a good idea. In 2012, when it was clear the companies was going to succeed, the previous administration changed the setup. Ten year process - so probably 5 years out for resolution. St. Joe - focused on tangible values - net-debt free - 400M liquidity - less than 50 employees at headquarters - very low fixed expenses - more than 100,000 acres of premium land. EV is 800M. It has Fort Lauderdale/Miami like potential. Catalyst - high-20s cost-basis - it is an all-weather stock - it is dependent on stars aligning. Company is very different - we can sit on it while the value is materialized. Liquidity risk - for holding Fannie/Freddie - has happened before when they held AIG and before. Fannie/Freddie has realized some gains but expect to make a lot more. Buys and sells too soon has been Fairholme history. More of one stock right now - what would it be - St. Joe."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q2 2017 Update"

"Bruce Berkowitz’s 13F stock portfolio value decreased this quarter from $1.03B to $982M.Washington Prime Group was increased significantly during the quarter.The portfolio is very concentrated with St. Joe Companies, Sears Holdings & its spinoffs forming almost the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s US stock portfolio on a quarterly basis. It is based on Fairholme’s (FAIRX) (FOCIX) (FAAFX) regulatory filed on 08/14/2017. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q1 2017.Berkowitz’s 13F stock portfolio value decreased ~5% from $1.03B to $982M this quarter. The portfolio continues to be very concentrated with almost the entire portfolio invested in St. Joe Companies, Sears Holdings & its spinoffs.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: thru Q2 2017, the fund’s annual returns are at 9.94% compared to 4.93% for the S&P 500 index. FAIRX has however underperformed over the most recent 10-year period. Equity holdings that are not in the 13F report include Fannie Mae pfds (FNMAS), Freddie Mac pfds (FMCKJ), and Imperial Metals (IPMLF). Stocks and Preferreds together account for ~63% of the AUM. The rest are in cash (~23%) and bonds (~14%). Fannie/Freddie Pfds are at a whopping ~33% of AUM.Stake Increases:St Joe Companies (JOE): JOE is the largest stake at 48.67% of the 13F portfolio. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Currently, it trades at $19.45. Last three quarters had seen marginal trimming while this quarter saw a ~4% increase.Note: Fairholme controls ~36% of St Joe Companies. Bruce Berkowitz recently stated that JOE would be his pick “to buy more of one stock right now”.Seritage Growth Properties (SRG): SRG is a top-three ~16% position. It was spun-off from Sears Holdings through a Rights Offering in July 2015 and Fairholme participated in the transaction. Trading started at $37 per share and it currently trades at $47.61. Last quarter saw a ~7% increase while this quarter saw another ~4% increase.Sears Canada (SRSCQ): The 1.76% SRSC position was established in Q4 2014 as a result of Fairholme participating in a rights offering from Sears Holdings. They distributed one subscription right for each share of Sears Holdings held and it allowed the purchase of 0.375643 shares of Sears Canada at $9.50 per share. The rights would have resulted in the purchase of around 10M shares but Berkowitz ended up with ~40% more (oversubscription privilege). The position was increased since. Last few quarters have also seen minor increases. The stock is now at $0.23.Note: Regulatory filings from earlier this month show them owning 19M shares (18.7% of business). This is compared to 21.6M shares in the 13F.Washington Prime Group (WPG): WPG is a small ~1% portfolio position. It was established last quarter at prices between $8 and $11 and increased by ~300% this quarter at prices between $7.50 and $9.35. The stock is now at $8.90.Stake Decreases:Sears Holdings Corp (SHLD): Sears is Berkowitz’s second-largest 13F position at ~26% of the portfolio. The original stake was established in 2007 although the position size has fluctuated over the years. The current stock price ($8.61) is far below Fairholme’s cost-basis of ~$61. He controls ~25% of the business. There was marginal trimming this quarter.Note: In their Q2 report, Faiholme indicated that their NAV estimate on SHLD is now $90 per share. They are aligned with equity & unsecured debt holders - owns 27% of common stock, 30% of warrants, and 58% of 8% unsecured 2019 bonds.Lands’ End (LE): The 4.33% LE stake was purchased in Q3 2015 at prices between $21 and $29 and increased by 63% the following quarter at prices between $21 and $28. There was a ~12% increase in Q3 2016 at prices between $14.21 and $19.36. The stock is currently at $13.10. This quarter saw a ~13% selling.Note 1: Regulatory filings from earlier this month show Fairholme owning ~850K shares (2.7% of business). This is compared to 2.9M shares in the 13F.Note 2: Lands’ End is an April 2014 spinoff from Sears Holding. Berkowitz received ~7.35M shares but that stake was sold out by the end of that year.Sears WTS 28.41 Strike: The very small 1.39% position in Sears WTS saw marginal trimming this quarter.Kept Steady:Leucadia National (LUK): LUK is a very long-term holding that was built-up over several years. The position had seen large reductions since Q2 2013. Recent activity follow: Q4 2015 saw a ~55% reduction at prices between $16 and $21 and the remaining stake was almost eliminated the following quarter at prices between $14.50 and $17.50. It currently trades at $24.91.Sears Hometown & Outlet Stores (SHOS): SHOS is a minutely small 0.21% position. It saw a ~89% increase in Q4 2015 but the relative sizing is still very small.Note: Sears Hometown and Outlet Stores is a spinoff from Sears Holdings (mid-October 2012 rights offering).The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q2 2017:Regulatory Filings thru 5/17/2017: 13D/A - 5/2 - SRSC - 21.5M shares - 21.1%. 13D/A - 4/26 - JOE - 24.4M shares - 33.7%. Form 4s: SHLD - 3/27, 3/22, 3/17 - 28.8M shares - small purchases in the high-7s to the high-8s price range.Fairholme Fund’s to investors has commentary on the holdings."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q1 2017 Update"

"Bruce Berkowitz’s 13F stock portfolio value increased this quarter from $983M to $1.03B.Sears Holdings and Seritage Growth Properties saw minor increases during the quarter.The portfolio is very concentrated with St. Joe Companies, Sears Holdings & its spinoffs forming almost the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s US stock portfolio on a quarterly basis. It is based on Fairholme’s (FAIRX) (FOCIX) (FAAFX) regulatory filed on 05/15/2017. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q4 2016.Berkowitz’s 13F stock portfolio value increased ~5% from $983M to $1.03B this quarter. The portfolio continues to be very concentrated with almost the entire portfolio invested in St. Joe Companies, Sears Holdings & its spinoffs.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: thru Q1 2017, the fund’s annual returns are at 10.47% compared to 4.82% for the S&P 500 index. FAIRX has however underperformed over the most recent 10-year period. Equity holdings that are not in the 13F report include Fannie Mae pfds (FNMAS), Freddie Mac pfds (FMCKJ), and Imperial Metals (IPMLF). Stocks and Preferreds together account for ~61% of the AUM. The rest are in cash (~16%) and bonds (~23%). Fannie/Freddie Pfds are at a whopping ~38% of AUM.New Stakes:Washington Prime Group (WPG): WPG is a minutely small ~0.3% portfolio position established this quarter at prices between $8 and $11 and the stock is now below that range at $7.56.Stake Increases:Sears Holdings Corp (SHLD): Sears is Berkowitz’s second-largest 13F position at ~32% of the portfolio. The original stake was established in 2007 although the position size has fluctuated over the years. The current stock price ($8.32) is far below Fairholme’s cost-basis. He controls ~25% of the business. There was a minor ~4% increase this quarter.Seritage Growth Properties (SRG): SRG is a top-three ~15% position. It was spun-off from Sears Holdings through a Rights Offering in July 2015 and Fairholme participated in the transaction. Trading started at $37 per share and it currently trades at $38.76. This quarter saw a ~7% increase.Sears Canada (SRSC): The ~2.7% SRSC position was established in Q4 2014 as a result of Fairholme participating in a rights offering from Sears Holdings. They distributed one subscription right for each share of Sears Holdings held and it allowed the purchase of 0.375643 shares of Sears Canada at $9.50 per share. The rights would have resulted in the purchase of around 10M shares but Berkowitz ended up with ~40% more (oversubscription privilege). The position was increased since. Last few quarters have also seen minor increases. The stock is now at $0.914.Note: Fairholme controls ~21% of Sears Canada.Stake Decreases:St Joe Companies (JOE): JOE is the largest stake at 40.26% of the 13F portfolio. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Currently, it trades at $17.85. Last three quarters have seen marginal trimming.Note: Fairholme controls just over one-third of St Joe Companies.Lands’ End (LE): The ~7% LE stake was purchased in Q3 2015 at prices between $21 and $29 and increased by 63% the following quarter at prices between $21 and $28. There was a ~12% increase in Q3 2016 at prices between $14.21 and $19.36. The stock is currently at $19.40. Last two quarters saw marginal trimming.Note: Lands’ End is an April 2014 spinoff from Sears Holding. Berkowitz received ~7.35M shares but that stake was sold out by the end of that year. The current position is ~10% of the business.Sears WTS 28.41 Strike: The very small ~2% position in Sears WTS saw marginal trimming this quarter.Kept Steady:Leucadia National (LUK): LUK is a very long-term holding that was built-up over several years. The position had seen large reductions since Q2 2013. Recent activity follow: Q4 2015 saw a ~55% reduction at prices between $16 and $21 and the remaining stake was almost eliminated the following quarter at prices between $14.50 and $17.50. It currently trades at $25.36.Sears Hometown & Outlet Stores (SHOS): SHOS is a minutely small 0.29% position. It saw a ~89% increase in Q4 2015 but the relative sizing is still very small.Note: Sears Hometown and Outlet Stores is a spinoff from Sears Holdings (mid-October 2012 rights offering).The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q1 2017:Regulatory Filings thru 2/16/2017: 13G/As thru 2/14-15: LE - 3.34M shares - 10.4%, SRG - 3.43M shares - 12.3%, DNOW-0, 11/30/2017 13D - SRSC - 20M shares - 19.7%.10/1/2016: summary: His pick was Chesapeake Bonds maturing 2017 to 2020 - he said they are “money good” and has a good yield. Also, bullish on JOE/SHLD/Fannie/Freddie - believes they are sitting on very valuable assets. Views increase in interest rate as a risk and so real-estate holdings can be very valuable as their values should increase in a rising rate environment."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q4 2016 Update"

"Bruce Berkowitz’s US stock portfolio decreased this quarter from $1.25B to $983M.Fairholme's stakes in AIG warrants and Bank of America common & warrants were eliminated during the quarter.The portfolio is very concentrated with St. Joe Companies, Sears Holdings & its spinoffs forming almost the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s US stock portfolio on a quarterly basis. It is based on Fairholme’s (FAIRX) (FOCIX) (FAAFX) regulatory filed on 02/14/2017. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q3 2016.Berkowitz’s US stock portfolio decreased ~21% from $1.25B to $983M this quarter. The portfolio continues to be very concentrated with almost the entire portfolio invested in St. Joe Companies, Sears Holdings & its spinoffs.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: thru EOY 2016, the fund’s annual returns are at 11.06% compared to 4.53% for the S&P 500 index. The fund has however underperformed over the most recent 10-year period.Equity holdings that are not in the 13F report include Fannie Mae (FNMA) pfds (FNMAS), Freddie Mac (FMCC) pfds (FMCKJ), and Imperial Metals (IPMLF). Stocks and Preferreds together account for ~54% of the AUM. The rest are in cash (~22%) and bonds (~24%).Note: In October 2016, Bruce Berkowitz gave an interview for WealthTrack. Consistent with his current portfolio, he was bullish on JOE/SHLD/Fannie/Freddie and believed these businesses were sitting on very valuable assets - real-estate holdings can be very valuable in an increasing rate environment. Also, his pick for the coming year was Chesapeake (CHK) Bonds maturing 2017 to 2020 - he said they were “money good” and that it had a good yield.Stake Disposals:American International Group (AIG) WTS 45 Strike: AIG was Berkowitz’s largest position as of Q2 2015 even after a ~78% reduction in the common during the previous seven quarters. Q3 2015 saw the common stake almost sold-out (~96% reduction) at prices between $55.50 and $64.50. Q4 2015 saw another ~63% reduction. The remainder common stake was sold out in Q1 2016. The stock currently trades at $60.85. Q1 2016 also saw a large ~52% reduction in the warrants. Q2 2016 saw that stake again reduced by ~50% and that was followed with another ~20% selling last quarter. The remaining fairly large (top five) 7.42% of the portfolio position was disposed of this quarter as the underlying traded between $57 and $67.Bank of America (BAC), WTS 13.30 Strike, and BAC WTS 30.79 Strike: BAC was Berkowitz’s third largest position at 15.66% of the US long portfolio as of Q2 2016. The stake was first purchased in 2010. Q1 2015 saw a ~19% reduction in the common and a ~8% increase in the warrants. Q3 2015 saw an almost two-thirds reduction in the common at prices between $15 and $18.50. In Q4 2015, the common saw an 86% reduction while the warrants were increased by 21%. The common stake was more than doubled in Q1 2016 at prices between $11 and $17. Q2 2016 saw another ~50% increase in the common stake at prices between $12 and $15. Last quarter saw a huge ~87% reduction in the common at prices between $12.74 and $16.19. The warrants also saw a ~18% reduction. The combined ~7% remaining position were sold out this quarter as the common traded between $15.50 and $23. It currently trades at $24.58.Stake Increases:Sears Canada (SRSC): The ~3.5% SRSC position was established in Q4 2014 as a result of Fairholme participating in a rights offering from Sears Holdings. They distributed one subscription right for each share of Sears Holdings held and it allowed the purchase of 0.375643 shares of Sears Canada at $9.50 per share. The rights would have resulted in the purchase of around 10M shares but Berkowitz ended up with ~40% more (oversubscription privilege). The position was increased since. Last few quarters have also seen minor increases. The stock is now at $1.55.Stake Decreases:St Joe Companies (JOE): JOE is the largest stake at 47.24% of the 13F portfolio. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Currently, it trades at $16.90. Last two quarters have seen marginal trimming.Sears Holdings Corp (SHLD) and Sears WTS 28.41 Strike: Sears is Berkowitz’s second-largest position at 26.21% of the US long portfolio. The original stake was established in 2007 although the position size has fluctuated over the years. The current stock price ($7.58) is far below Fairholme’s cost-basis. He controls ~25% of the business. There was marginal trimming in the last two quarters.Lands’ End (LE): The ~5% LE stake was purchased in Q3 2015 at prices between $21 and $29 and increased by 63% the following quarter at prices between $21 and $28. There was a ~12% increase last quarter at prices between $14.21 and $19.36. The stock is currently at $18.25. This quarter saw marginal trimming.Note: Lands’ End is an April 2014 spinoff from Sears Holding. Berkowitz received ~7.35M shares but that stake was sold out by the end of that year. The current position is ~10.4% of the business.Kept Steady:Seritage Growth Properties (SRG): SRG is a top-three ~15% position. It was spun-off from Sears Holdings through a Rights Offering in July 2015 and Fairholme participated in the transaction. Trading started at $37 per share and it currently trades at $44.49.Leucadia National (LUK): LUK is a very long-term holding that was built-up over several years. The position had seen large reductions since Q2 2013. Recent activity follow: Q4 2015 saw a ~55% reduction at prices between $16 and $21 and the remaining stake was almost eliminated the following quarter at prices between $14.50 and $17.50. It currently trades at $25.Sears Hometown & Outlet Stores (SHOS): SHOS is a minutely small 0.37% position. It saw a ~89% increase in Q4 2015 but the relative sizing is still very small.Note 1: Sears Hometown and Outlet Stores is a spinoff from Sears Holdings (mid-October 2012 rights offering).The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q4 2016:13D/G/A & Form 3/4 filings thru 11/16/2016: LE - 10/11/2016 13G/A - 3.35M shares - 10.5%."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q3 2016 Update"

"Bruce Berkowitz’s US stock portfolio decreased this quarter from $1.45B to $1.25B.Fairholme's stakes in AIG warrants and Bank of America common & warrants were reduced while increasing Lands’ End.The portfolio is very concentrated with the largest three positions accounting for ~75% of the US long assets.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s US stock portfolio on a quarterly basis. It is based on Fairholme’s (FAIRX) (FOCIX) (FAAFX) regulatory filed on 11/14/2016. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q2 2016.Berkowitz’s US stock portfolio decreased ~14% from $1.45B to $1.25B this quarter. The portfolio continues to be very concentrated with the vast majority invested in just five businesses. The largest three positions are St. Joe Companies, Sears Holdings, and Seritage Growth Properties and together they account for 75.48% of the 13F portfolio.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: thru Q2 2016, the fund’s annual returns are at 10.07% compared to 4.20% for the S&P 500 index. The fund has however underperformed over the most recent 10-year period.Top equity holdings that are not in the 13F report include Fannie Mae pfds (FNMAS), Freddie Mac pfds (FMCKJ), and Imperial Metals (IPMLF). Fairholme Fund is known to hold significant cash especially when markets are high. The current cash allocation is ~24%.Stake Increases:Lands’ End (LE): The ~4% LE stake was purchased in Q3 2015 at prices between $21 and $29 and increased by 63% the following quarter at prices between $21 and $28. Q1 2016 had seen a ~5% trimming while last quarter saw a ~3% increase. There was a ~12% increase this quarter at prices between $14.21 and $19.36. The stock is currently at $16.80.Note: Lands’ End is an April 2014 spinoff from Sears Holding. Berkowitz received ~7.35M shares but that stake was sold out by the end of that year. The current position is ~10.5% of the business.Sears Canada (SRSC): The ~4% SRSC position was established in Q4 2014 as a result of Fairholme participating in a rights offering from Sears Holdings. They distributed one subscription right for each share of Sears Holdings held and it allowed the purchase of 0.375643 shares of Sears Canada at $9.50 per share. The rights would have resulted in the purchase of around 10M shares but Berkowitz ended up with ~40% more (oversubscription privilege). The stake was since increased. Last quarter saw a ~5% increase while this quarter saw a marginal further increase. The stock is now at $1.75.Stake Decreases:American International Group (AIG) WTS 45 Strike: AIG was Berkowitz’s largest position as of Q2 2015 even after a ~78% reduction in the common during the previous seven quarters. Q3 2015 saw the common stake almost sold-out (~96% reduction) at prices between $55.50 and $64.50. Q4 2015 saw another ~63% reduction. The remainder common stake was sold out in Q1 2016. The stock currently trades at $64.60. Q1 2016 also saw a large ~52% reduction in the warrants. Last quarter saw that stake again reduced by ~50% and that was followed with another ~18% selling this quarter. The remaining position is still fairly large (top five) at 7.42% of the portfolio.Bank of America (BAC), WTS 13.30 Strike, and BAC WTS 30.79 Strike: BAC was Berkowitz’s third largest position at 15.66% of the US long portfolio as of last quarter. The stake was first purchased in 2010. Q1 2015 saw a ~19% reduction in the common and a ~8% increase in the warrants. Q3 2015 saw an almost two-thirds reduction in the common at prices between $15 and $18.50. In Q4 2015, the common saw an 86% reduction while the warrants were increased by 21%. The common stake was more than doubled in Q1 2016 at prices between $11 and $17. Last quarter saw another ~50% increase in the common stake at prices between $12 and $15. This quarter saw a huge ~87% reduction in the common at prices between $12.74 and $16.19. The warrants also saw a ~18% reduction. The stock currently trades at $20.16.Sears Holdings Corp (SHLD) and Sears WTS 28.41 Strike: Sears is Berkowitz’s second-largest position at 27.39% of the US long portfolio. The original stake was established in 2007 although the position size has fluctuated over the years. The current stock price ($12.32) is far below Fairholme’s cost-basis. He controls ~25% of the business. Last quarter saw a ~5% increase in the common and a marginal reduction in the warrants. There was marginal trimming this quarter.St Joe Companies (JOE): JOE is the largest stake at 35.99% of the 13F portfolio. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Currently, it trades at $19.30. Last quarter saw a minor increase while this quarter saw marginal trimming.Note: Fairholme see’s JOE investment as a good hedge against rising inflation.Kept Steady:Seritage Growth Properties (SRG): SRG is a top-three 13.94% position. It was spun-off from Sears Holdings through a Rights Offering in July 2015 and Fairholme participated in the transaction. Trading started at $37 per share and it currently trades at $48.84.Leucadia National (LUK): LUK is a very long-term holding that was built-up over several years. The position has seen large reductions since Q2 2013. Q4 2015 saw a ~55% reduction at prices between $16.08 and $21.11 and the remaining stake was almost eliminated the following quarter at prices between $14.45 and $17.39. It currently trades at $20.87.Sears Hometown & Outlet Stores (SHOS): SHOS is a minutely small 0.31% position. It saw a ~89% increase in Q4 2015 but the relative sizing is still very small.Note 1: Sears Hometown and Outlet Stores is a spinoff from Sears Holdings (mid-October 2012 rights offering).The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q3 2016:13D/G/A & Form 3/4 filings thru 8/17/2016: Form 4 8/15/2016 & previous - SHLD - slight net reduction.: Commentary: 1) Fannie/Freddie termed best businesses ever owned - they own preferreds. 2) Sears - optimistic although taking longer than expected. Unlocking value - exploring strategic alternatives for Home Services as well as Kenmore, Craftsman, and DieHard brands. Also talks about Innovel Solutions (previously known as Sears Logistics Services), a 1100-truck delivery service that has grown 238% since 2014. 3) Seritage: steady progress in repurposing, re-tenanting, and redeveloping many of the 266 properties that it purchased from Sears last year. “Redeveloping anchor space comes at a cost to landlords, but holds the promise of hefty returns as department stores paying as little as $2 a square foot in rent are replaced by new anchors paying $15 to $20 a square foot..." 4) St. Joe - optimistic about St. Joe’s current trajectory and owned land – a good hedge against rising inflation. 5) Imperial Metals - should double output while rivalling lowest-cost producers with their Red Chriss & Mount Polley mines. Also highlighted copper’s potential medical use as it kills bacteria. 6) Chesapeake short-duration bonds - assets should be valuable and so equity like safety w. income, 7) Atwood Oceanics 2020 senior bonds 17% yield - they bought back 30% and that should mean management believes it is a viable business. 8) Bofa - Improving operating efficiencies more than counter declining net interest margins. 9) AIG - Except for last year’s large tax bill, we have little to complain about. Our views on AIG are well documented. Remaining warrants are attractive given (i) a 2021 expiry, repricing terms, and related stock price, and (ii) increases in underwriting margins, operational efficiencies, and share repurchases.Overall Allocation as of May 31, 2016:This is compared to the following figures in their annual report as of 11/30/2015:"

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q2 2016 Update"

"Bruce Berkowitz’s US stock portfolio decreased this quarter from $1.66B to $1.45B.Fairholme's large stake in AIG Warrants was reduced while increasing Bank of America. These two trades are a repeat of last quarter’s activity.The portfolio is very concentrated with the largest three positions accounting for ~73% of the US long assets.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s US stock portfolio on a quarterly basis. It is based on Fairholme’s (FAIRX) (FOCIX) (FAAFX) regulatory filed on 08/15/2016. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q1 2016.Berkowitz’s US stock portfolio decreased 12.32% from $1.66B to $1.45B this quarter. The portfolio continues to be very concentrated with the vast majority invested in just five businesses. The largest three positions are St. Joe Companies, Sears Holdings, and Bank of America and together they account for 73.43% of the 13F portfolio.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: thru Q2 2016, the fund’s annual returns are at 10.07% compared to 4.20% for the S&P 500 index. The fund has however underperformed over the most recent 10-year period.Top holdings that are not in the 13F report include Fannie Mae pfds (FNMAS), Freddie Mac pfds (FMCKJ), and Imperial Metals (IPMLF). Fairholme Fund is known to hold significant cash especially when markets are high. The current cash allocation is ~30%.Note: In Fairholme’s semi-annual report, Fannie & Freddie were termed as the best businesses the firm has ever owned. Also, the buy thesis on Imperial Metals was summarized: the Red Chris & Mount Polley mines should allow them to double output while rivaling lowest-cost producers. Also, copper’s potential medical use (ability to kill bacteria) could be an eventual catalyst.New stakes:None.Stake Disposals:Now Inc. (DNOW): The 7.26% DNOW stake was purchased in Q3 2015 at prices between $14.80 and $19.74. It was disposed of this quarter at prices between $15.96 and $19.30. The stock currently trades at $20.54. Last two quarters had seen a combined ~10% trimming.Note: Now Inc. is a May 2014 spinoff from National Oilwell Varco (NOV). Fairholme’s ownership stake in the business was ~6.5%.Stake Increases:Bank of America (BAC), WTS 13.30 Strike, and BAC WTS 30.79 Strike: BAC is Berkowitz’s third largest position at 15.66% of the US long portfolio. The stake was first purchased in 2010 and minor adjustments had since been made every quarter. Q1 2015 saw a ~19% reduction in the common and a ~8% increase in the warrants. Q3 2015 saw an almost two-thirds reduction in the common at prices between $15.26 and $18.45. In Q4 2015, the common saw an 86% reduction while the warrants were increased by 21%. The common stake was more than doubled last quarter at prices between $11.16 and $16.83. This quarter saw another ~50% increase in the common stake at prices between $12.18 and $15.11. The warrants stake saw a ~6% trimming. The stock currently trades at $15.17.Note: Fairholme’s semi-annual report talked about this investment: “improving operating efficiencies should more than counter declining net interest margins.”Lands’ End (LE): The 3.39% LE stake was purchased in Q3 2015 at prices between $21.26 and $28.92 and increased by 63% the following quarter at prices between $21 and $28. The stock is currently at $17.01. Last quarter saw a ~5% trimming while this quarter saw a ~3% increase. .Note: Lands’ End is an April 2014 spinoff from Sears Holding. Berkowitz received ~7.35M shares but that stake was sold out by the end of that year. The current position is ~9% of the business.Sears Canada (SRSC): The SRSC position was established in Q4 2014 as a result of Fairholme participating in a rights offering from Sears Holdings. They distributed one subscription right for each share of Sears Holdings held and it allowed the purchase of 0.375643 shares of Sears Canada at $9.50 per share. The rights would have resulted in the purchase of around 10M shares but Berkowitz ended up with ~40% more (oversubscription privilege). There have been minor increases since. This quarter saw a ~5% increase. The stock is now at $2.81.Sears Holdings Corp (SHLD) and Sears WTS 28.41 Strike: Sears is Berkowitz’s second-largest position at 30.22% of the US long portfolio. The original stake was established in 2007 although the position size has fluctuated over the years. Last two years saw consistent buying. The current stock price ($17.79) is far below Fairholme’s cost-basis. The pattern of buying signifies a strong bullish bias. For investors attempting to follow Berkowitz, SHLD is a good option to consider for further research. He controls ~25% of the business. This quarter saw a ~5% increase in the common and a marginal reduction in the warrants.Note: Fairholme’s semi-annual report stated that they believe Sears is starting to unlock value (strategic alternatives for Home Services, Kenmore, Craftsman and Die Hard brands) although it is taking longer than expected. It also mentions Innovel Solutions (previously Sears Logistics Services), a ~1100-truck delivery service as an example of a “hidden” asset.St Joe Companies (JOE): JOE is the largest stake at 29.85% of the 13F portfolio. The bulk of the position was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Currently, it trades at $19.12. Last quarter saw a marginal reduction while this quarter saw a minor increase.Note: Fairholme see’s JOE investment as a good hedge against rising inflation.Sears Hometown & Outlet Stores (SHOS): SHOS is a minutely small 0.36% position. It saw a ~89% increase in Q4 2015 but the relative sizing is still very small. There was a marginal increase this quarter.Note 1: Sears Hometown and Outlet Stores is a spinoff from Sears Holdings (mid-October 2012 rights offering).Stake Decreases:American International Group (AIG) WTS 45 Strike: AIG was Berkowitz’s largest position as of Q2 2015 even after a ~78% reduction in the common during the previous seven quarters. Q3 2015 saw the common stake almost sold-out (~96% reduction) at prices between $55.66 and $64.54. Q4 2015 saw another ~63% reduction. The remainder common stake was sold out last quarter. The stock currently trades at $59.31. Last quarter saw a large ~52% further reduction in the warrants. This quarter saw that stake again reduced by ~50%. The remaining position is still fairly large (top five) at 6.85% of the portfolio.Seritage Growth Properties (SRG): SRG is a top-five 11.79% position. It was spun-off from Sears Holdings through a Rights Offering in July 2015 and trading started at $37 per share. Fairholme participated and accumulated 3.37M shares (13.5% of the business). Last two quarters had seen marginal increases while this quarter saw a very minor reduction. The stock currently trades at $46.71.Note: Fairholme’s semi-annual report notes the steady progress being made in repurposing, re-tenanting, and redeveloping many of the 266 properties that it purchased from Sears last year - “Redeveloping anchor space comes at a cost to landlords, but holds the promise of hefty returns as department stores paying as little as $2 a square foot in rent are replaced by new anchors paying $15 to $20 a square foot..."Kept Steady:Leucadia National (LUK): LUK is a very long-term holding that was built-up over several years. The position has seen large reductions since Q2 2013. Q4 2015 saw a ~55% reduction at prices between $16.08 and $21.11 and the remaining stake was almost eliminated last quarter at prices between $14.45 and $17.39. It currently trades at $18.82.The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q2 2016:13D/G/A & Form 3/4 filings thru 5/17/2016: NOW - 4/4/2016 13G/A - 6,781,500 shares - 6.3%. SHLD - 3/22/2016 13D/A - 26,705,248 shares - 25%.13D/G/A & Form 3/4 filings thru 2/18/2016: AIG - 2/16/2016 13G/A - 271,560 shares - 0%. DNOW - 2/16/2016 13G/A - 7.19M shares - 6.7%. LE - 2/16/2016 13G/A - 3.04M shares - 9.5%. SRSC - 2/16/2016 13G/A - 18.3M shares - 18%. MRC - 2/16/2016 13G/A - 5.63M shares - 5.5%. SRG - 2/16/2016 13G/A - 3.38M shares - 13.6%.FAIRS released 1/28/2016: 2015 Performance: The Fairholme Fund (the “Fund” or “FAIRX”) decreased 11.48% versus a 1.38% gain for the S&P 500 Index (the “S&P 500”) in 2015. Historical Performance: From Dec 29, 1999 inception through 2015 FAIRX annual returns was at 10.2% compared to just 4.1% for the S&P 500. However, it has underperformed over the last-ten-year period: 5.59% vs 7.31%. Shift in Strategy: Historically, large and liquid markets have allowed the Fund to focus on a few, best ideas. Times have changed. Over the course of the year, the Fund reduced positions that appreciated and initiated investments in several new opportunities. Going forward, if markets remain less liquid, we will become less concentrated than in the past. Cash: Over 20%. Top Holdings & Thesis: 1) AIG - largest holding because: a) trades at significant discount to $80 tangible-book-value, b) untapped opportunity to improve cost structure, and c) potential for WTS strike price & conversion ratio to improve based on future dividend and capital distributions. 2) SHLD - second-largest holding because Fairholme’s estimated NAV is at $147 per share. 3) SRG - established because SRG & SHLD have two of the lowest priced real estate portfolios in the US. 4) Fannie & Freddie - primarily FNMAS & FMCKJ - combined they are the largest stake at 16.4% of assets because they believe that in time the Net Worth Sweep will be halted and Fannie/Freddie will transform into low-risk public utilities with regulated rates of return. 5) JOE - 12.8% of assets committed because they believe that the intrinsic value of St. Joe’s current entitlements and other assets is substantially higher than its recent market price. 6) Imperial Metals - 5.4% of fund assets - believe they believe that Imperial’s Red Chris mine is a replay of low-cost Horizon Oil Sands (CNQ’s), but with one of the largest copper resources and the seventh largest gold deposit in the world. 7) Oil & Gas - MRC Global & Now Inc. - thesis: Prices cannot stay below marginal costs when demand grows and supply depletes – at least, not for too long."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q1 2016 Update"

"Bruce Berkowitz’s US stock portfolio decreased this quarter from $2.43B to $1.66B.Fairholme's large stake in AIG Warrants was reduced while increasing Bank of America.The portfolio is very concentrated with the largest three positions accounting for ~63% of the US long assets.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s US stock portfolio on a quarterly basis. It is based on Fairholme’s (FAIRX) (FOCIX) (FAAFX) regulatory filed on 05/16/2016. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q4 2015.Berkowitz’s US stock portfolio decreased 31.99% from $2.43B to $1.66B this quarter. The portfolio continues to be very concentrated with the vast majority invested in just five businesses. The largest three positions are Sears Holdings, St. Joe Companies, and American International Group and together they account for 63.30% of the 13F portfolio.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: thru Q1 2016, the fund’s annual returns are at 9.47% compared to 4.11% for the S&P 500 index. The fund has underperformed over the most recent 10-year period. Top holdings that are not in the 13F report include Fannie Mae pfds (FNMAS), Freddie Mac pfds (FMCKJ), and Imperial Metals (IPMLF). Fairholme Fund is known to hold significant cash especially when markets are high. The current cash allocation is 25.5%.New stakes:None.Stake Disposals:Berkshire Hathaway (BRK.B) (BRK.A): BRK.B was a very small 0.75% of the US long portfolio position as of last quarter. It was sold out this quarter at prices between $124 and $143.Canadian Natural Resources (CNQ) and International Business Machines (IBM): These are medium-sized positions established in Q3 2015 but eliminated this quarter. CNQ was a 5.44% of the portfolio stake established at prices between $19.05 and $27.16 and reduced by ~89% last quarter at prices between $19.36 and $25.60. The elimination this quarter was at prices between $15.76 and $28.06. The stock currently trades at $29.69. The 3.15% IBM stake was established at prices between $141 and $173 was reduced to a 0.27% stake last quarter at prices between $132 and $152. The elimination this quarter was at prices between $118 and $152. It now trades at $148.MRC Global (MRC): MRC was a 2.99% position established in Q3 2015 at prices between $10.90 and $15.72. It was sold out this quarter at prices between $8.71 and $14.95. The stock currently trades at $14.02.Note: Fairholme had a 5.5% ownership stake in MRC Global.Stake Increases:Bank of America (BAC), WTS 13.30 Strike, and BAC WTS 30.79 Strike: BAC was Berkowitz’s third largest position at 14.68% of the US long portfolio as of Q3 2015. The stake was first purchased in 2010 and minor adjustments had since been made every quarter. Q1 2015 saw a ~19% reduction in the common and a ~8% increase in the warrants (Jan 2019 13.30 Strike, Yahoo Ticker - BAC-WTA, Current Quote - $3.80). Q3 2015 saw an almost two-thirds reduction in the common at prices between $15.26 and $18.45. Last quarter, the common saw an 86% reduction while the warrants were increased by 21%. The common stake was more than doubled this quarter at prices between $11.16 and $16.83. The stock currently trades at $14.01. Overall, the BAC position is still a top-five stake at 10.97% of the 13F portfolio.Sears Canada (SRSC): The SRSC position was established in Q4 2014 as a result of Fairholme participating in a rights offering from Sears Holdings. They distributed one subscription right for each share of Sears Holdings held and it allowed the purchase of 0.375643 shares of Sears Canada at $9.50 per share. The rights would have resulted in the purchase of around 10M shares but Berkowitz ended up with ~40% more (oversubscription privilege). This quarter saw a marginal increase. The stock is now at $3.24.Seritage Growth Properties (SRG): SRG is a top-five 10.41% position. It was spun-off from Sears Holdings through a Rights Offering in July 2015 and trading started at $37 per share. Fairholme participated and accumulated 3.37M shares (13.5% of the business). Last two quarters have seen marginal increases. The stock currently trades at $44.96.Stake Decreases:American International Group (AIG) & AIG WTS 45 Strike: AIG was Berkowitz’s largest position as of Q2 2015 even after a ~78% reduction in the common during the previous seven quarters. Q3 2015 saw the common stake almost sold-out (~96% reduction) at prices between $55.66 and $64.54. Last quarter saw another ~63% reduction. The remainder common stake was sold out this quarter. The stock currently trades at $55.40. Warrants had also seen marginal reductions in the last four quarters. This quarter saw a large ~52% further reduction. The warrant position is still a large (top-three) stake at 12.06% of the portfolio.Note: In the H1 2015 shareholder letter, Berkowitz revealed he had almost tripled his money on AIG when the stock was trading at ~$62.Lands’ End (LE): The 2.93% LE stake was purchased in Q3 2015 at prices between $21.26 and $28.92 and increased by 63% last quarter at prices between $21 and $28. The stock is currently at $19.07. This quarter saw a ~5% trimming.Note: Lands’ End is an April 2014 spinoff from Sears Holding. Berkowitz received ~7.35M shares but that stake was sold out by the end of that year. The current position is ~9% of the business.Leucadia National (LUK): LUK is a very long-term holding that was built-up over several years. The position has seen large reductions since Q2 2013. Last quarter saw a ~55% reduction at prices between $16.08 and $21.11 and the remaining stake was almost eliminated this quarter at prices between $14.45 and $17.39. It currently trades at $17.47.Now Inc. (DNOW): The 7.26% DNOW stake was purchased in Q3 2015 at prices between $14.80 and $19.74 and the stock currently trades at $17.13. Last quarter saw a minor ~6% increase while in this quarter there was a marginal ~4% reduction.Note: Now Inc. is a May 2014 spinoff from National Oilwell Varco (NOV). Fairholme’s ownership stake in the business is at ~6.5%.Sears Holdings Corp (SHLD) and Sears WTS 28.41 Strike: Sears is Berkowitz’s largest position at 26.39% of the US long portfolio. The original stake was established in 2007 although the position size has fluctuated over the years. Last two years saw consistent buying. The current stock price ($11.31) is far below Fairholme’s cost-basis. The pattern of buying signifies a strong bullish bias. For investors attempting to follow Berkowitz, SHLD is a good option to consider for further research. He controls ~25% of the business. This quarter saw marginal reductions in both the common and the warrant stakes.Note: In the 2015 AR, Berkowitz indicated that his updated sum-of-parts valuation for SHLD was $147 per share..St Joe Companies (JOE): JOE is the second-largest stake at 24.85% of the 13F portfolio. The bulk of the stake was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Currently, it trades at $16.70. Last quarter saw a marginal increase while this quarter saw a minor reduction.Stake Decreases:Sears Hometown & Outlet Stores (SHOS): SHOS is a minutely small 0.30% position. It saw a ~89% increase last quarter but the relative sizing is still very small.Note 1: Sears Hometown and Outlet Stores is a spinoff from Sears Holdings (mid-October 2012 rights offering).The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q1 2016:13D/G/A, Form 3/4s after 8/15/2015: 13G/A 10/2/2015 SRSC 17.9M shares 17.57% of business. 13D/A 9/30/2015 JOE 24.46M shares 32.3% of business."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q4 2015 Update"

"Bruce Berkowitz’s US stock portfolio decreased this quarter from $3.47B to $2.43B.Fairholme's large stake in Bank of America common shares saw a two-thirds reduction in the quarter.The portfolio is very concentrated with the largest three positions accounting for ~68% of the US long assets.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s US stock portfolio on a quarterly basis. It is based on Fairholme’s (FAIRX) (FOCIX) (FAAFX) regulatory filed on 02/16/2016. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q3 2015.Berkowitz’s US stock portfolio decreased 29.87% from $3.47B to $2.43B this quarter. The portfolio continues to be very concentrated with the vast majority invested in just five businesses. The largest three positions are Sears Holdings, American International Group, and St. Joe Companies and together they account for 67.73% of the 13F portfolio.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: thru 2015, the fund’s annual returns are at 10.21% compared to 4.08% for the S&P 500 index. It was down 11.5% for 2015 compared to up 1.4% for the S&P 500 index. The fund has also underperformed over the most recent 5-year period. Top holdings that are not in the 13F report include Fannie Mae pfds (FNMAS), Freddie Mac pfds (FMCKJ), and Imperial Metals (IPMLF). They are known to hold significant cash especially when markets are high. The current cash allocation is at 23.8%.New stakes:None.Stake Disposals:Citigroup Inc. (C): C was a 4.30% of the portfolio position purchased last quarter at prices between $49 and $60 and disposed of this quarter at prices between $50 and $56. The stock is now at $39.78.National Oilwell Varco (NOV): NOV was a small 1.71% of the US long portfolio stake. It was established in Q2 2015 at prices between $48 and $56 and increased by ~46% last quarter at prices between $36.72 and $47.42. The elimination this quarter happened at prices between $33 and $41. The stock currently trades at $29.10.ASA Gold and Precious Metals (ASA): ASA was a minutely small 0.13% portfolio stake established last quarter but eliminated this quarter.Stake Increases:Lands’ End (LE) and MRC Global (MRC): These two stakes were established last quarter and increased this quarter. The 2.93% LE stake was purchased at prices between $21.26 and $28.92 and increased by 63% this quarter at prices between $21 and $28. The stock is currently near the low end of those ranges at $23.34. MRC is a 2.99% position established at prices between $10.90 and $15.72 and it now trades well below that range at $9.57. This quarter saw a minor increase.Note 1: Lands’ End is an April 2014 spinoff from Sears Holding. Berkowitz received ~7.35M shares but that stake was sold out by the end of that year. The current position is 9.5% of the business.Note 2: The ownership stake of MRC Global is 5.5%.Now Inc. (DNOW): The 4.67% DNOW stake was purchased last quarter at prices between $14.80 and $19.74 and the stock currently trades at $13.92. This quarter saw a minor ~6% further increase.Note: Now Inc. is a May 2014 spinoff from National Oilwell Varco (NOV). It is down ~57% since. Fairholme’s ownership stake in the business is at 6.7%.Sears Canada (SRSC) and Sears WTS 28.41 Strike: These positions were established in Q4 2014 as a result of Fairholme participating in two rights offerings from Sears Holdings. The SRSC rights offering distributed one subscription right for each share of Sears Holdings held and it allowed the purchase of 0.375643 shares of Sears Canada at $9.50 per share. The rights would have resulted in the purchase of around 10M shares but Berkowitz ended up with ~40% more (oversubscription privilege). The Notes & WTS rights offering was for $625M in notes and 22M in warrants (strike $28.41 expiring in five years - 2019). Here again, the rights offering would have allowed the acquisition of around 6.1M warrants but Berkowitz ended up with 6.4M. Last three quarters have seen further increases in both positions.Sears Holdings Corp (SHLD): SHLD is Berkowitz’s largest position at 23.82% of the US long portfolio. The original stake was established in 2007 although the position size has fluctuated over the years. Last two years saw consistent buying and the share count increased from 21.13M shares to 28.20M shares. The current stock price ($18.05) is far below Fairholme’s cost-basis. The pattern of buying signifies a strong bullish bias. For investors attempting to follow Berkowitz, SHLD is a good option to consider for further research. He controls ~27% of the business.Note: In the 2015 AR, Berkowitz indicated that his updated sum-of-parts valuation for SHLD was at $147 per share..St Joe Companies (JOE): JOE is a top-three stake at 18.64% of the 13F portfolio. The bulk of the stake was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. Currently, it trades at $15.04. This quarter saw a marginal increase.Seritage Growth Properties (SRG): SRG is a top-five 5.58% position. It was spun-off from Sears Holdings through a Rights Offering in July 2015. Fairholme participated and accumulated 3.37M shares (13.5% of the business). This quarter saw a marginal increase.Sears Hometown & Outlet Stores (SHOS): SHOS is a minutely small 0.26% position. It saw a ~89% increase this quarter but the relative sizing is still very small.Note 1: Sears Hometown and Outlet Stores is a spinoff from Sears Holdings (mid-October 2012 rights offering).Stake Decreases:American International Group (AIG) & AIG WTS 45 Strike: AIG was Berkowitz’s largest position as of Q2 2015 even after a ~78% reduction in the common during the previous seven quarters. Last quarter saw the common stake almost sold-out (~96% reduction) at prices between $55.66 and $64.54. This quarter saw another ~63% reduction. The stock currently trades at $52.68 and the remaining stake is very small at 0.69%. Warrants have also seen marginal reductions in the last four quarters. The warrants and the common stock together is still a large (second-largest) stake at 22.17% of the portfolio.Note 1: Per the 2015 AR, the current thesis boils down to the following: a) AIG is trading at a significant discount to ~$80 in tangible-book-value, b) untapped opportunity to improve cost structure, and c) potential for WTS strike price & conversion ratio to improve based on future dividend and capital distributions.Note 2: In the H1 2015 shareholder letter, Berkowitz revealed he has almost tripled his money on AIG when the stock was trading at ~$62.Bank of America (BAC), WTS 13.30 Strike, and BAC WTS 30.79 Strike: BAC was Berkowitz’s third largest position at 14.68% of the US long portfolio as of last quarter. The stake was first purchased in 2010 and minor adjustments had since been made every quarter. Q1 2015 saw a ~19% reduction in the common and a ~8% increase in the warrants (Jan 2019 13.30 Strike, Yahoo Ticker - BAC-WTA, Current Quote - $6.32). Last quarter saw an almost two-thirds reduction in the common at prices between $15.26 and $18.45. This quarter, the common saw an 86% reduction while the warrants were increased by 21%. The stock currently trades at $12.57. Overall, the stake is still a top-five position at 6.73% of the 13F portfolio.Berkshire Hathaway (BRK.B) (BRK.A): BRK.B is a very small 0.75% of the US long portfolio position. The stake was reduced marginally this quarter.Canadian Natural Resources (CNQ) and International Business Machines (IBM): These are medium-sized positions established last quarter but sold down this quarter. CNQ was a 5.44% of the portfolio stake established at prices between $19.05 and $27.16 and reduced by ~89% this quarter at prices between $19.36 and $25.60. The stock currently trades at $21.74. The 3.15% IBM stake established at prices between $141 and $173 was reduced to a 0.27% stake this quarter at prices between $132 and $152. It now trades at $126.Leucadia National (LUK): LUK is a very long-term holding that was built-up over several years. Since Q2 2013, the position was sold down from 18.8M shares to 4.5M shares. This quarter saw a ~55% reduction at prices between $16.08 and $21.11. It currently trades at $15.23. Last quarter also saw a 17% reduction. The stake is now at 3.25% of the 13F portfolio.The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q4 2015:FAIRX fund performance as of 9/30/2015: From Dec 29, 1999 inception through Sep 30, 2015 FAIRX annual returns was at 11.03% compared to just 3.70% for the S&P 500. Over the last five-year period, the fund has underperformed the S&P and is down 7.98% YTD compared to down 0.61% for the S&P.: a) AIG: The letter revealed he has almost tripled his money on AIG (stock trading at ~$62 on 6/30/2015). That means his average cost-basis on the remaining shares is in the low-20s. b) SHLD: The letter also updated sum-of-the-parts valuation on SHLD exceeds $125 per share fully diluted, net of debt. C) Holdings not in 13F: FNMA pfds and FMCC pfds at 5.9% and 5.2% of the portfolio respectively. Also Imperial Metals at 2.9%. d) Cash-and-Equivalents: 14.3%.Note: 7/16/2015 - - SRG - 3.25M shares - 13.2% of business."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q3 2015 Update"

"Bruce Berkowitz’s US stock portfolio decreased this quarter from $4.92B to $3.47B.Fairholme's huge stake in American International Group common shares was almost eliminated this quarter. They still have a large stake in the warrants.The portfolio is very concentrated with the largest three positions accounting for ~50% of the US long assets.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s US stock portfolio on a quarterly basis. It is based on Fairholme’s (FAIRX) (FOCIX) (FAAFX) regulatory filed on 11/16/2015. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q2 2015.Berkowitz’s US stock portfolio decreased 29.43% from $4.92B to $3.47B this quarter: the huge stakes in American International Group and Bank of America were both sold down during the quarter. The portfolio continues to be very concentrated with the vast majority invested in just five businesses. The largest three positions are Sears Holdings, American International Group, and Bank of America and together they account for 52.08% of the 13F portfolio.Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: through 9/30/2015, the fund’s annual returns are at 11.03% compared to 3.70% for the S&P 500 index. It is down 7.98% YTD compared to down 0.61% for the S&P 500 index. The fund has also underperformed over the most recent 5-year period. Top holdings that are not in the 13F report include Fannie Mae pfds (FNMAS), Freddie Mac pfds (FMCKJ), and Imperial Metals (IPMLF). They are known to hold significant cash especially when markets are high. The current cash allocation is at 25.5%.New stakes:Canadian Natural Resources (CNQ), Citigroup Inc. (C), International Business Machines (IBM), Now Inc. (DNOW), and Seritage Growth Properties (SRG): These are medium-sized positions established this quarter. CNQ is a 5.44% of the portfolio stake established this quarter at prices between $19.05 and $27.16. The stock currently trades at $24.69. C is a 4.30% of the portfolio position purchased this quarter at prices between $49 and $60 and the stock is now at $54.72. The 3.15% IBM stake was established at prices between $141 and $173 and it is now below that range at $139. The 2.88% DNOW stake was purchased at prices between $14.80 and $19.74 and the stock currently trades at $18.37. SRG is a 3.61% position. It was spun-off from Sears Holdings through a Rights Offering in July. Fairholme participated and accumulated 3.37M shares (13.5% of the business).Note 1: Canadian Natural Resources has seen a recent roundtrip in the portfolio: It was a minutely small position established in Q4 2014 that was eliminated last quarter.Note 2: Now Inc. is a May 2014 spinoff from National Oilwell Varco (NOV). It is down ~43% since. Fairholme’s ownership stake in the business is at 6.3%.Lands’ End (LE) and MRC Global (MRC): These are small (less than ~2% of the portfolio each) stakes established this quarter. The 1.45% LE stake was purchased at prices between $21.26 and $28.92 and the stock is currently near the low end of that range at $22.54. MRC is a 1.71% position established at prices between $10.90 and $15.72 and it now trades at $13.99.Note: Lands’ End is an April 2014 spinoff from Sears Holding. Berkowitz received ~7.35M shares but that stake was sold out by the end of last year. The current position is 1.86M shares (5.8% of the business).ASA Gold and Precious Metals (ASA) and Sears Hometown & Outlet Stores (SHOS): These are minutely small positions established this quarter.Note 1: ASA is a CEF (closed-end-fund) that is trading at a ~14% discount to NAV. Majority of their holdings are in large cap gold producers. The fund does not use leverage.Note 2: Sears Hometown and Outlet Stores is a spinoff from Sears Holdings (mid-October 2012 rights offering).Stake Disposals:JP Morgan WTS 42.42 Strike, Lincoln National WTS 10.92 Strike, and Wells Fargo WTS 34.01 Strike: These are minutely small positions that were eliminated this quarter. The position sizes were too small to indicate a clear bias.Stake Increases:National Oilwell Varco (NOV): NOV is a very small 1.11% of the US long portfolio stake established last quarter at prices between $48 and $56. It was increased by ~46% this quarter at prices between $36.72 and $47.42. The stock currently trades at $37.26.Sears Canada (SRSC) and Sears WTS 28.41 Strike: These positions were established in Q4 2014 as a result of Fairholme participating in two rights offerings from Sears Holdings. The SRSC rights offering distributed one subscription right for each share of Sears Holdings held and it allowed the purchase of 0.375643 shares of Sears Canada at $9.50 per share. The rights would have resulted in the purchase of around 10M shares but Berkowitz ended up with ~40% more (oversubscription privilege). The Notes & WTS rights offering was for $625M in notes and 22M in warrants (strike $28.41 expiring in five years - 2019). Here again, the rights offering would have allowed the acquisition of around 6.1M warrants but Berkowitz ended up with 6.4M. Last two quarters have seen further increases in both positions.Sears Holdings Corp (SHLD): SHLD is Berkowitz’s largest position at 17.35% of the US long portfolio. The original stake was established in 2007 although the position size has fluctuated over the years. Last two years saw consistent buying and the share count increased from around 16.8M shares to 26.6M shares. Last two quarters have also seen minor increases. The current stock price ($19.96) is far below Fairholme’s cost-basis. The pattern of buying signifies a strong bullish bias. For investors attempting to follow Berkowitz, SHLD is a good option to consider for further research. He controls ~25% of the business.Note: In the H1 2015 shareholder letter, Berkowitz indicated that his updated sum-of-parts valuation for SHLD was at $125 per share..Stake Decreases:American International Group (AIG) & AIG WTS 45 Strike: AIG was Berkowitz’s largest position as of last quarter even after a ~78% reduction in the common during the previous seven quarters. This quarter saw the common stake almost sold-out (~96% reduction) at prices between $55.66 and $64.54. The stock currently trades at $62.23. Warrants have also seen marginal reductions in the last three quarters. The warrants and the common stock together is still a huge (second-largest) stake at 16.65% of the portfolio.Note: In the H1 2015 shareholder letter, Berkowitz revealed he has almost tripled his money on AIG when the stock was trading at ~$62.Bank of America (BAC), WTS 13.30 Strike, and BAC WTS 30.79 Strike: BAC is Berkowitz’s third largest position behind Sears and AIG at 14.68% of the US long portfolio. The stake was first purchased in 2010 and minor adjustments had since been made every quarter. Q1 2015 saw a ~19% reduction in the common and a ~8% increase in the warrants (Jan 2019 13.30 Strike, Yahoo Ticker - BAC-WTA, Current Quote - $6.32). This quarter saw an almost two-thirds reduction in the common at prices between $15.26 and $18.45. The stock currently trades at $17.65.Berkshire Hathaway (BRK.B) (BRK.A): BRK.B is a very small 0.56% of the US long portfolio position. The stake was reduced marginally this quarter.St Joe Companies (JOE) & Leucadia National (LUK): JOE and LUK are large stakes at 13.48% and 5.96% of the US long portfolio respectively. The bulk of the JOE stake was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. LUK is a very long-term holding that was built-up over several years. Since Q2 2013, the LUK position was sold down from 18.8M shares to 10.2M shares. The JOE stake has remained almost steady during that same period. Currently, JOE trades at $19.65 and LUK at $18.06. This quarter saw a 17% reduction in LUK and marginal selling in JOE.The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q3 2015:"

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q2 2015 Update"

"Bruce Berkowitz’s US stock portfolio decreased this quarter from $5.34B to $4.92B.Fairholme's huge stake in American International Group was reduced again this quarter.The portfolio is still very concentrated with the largest three positions accounting for ~80% of the US long assets.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s US stock portfolio on a quarterly basis. It is based on Fairholme’s (FAIRX) regulatory filed on 08/14/2015. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q1 2015.Berkowitz’s US stock portfolio decreased 7.93% from $5.34B to $4.92B this quarter - the decrease was due to a large stake reduction in American International Group and a ~35% drop in the share price of Sears. The portfolio continues to be very concentrated with most of it invested in just five businesses. The largest three positions are American International Group, Bank of America, and Sears Holdings and together they account for two-thirds of the US long portfolio - the percentage increases to 79.76% when including the associated warrants.New stakes:National Oilwell Varco (NOV): NOV is a very small 1.11% of the US long portfolio stake established this quarter at prices between $48 and $56. The stock currently trades at $39.55.Stake Disposals:Canadian Natural Resources (CNQ): CNQ was a minutely small position established in Q4 2014. It was sold down by ~95% last quarter and eliminated this quarter. The position size was too small to indicate a clear bias.Stake Increases:Sears Holdings Corp (SHLD): SHLD is Berkowitz’s third largest position at 14.46% of the US long portfolio. The original stake was established in 2007 although the position size has fluctuated over the years. Last two years saw consistent buying and the share count increased from around 16.8M shares to 26.6M shares. This quarter also saw a minor increase. The current stock price ($25.18) is far below Fairholme’s cost-basis. The pattern of buying signifies a strong bullish bias. For investors attempting to follow Berkowitz, SHLD is a very good option to consider: he controls ~25% of the business.Note 1: SHLD spun-off Seritage Growth Properties (SRG) through a Rights Offering in July. Fairholme participated and has accumulated 3.25M shares (13.2% of the business).Note 2: SHLD spun off Lands’ End in April 2014 and did a couple of rights offerings in October 2014. Details follow: a) Lands’ End (LE) was spun-off from SHLD whereby SHLD holders received LE shares at the ratio 0.300795:1, b) Sears Canada Rights: Sears Holdings Corporation distributed, at no charge, to holders of its outstanding common stock as at 5:00 p.m. on October 16, 2014, transferrable subscription rights entitling them to purchase common shares of Sears Canada Inc. held by Sears Holdings at a price of U.S. $9.50 per whole share, and c) 2019 unsecured debt & WTS Rights: Each subscription right consisted of a 8% senior unsecured note due 2019 and warrants to purchase common stock at a strike price of $28.41.Sears Canada (SRSC) and Sears WTS 28.41 Strike: These positions were established in Q4 2014 as a result of Fairholme participating in two rights offerings from Sears Holdings. The SRSC rights offering distributed one subscription right for each share of Sears Holdings held and it allowed the purchase of 0.375643 shares of Sears Canada at $9.50 per share. The rights would have resulted in the purchase of around 10M shares but Berkowitz ended up with ~40% more (oversubscription privilege). The Notes & WTS rights offering was for $625M in notes and 22M in warrants (strike $28.41 expiring in five years - 2019). Here again, the rights offering would have allowed the acquisition of around 6.1M warrants but Berkowitz ended up with 6.4M. This quarter saw a ~10% increase in SRSC and a marginal increase in SHLD WTS. SRSC stake is now at 1.99% and the stake in the warrants is at 1.96% of the US long portfolio.Stake Decreases:American International Group (AIG) & AIG WTS 45 Strike: AIG is Berkowitz’s largest position at 23.65% of the US long portfolio (37.42% including warrants). The stake in the common was reduced by ~54% last quarter at prices between $48.87 and $56.49 and that was followed with a ~21% reduction this quarter at prices between $54.79 and $63.32. The stake reductions started in Q4 2013 and the selling accelerated over the last two quarters: overall, the common stake was reduced by ~78% during the last seven quarters. The stock currently trades at $64.25. Warrants also saw marginal reductions in the last two quarters.Bank of America (BAC), WTS 13.30 Strike, and BAC WTS 30.79 Strike: BAC is Berkowitz’s second largest position behind AIG at 26.12% of the US long portfolio. The stake was first purchased in 2010 and minor adjustments had since been made every quarter. Last quarter saw a ~19% reduction in the common and a ~8% increase in the warrants (Jan 2019 13.30 Strike, Yahoo Ticker - BAC-WTA, Current Quote - $6.96). This quarter saw a minor increase in the warrants and a marginal decrease in the common. The stock currently trades at $17.69.Berkshire Hathaway (BRK.B) (BRK.A): BRK.B is a very small 0.43% of the US long portfolio position. The stake was reduced by another 45% this quarter. As the position size is very small, the selling does not indicate a clear bias.St Joe Companies (JOE) & Leucadia National (LUK): JOE and LUK are large stakes at 7.78% and 6.08% of the US long portfolio respectively. The bulk of the JOE stake was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. LUK is a very long-term holding that was built-up over several years. The last nine quarters have seen a ~35% reduction in LUK while the JOE stake has remained relatively steady - this quarter saw minor selling in JOE and a 11% reduction in LUK. Currently, JOE trades at $17.37 and LUK at $23.35. For investors attempting to follow Berkowitz, these are good options to consider for further research.Wells Fargo WTS 34.01 Strike: The warrants (October 2018 expiry, 34.01 Strike, Yahoo Ticker - WFC-WT, Current Quote - $23.45, Dividend Adjustment Threshold - $0.34) are a minutely small 0.34% position. It was reduced by 42% this quarter.Kept Steady:JP Morgan WTS 42.42 Strike and Lincoln National WTS 10.92 Strike: These are minutely small positions that were kept steady this quarter.The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q2 2015:"

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q1 2015 Update"

"Bruce Berkowitz’s US stock portfolio decreased this quarter from $7.30B to $5.34B.Fairholme's huge stakes in American International Group and Bank of America were both reduced significantly this quarter.The portfolio is still very concentrated with the largest three positions accounting for 78% of the US long assets.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s US stock portfolio on a quarterly basis. It is based on Fairholme’s (FAIRX) regulatory filed on 05/15/2015. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q4 2014.Berkowitz’s US stock portfolio decreased ~27% from $7.30B to $5.34B this quarter - the huge decrease is primarily due to large stake reductions in American International Group and Bank of America. The portfolio continues to be very concentrated with most of it invested in just five businesses. The largest three positions are American International Group, Bank of America, and Sears Holdings and together they account for two-thirds of the US long portfolio - the percentage increases to 78.20% when including the associated warrants.New stakes:None.Stake Disposals:Citigroup Inc. (C): C was a minutely small 0.04% stake that was disposed of this quarter. It is a remnant from a huge position that was established in 2009. The stake peaked at well over $1B in Q2 2011. The vast majority of the position was sold in Q4 2011 and Q1 2012 in the high 20s and low 30s. The stock currently trades at $54.24.Stake Increases:Sears Canada (SRSC) and Sears WTS 28.41 Strike: These positions were established last quarter as a result of Fairholme participating in two rights offerings from Sears Holdings. The SRSC rights offering distributed one subscription right for each share of Sears Holdings held and it allowed the purchase of 0.375643 shares of Sears Canada at $9.50 per share. The rights would have resulted in the purchase of around 10M shares but Berkowitz ended up with ~40% more (oversubscription privilege). The Notes & WTS rights offering was for $625M in notes and 22M in warrants (strike $28.41 expiring in five years - 2019). Here again, the rights offering would have allowed the acquisition of around 6.1M warrants but Berkowitz ended up with 6.4M. This quarter saw minor increases in both stakes. SRSC and SHLD WTS positions are now at 2.53% and 3% of the US long portfolio respectively.Stake Decreases:American International Group (AIG) & AIG WTS 45 Strike: AIG is Berkowitz’s largest position at 24.47% of the US long portfolio (34.47% including warrants). The stake in the common was reduced by ~54% this quarter at prices between $48.87 and $56.49. The stake reductions started in Q4 2013 and this quarter the selling accelerated: overall, the common stake was reduced by ~72% during the last six quarters. The stock currently trades at $58.36. Meanwhile, the position in the warrants was marginally increased over the same period - this quarter saw a marginal reduction.Bank of America (BAC) & WTS 13.30 Strike: BAC is Berkowitz’s second largest position behind AIG at 22.11% of the US long portfolio. The stake was first purchased in 2010 and minor adjustments had since been made every quarter. This quarter saw a ~19% reduction in the common and a ~8% increase in the warrants (Jan 2019 13.30 Strike, Yahoo Ticker - BAC-WTA, Current Quote - $5.67). BAC traded between $15.15 and $17.90 during the period. It currently trades at $16.35.Berkshire Hathaway (BRK.B) (BRK.A): BRK.B is a very small 0.75% of the US long portfolio position that was reduced marginally this quarter. As the position size is very small and the activity is minor, the selling does not indicate a clear change in bias.Canadian Natural Resources (CNQ): CNQ was a minutely small position established last quarter. It was almost eliminated this quarter. The activity is too minor to indicate any bias.St Joe Companies (JOE) & Leucadia National (LUK): JOE and LUK are large 8.60% and 5.76% of the US long portfolio stakes respectively. The bulk of the JOE stake was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. LUK is a very long-term holding that was built-up over several years. The last two years have seen a ~23% reduction in LUK while the JOE stake has remained relatively steady - this quarter saw minor selling in both. JOE trades at $16.36 and LUK at $24.05 currently. For investors attempting to follow Berkowitz, these are good options to consider for further research.Sears Holdings Corp (SHLD): SHLD is Berkowitz’s third largest position at 20.13% of the US long portfolio. The original stake was established in 2007 although the position size has fluctuated over the years. Last two years saw consistent buying and the share count increased from around 16.8M shares to ~26M shares. Q4 2013 saw a ~2.7% increase at prices between $44 and $66 and Q1 2014 saw another 15% increase at prices between $34 and $49. Last two quarters saw minor increases while this quarter saw a marginal decrease. The current stock price ($41.93) is far below Berkowitz’s average purchase price. The pattern of buying signifies a strong bullish bias. For investors attempting to follow Berkowitz, SHLD is a very good option to consider: he controls ~23% of the business.NOTE: The implied performance of his recent SHLD purchases by the prices quoted above is negatively skewed because of the effect of the Lands’ End spinoff in April 2014 and a couple of rights offerings in October 2014: a) Lands’ End (LE) was spun-off from SHLD whereby SHLD holders received LE shares at the ratio 0.300795:1, b) Sears Canada Rights: Sears Holdings Corporation distributed, at no charge, to holders of its outstanding common stock as at 5:00 p.m. on October 16, 2014, transferrable subscription rights entitling them to purchase common shares of Sears Canada Inc. held by Sears Holdings at a price of U.S. $9.50 per whole share, and c) 2019 unsecured debt & WTS Rights: Each subscription right consisted of a 8% senior unsecured note due 2019 and warrants to purchase common stock at a strike price of $28.41.Kept Steady:BAC WTS 30.79 Strike, JP Morgan WTS 42.42 Strike, Lincoln National WTS 10.92 Strike, and Wells Fargo WTS 34.01 Strike: These are minutely small positions that were kept steady this quarter.The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q1 2015:"

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q4 2014 Update"

"Bruce Berkowitz’s US stock portfolio increased marginally this quarter from $7.26B to $7.30B.Fairholme's largest three stakes continue to be American International Group, Bank of America, and Sears Holdings. They together account for around 84% of the portfolio.The large American International Group position was reduced and Berkowitz participated in the Sears Holdings capital raises.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s US stock portfolio on a quarterly basis. It is based on Fairholme’s (FAIRX) regulatory filed on 02/17/2015. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q3 2014.Berkowitz’s US stock portfolio increased marginally from $7.26B to $7.30B this quarter. The portfolio continues to be very concentrated with most of it invested in just five businesses. The largest three positions are American International Group, Bank of America, and Sears Holdings and together they account for 74.50% of the US long portfolio - the percentage increases to 83.95% when including the associated warrants.New stakes:Sears Canada (SRSC) and Sears WTS 28.41 Strike: These are small positions established this quarter as a result of Fairholme participating in two rights offerings from Sears Holdings. The SRSC rights offering distributed one subscription right for each share of Sears Holdings held and it allowed the purchase of 0.375643 shares of Sears Canada at $9.50 per share. The rights would have resulted in the purchase of around 10M shares but Berkowitz ended up with 40% more (oversubscription privilege). The Notes & WTS rights offering was for $625M in notes and 22M in warrants (strike $28.41 expiring in five years - 2019). Here again, the rights offering would have allowed the acquisition of around 6.1M warrants but Berkowitz ended up with 6.4M.Canadian Natural Resources (CNQ): CNQ is a minutely small 0.21% of the US long portfolio position established this quarter at prices between $27.31 and $38.84. The stock currently trades at around $30.Stake Disposals:BP plc (BP), Chesapeake Energy (CHK), Hartford Financial Services (HIG), HIG WTS 9.79 Strike, KKR & Co. (KKR), Lands End (LE), Lincoln National (LNC), New York Community Bancorp (NYCB), and Vodafone Group plc (VOD): These are minutely small positions (less than 0.5% of the portfolio each) eliminated this quarter. The BP, CHK, and NYCB positions were established last quarter and disposed of this quarter. LE was a small 1.14% of the US long portfolio position established in Q2 2014 as a result of its spin-off from Sears Holding that became effective in April 2014. The terms called for Sears’ shareholders to receive Lands’ End shares in the ratio 0.300795:1. Berkowitz received around 7.41M shares and he sold more than half in the quarter at prices between $25.86 and $34.87. Last quarter, the remaining position was almost eliminated at prices between $33 and $47.70.Stake Increases:Sears Holdings Corp (SHLD): SHLD is Berkowitz’s third largest position at 12% of the US long portfolio. The original stake was established in 2007 although the position size has fluctuated over the years. Last two years saw consistent buying and the share count has increased from around 16.8M shares to 26.55M shares. Q4 2013 saw a ~2.7% stake increase at prices between $44 and $66 and Q1 2014 saw another 15% stake increase at prices between $34 and $49. Last quarter saw a 3.38% increase while this quarter saw another 4.07% increase. The current stock price ($36.52) is far below Berkowitz’s average purchase price. The pattern of buying signifies a strong bullish bias. For investors attempting to follow Berkowitz, SHLD is a very good option to consider: he controls ~23% of the business.NOTE: The implied performance of his recent SHLD purchases by the prices quoted above is negatively skewed because of the effect of the Lands’ End spinoff in April 2014 and a couple of rights offerings in October 2014: a) Lands’ End (LE) was spun-off from SHLD whereby SHLD holders received LE shares at the ratio 0.300795:1, b) Sears Canada Rights: Sears Holdings Corporation distributed, at no charge, to holders of its outstanding common stock as at 5:00 p.m. on October 16, 2014, transferrable subscription rights entitling them to purchase common shares of Sears Canada Inc. held by Sears Holdings at a price of U.S. $9.50 per whole share, and c) 2019 unsecured debt & WTS Rights: Each subscription right consisted of a 8% senior unsecured note due 2019 and warrants to purchase common stock at a strike price of $28.41.Stake Decreases:American International Group (AIG) & AIG WTS 45 Strike: AIG is Berkowitz’s largest position at 39.37% of the US long portfolio (47.63% including warrants). The position size in the common was reduced by 6% in Q4 2013 at prices between $47.30 and $52.30. Q1 2014 saw another ~5% stake reduction at prices between $46.88 and $52.22. In Q2 2014, the warrants (Jan 2021 45 Strike, Yahoo Ticker - AIG-WT, Current Quote - $23.29) were marginally reduced while the common was reduced by ~8% at prices between $49.40 and $55.72 and the same pattern continued last quarter: 13.61% reduction in the common at prices between $52 and $56.33 and marginal reduction in the warrants. This quarter saw another ~15% reduction in the common at prices between $49.40 and $56.51. The stock currently trades at $55.01. Berkowitz is bullish on AIG, although the last several quarters have seen stake reductions.Bank of America (BAC) & WTS 13.30 Strike: BAC is Berkowitz’s second largest position behind AIG at 24.41% of the US long portfolio. The stake was first purchased in 2010 and minor adjustments have since been made every quarter. Last two quarters have seen minor decreases in the common and marginal increases in the warrants (Jan 2019 13.30 Strike, Yahoo Ticker - BAC-WTA, Current Quote - $6.02) - the net effect was a small overall stake reduction. BAC traded between $14.98 and $18.13 during the period. It currently trades at $16.28. Berkowitz continues to be bullish on BAC.St Joe Companies (JOE) & Leucadia National (LUK): JOE and LUK are large 6.25% and 4.45% of the US long portfolio stakes respectively. LUK was reduced by 8% and JOE marginally in the last two quarters. The bulk of the JOE stake was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. LUK is a very long-term holding that was built-up over several years. In Q1 2013, the position was increased by around 5% as a result of the all-stock merger deal between LUK and Jefferies. Berkowitz is very bullish on JOE & LUK. JOE trades at $17.48 and LUK at $23.86 currently. For investors attempting to follow Berkowitz, these are good options to consider for further research.Berkshire Hathaway (BRK.B) (BRK.A): BRK.B is a very small 0.54% of the US long portfolio position that was reduced marginally this quarter. As the position size is very small and the activity is minor, the selling does not indicate a clear change in bias.Kept Steady:BAC WTS 30.79 Strike, Citigroup Inc. (C), JP Morgan WTS 42.42 Strike, and Wells Fargo (WFC): These are minutely small positions kept steady this quarter.The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q4 2014:Note: 12/8/2014 - I received feedback that the very small holdings also need to be shown in the spreadsheet. I have promised to incorporate this in my next iteration.Note: 2/17/2015 13G/13D/A’s: Sears Canada - 14.10M shares - 13.8%, AIG - 75.25M - 5.3%. Sears Canada is consistent with 13F while AIG is lower - the 13F count is 75.75 inclusive of WTS."

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q3 2014 Update"

"Bruce Berkowitz’s US stock portfolio decreased 27% this quarter from $9.94B to $7.26B as the firm chose not to disclose the large Fannie/Freddie position starting this quarter.Fairholme's largest three stakes continue to be American International Group, Bank of America, and Sears Holdings. They together account for around 86% of the portfolio.The large American International Group position was reduced and the small Lands’ End stake was almost eliminated this quarter.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s US stock portfolio on a quarterly basis. It is based on Fairholme’s (FAIRX) regulatory filed on 11/14/2014. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q2 2014.Berkowitz’s US stock portfolio decreased 26.94% from $9.94B to $7.26B this quarter. The large decrease was mainly due to Fairholme choosing to not disclose the Fannie/Freddie position as of this quarter - they are not and so are not required to be reported. The portfolio continues to be very concentrated with most of it invested in just five businesses. The largest three positions are American International Group, Bank of America, and Sears Holdings and together they account for 76.66% of the US long portfolio - the percentage increases to 85.99% when including the associated warrants.New stakes:None.Stake Disposals:None.Stake Increases:Sears Holdings Corp (SHLD): SHLD is Berkowitz’s third largest position at 8.86% of the US long portfolio. The original stake was established in 2007 although the position size has fluctuated over the years. Last two years saw consistent buying and the share count has increased from around 16.8M shares to 25.51M shares. Q4 2013 saw a ~2.7% stake increase at prices between $44 and $66 and Q1 2014 saw another 15% stake increase at prices between $34 and $49. This quarter also saw a 3.38% increase. The current stock price ($37.31) is far below Berkowitz’s average purchase price. The pattern of buying signifies a strong bullish bias. For investors attempting to follow Berkowitz, SHLD is a very good option to consider: he controls ~23% of the business.NOTE: The implied performance of his recent SHLD purchases by the prices quoted above is negatively skewed because of the effect of the Lands’ End spinoff in April and a couple of rights offerings last month: a) Lands’ End (LE) was spun-off from SHLD whereby SHLD holders received LE shares at the ratio 0.300795:1, b) Sears Canada Rights: Sears Holdings Corporation distributed, at no charge, to holders of its outstanding common stock as at 5:00 p.m. on October 16, 2014, transferrable subscription rights entitling them to purchase common shares of Sears Canada Inc. held by Sears Holdings at a price of U.S. $9.50 per whole share, and c) 2019 unsecured debt & WTS Rights: Each subscription right consisted of a 8% senior unsecured note due 2019 and warrants to purchase common stock at a strike price of $28.41.Stake Decreases:American International Group (AIG) & AIG WTS 45 Strike: AIG is Berkowitz’s largest position at 44.86% of the US long portfolio (52.92% including warrants). The position size in the common was reduced by 6% in Q4 2013 at prices between $47.30 and $52.30. Q1 2014 saw another ~5% stake reduction at prices between $46.88 and $52.22. Last quarter, the warrants (Jan 2021 45 Strike, Yahoo Ticker - AIG-WT, Current Quote - $24.32) were marginally reduced while the common was reduced by ~8% at prices between $49.40 and $55.72 and the same pattern continued this quarter: 13.61% reduction in the common at prices between $52 and $56.33 and marginal reduction in the warrants. The stock currently trades at $53.90. Berkowitz is bullish on AIG, although the last several quarters have seen stake reductions.Bank of America (BAC) & WTS 13.30 Strike: BAC is Berkowitz’s second largest position behind AIG at 24.22% of the US long portfolio. The stake was first purchased in 2010 and minor adjustments have since been made every quarter. This quarter, the common had a small decrease while the warrants (Jan 2019 13.30 Strike, Yahoo Ticker - BAC-WTA, Current Quote - $6.70) were increased marginally - the net effect was a small overall stake reduction. BAC traded between $15 and $17.18 during quarter. It currently trades at $17.14. Berkowitz continues to be bullish on BAC.St Joe Companies (JOE) & Leucadia National (LUK): JOE and LUK are large 6.81% and 4.95% of the US long portfolio stakes respectively. LUK was reduced by 4% and JOE marginally this quarter. The bulk of the JOE stake was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. LUK is a very long-term holding that was built-up over several years. In Q1 2013, the position was increased by around 5% as a result of the all-stock merger deal between LUK and Jefferies. Berkowitz is very bullish on JOE & LUK. JOE trades at $18.76 and LUK at $24.41 currently. For investors attempting to follow Berkowitz, these are good options to consider for further research.Lands’ End (LE): LE was a small 1.14% of the US long portfolio position established last quarter as a result of its spin-off from Sears Holding that became effective in April. The terms called for Sears’ shareholders to receive Lands’ End shares in the ratio 0.300795:1. Berkowitz received around 7.41M shares and he sold more than half in the quarter at prices between $25.86 and $34.87. This quarter, the remaining position was almost eliminated at prices between $33 and $47.70. The stock currently trades at $47.64. The stake reduction indicates a mild bearish bias.Berkshire Hathaway (BRK.B) (BRK.A): BRK.B is a very small 0.54% of the US long portfolio position that was reduced marginally this quarter. As the position size is very small and the activity is minor, the selling does not indicate a clear change in bias.Others:Federal Home Loan Mortgage Association & PFD (FMCC) (FMCKJ) and Federal National Mortgage Association & PFD (FNMA) (FNMAS): These positions were first disclosed in a when it was announced that they hold $2.4B par value of the preferred stocks of these two entities. The press release went on to push the restructuring of Fannie and Freddie. The preferred shares traded at around $6 (~25 cents on the dollar: $25 par value) at the time of the announcement and they currently trade at around $4.20 & $6.05 respectively for Fannie and Freddie (~17c and ~24c on the dollar). Starting this quarter, Fairholme has stopped disclosing these stakes as they are not 13F securities. The common & preferred stock prices of both these businesses experienced large price drops following a in early October. Investors had filed around 20 lawsuits against the US government over Fannie/Freddie and the Federal Housing Finance Agency’s actions as conservator. Hedge Funds involved include Perry Capital, Fairholme Capital, and Pershing Square Capital Management.Other very small positions (less than 0.5% of the US long portfolio each) in the portfolio include BP plc (BP), Chesapeake Energy (CHK), Citigroup Inc. (C), KKR & Co. (KKR), Hartford Financial Services (HIG) & WTS 9.563 Strike, JP Morgran Chase WTS 42.42 Strike, Lincoln National (LNC) & WTS 10.636 Strike, New York Community Bancorp (NYCB), Vodafone Group plc (VOD), and Wells Fargo (WFC) & WTS 34.01 Strike.The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q3 2014:"

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q2 2014 Update"

"Bruce Berkowitz’s US stock portfolio increased marginally this quarter from around $9.90B to $9.94B.Fairholme's largest three positions continue to be American International Group, Bank of America, and Sears Holdings. They together account for 67.26% of the portfolio.The combined position size in Fannie & Freddie (and preferreds) remained almost steady this quarter at 15.88% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s US stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 08/14/2014. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q1 2014.Berkowitz’s US stock portfolio increased marginally this quarter from around $9.90B to $9.94B. The portfolio continues to be very concentrated with most of it invested in just eight businesses. The largest three positions are American International Group, Bank of America, and Sears Holdings and together they account for 63.46% of the US long portfolio - the percentage increases to 70.86% when including the associated warrants.New stakes:Lands’ End (LE): LE is a small 1.14% of the US long portfolio position established this quarter as a result of its spin-off from Sears Holding that became effective in April. The terms called for Sears’ shareholders to receive Lands’ End shares in the ratio 0.300795:1. Berkowitz received around 7.41M shares and he sold more than half in the quarter at prices between $25.86 and $34.87. The stock currently trades at $34.93. The stake reduction indicates a mild bearish bias.Stake Disposals:None.Stake Increases:Bank of America (BAC) & WTS 13.30 Strike: BAC is Berkowitz’s second largest position behind AIG at 16.06% of the US long portfolio. The stake was first purchased in 2010 and minor adjustments have since been made every quarter. This quarter, the common was decreased marginally while the warrants (Jan 2019 13.30 Strike, Yahoo Ticker - BAC-WTA, Current Quote - $6.70) were increased by 16% - the net effect was a small overall stake increase. BAC traded between $14.51 and $17.34 during quarter. It currently trades at $15.22. Berkowitz continues to be very bullish on BAC.Sears Holdings Corp (SHLD): SHLD is Berkowitz’s third largest position at 9.92% of the US long portfolio. The original stake was established in 2007 although the position size has fluctuated over the years. Last two years saw consistent buying and the share count has increased from around 16.8M shares to 24.7M shares. Q4 2013 saw a ~2.7% stake increase at prices between $44 and $66 and last quarter saw another 15% stake increase at prices between $34 and $49. This quarter saw a marginal increase. The current stock price ($35.16) is far below Berkowitz’s average purchase price. The pattern of buying signifies a strong bullish bias. For investors attempting to follow Berkowitz, SHLD is a very good option to consider: he controls 23% of the business.NOTE: The implied performance of his recent SHLD purchases by the prices quoted above is negatively skewed because of the effect of the Lands’ End spinoff in April: Lands’ End (LE) was spun-off from SHLD whereby SHLD holders received LE shares at the ratio 0.300795:1. Sears acquired this online/catalog retail clothing business for around $1.9B in 2002 and the current market valuation is at $1.12B.Stake Decreases:American International Group (AIG) & AIG WTS 45 Strike: AIG is Berkowitz’s largest position at 38.33% of the US long portfolio (44.88% including warrants). The position size in the common was reduced by 6% in Q4 2013 at prices between $47.30 and $52.30. Last quarter saw another ~5% stake reduction at prices between $46.88 and $52.22. This quarter, the warrants (Jan 2021 45 Strike, Yahoo Ticker - AIG-WT, Current Quote - $25.55) were marginally reduced while the common was reduced by ~8% at prices between $49.40 and $55.72. The stock currently trades at $53.99. Berkowitz is bullish on AIG, although the last few quarters have seen stake reductions.St Joe Companies (JOE) & Leucadia National (LUK): JOE and LUK are large 6.35% and 4.14% of the US long portfolio stakes respectively. Both positions were reduced marginally this quarter. The bulk of the JOE stake was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. LUK is a very long-term holding that was built-up over several years. In Q1 2013, the position was increased by around 5% as a result of the all-stock merger deal between LUK and Jefferies. Berkowitz is very bullish on JOE & LUK. JOE trades at $22.18 and LUK at $24.98 currently. For investors attempting to follow Berkowitz, these are good options to consider.Kept Steady:Federal Home Loan Mortgage Association & PFD (FMCC) (FMCKJ) and Federal National Mortgage Association & PFD (FNMA) (FNMAS): These positions were first disclosed in a when it was announced that they hold $2.4B par value of the preferred stocks of these two entities. The press release went on to push the restructuring of Fannie and Freddie. The preferred shares traded at around $6 (~25 cents on the dollar: $25 par value) at the time of the announcement and they currently trade at around $11.27 (~45c on the dollar). This quarter, the position sizes were adjusted, although overall there is not much of a change: FNMA was added while FNMAS was reduced - also FMCC was increased.Investors have filed around 20 lawsuits against the US government over Fannie/Freddie and the Federal Housing Finance Agency’s actions as conservator. Hedge Funds involved include Perry Capital, Fairholme Capital, and Pershing Square Capital Management. While most of the lawsuits are focused on the treatment of the preferred holders, Pershing Square’s is different in that it is challenging the treatment of the common holders.Other very small positions (less than 0.5% of the US long portfolio each) in the portfolio include Altria Group (MO), AT&T Inc. (T), Berkshire Hathaway (BRK.A) (BRK.B), Citigroup Inc. (C), Diamond Offshore (DO), Genworth Financial (GNW), Hartford Financial Services (HIG) & WTS 9.563 Strike, JP Morgran Chase WTS 42.42 Strike, Lincoln National (LNC) & WTS 10.636 Strike, Mercury General (MCY), Oaktree Capital Group (OAK), Reynolds American (RAI), Transocean Ltd. (RIG), Vodafone Group plc (VOD), and Wells Fargo (WFC) & WTS 34.01 Strike.The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q2 2014:"

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q1 2014 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s US stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 05/15/2014. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q4 2013.Berkowitz’s US stock portfolio increased marginally this quarter from around $9.71B to $9.90B. The portfolio continues to be very concentrated with most of it invested in just eight businesses. The largest three positions account for two-thirds of the US long portfolio - the percentage increases to just over 73% when including the associated warrants.New stakes:None.Stake Disposals:None.Stake Increases:Sears Holdings Corp (SHLD): SHLD is Berkowitz’s third largest position at 11.82% of the US long portfolio. The original stake was established in 2007 although the position size has fluctuated over the years. Last two years saw consistent buying and the share count has increased from around 16.8M shares to over 24.5M shares. Last quarter saw a ~2.7% stake increase at prices between $44 and $66 and this quarter saw another 15% stake increase at prices between $34 and $49. The current stock price ($39.71) is far below Berkowitz’s average purchase price. The pattern of buying signifies a strong bullish bias. For investors attempting to follow Berkowitz, SHLD is a very good option to consider: he controls 23% of the business.On 4/7/2014, Land’s End (LE) was spun-off from SHLD whereby SHLD holders received LE shares at the ratio 1:0.3. Sears acquired this online/catalog retail clothing business for around $1.9B in 2002 and the current market valuation is at $850M.Stake Decreases:American International Group (AIG) & AIG WTS 45 Strike: AIG is Berkowitz’s largest position at around 38.24% of the US long portfolio. The position size was reduced by 6% last quarter at prices between $47.30 and $52.30. This quarter saw another ~5% stake reduction at prices between $46.88 and $52.22. The stock currently trades at $52.49. Berkowitz is bullish on AIG, although the last two quarters saw significant stake reductions.Bank of America (BAC) & WTS 13.30 Strike: BAC is Berkowitz’s second largest position behind AIG at ~17.19% of the US long portfolio. The stake was first purchased in 2010 and minor adjustments have since been made every quarter. The common was marginally reduced in Q3 2013 but last quarter saw a reversal: marginal increase. This quarter, the common was decreased marginally while the warrants were increased marginally - the net effect was a very minor overall stake reduction. BAC traded between $13.69 and $17.92 during the last two quarters. It currently trades at $14.48. Berkowitz continues to be very bullish on BAC.St Joe Companies (JOE) & Leucadia National (LUK): JOE and LUK are large 4.83% and 4.54% of the US long portfolio stakes respectively. The JOE stake was reduced marginally and the LUK position was reduced by ~11% this quarter. The bulk of the JOE stake was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. LUK is a very long-term holding that was built-up over several years. In Q1 2013, the position was increased by around 5% as a result of the all-stock merger deal between LUK and Jefferies. Berkowitz is very bullish on JOE & LUK. JOE trades at $20.60 and LUK at $25.02 currently. For investors attempting to follow Berkowitz, these are good options to consider.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a long-term holding that was built aggressively in the 2009-2011 timeframe. At its peak in 2011, the position accounted for 10% of the US long portfolio. The following quarters saw an about-turn as the position was reduced by over 80% by Q2 2012. In Q1 2013, the stake was almost doubled to a 2% of the US long portfolio position at prices between $90 and $104 and in Q2 2013 the pattern reversed as 50% of the stake was sold at prices between $103 and $115. Last two quarters saw marginal stake reductions. This quarter, the stake was reduced to a minute 0.37% of the US long portfolio position at prices between $109 and $125. The stock currently trades at around $127.Kept Steady:Federal Home Loan Mortgage Association & PFD (FMCC) (FMCKJ) and Federal National Mortgage Association & PFD (FNMA) (FNMAS): These positions were first disclosed in a when it was announced that they hold $2.4B par value of the preferred stocks of these two entities. The press release went on to push the restructuring of Fannie and Freddie. The preferred shares traded at around $6 (~25 cents on the dollar: $25 par value) at the time of the announcement and they currently trade at around $11 (~44c on the dollar). This quarter, the position sizes were adjusted, although overall there is not much of a change: FNMA was eliminated while FNMAS was increased by 26% - also FMCC was reduced by ~11%.Court Case Update: Incorporate info from this article:Other very small positions (less than 0.5% of the US long portfolio each) in the portfolio include AT&T Inc. (T), Chesapeake Energy (CHK), Citigroup Inc. (C), Genworth Financial (GNW), Hartford Financial Services (HIG) & WTS 9.563 Strike, JP Morgran Chase WTS 42.42 Strike, Lincoln National (LNC) & WTS 10.636 Strike, Vodafone Group plc (VOD), and Wells Fargo (WFC) & WTS 34.01 Strike.The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q1 2014:"

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q4 2013 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s US stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 02/14/2014. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q3 2013.Bruce Berkowitz’s US stock portfolio size increased ~15% this quarter from around $8.44B to $9.71B. The bulk of the increase is due to Berkowitz choosing to report his holdings in Federal Home Loan Mortgage Association and Federal National Mortgage Association (common and preferred) even though they are not . The number of positions in the report increased from 19 to 23 as a result. The portfolio remained relatively steady with only minor adjustments made to a few positions this quarter - it continues to be very concentrated with the largest three positions accounting for about 69% of the US long portfolio - that percentage increases to ~74% when including the associated warrants.New stakes:Federal Home Loan Mortgage Association & PFD (FMCC) (FMCKJ) and Federal National Mortgage Association & PFD (FNMA) (FNMAS): These positions were first disclosed in a when it was announced that they hold $2.4B par value of the preferred stocks of these two entities. The press release went on to push the restructuring of Fannie and Freddie. It is interesting that Berkowitz chose to disclose his actual position through the 13F filing although it is not a regulatory requirement. The preferred shares traded at around $6 (~25 cents on the dollar: $25 par value) at the time of the announcement and they currently trade at around $10 (~40c on the dollar).Stake Disposals:None.Stake Increases:Sears Holdings Corp (SHLD): SHLD is Berkowitz’s third largest position at 10.77% of the US long portfolio. The original stake was established in 2007 although the position size has fluctuated over the years. Last two years saw consistent buying and the share count has increased from around 16M shares to over 21M shares. This quarter saw a ~2.7% stake increase at prices between $44 and $66. The current stock price ($41.44) is far below Berkowitz’s average purchase price. The pattern of buying signifies a strong bullish bias. For investors attempting to follow Berkowitz, SHLD is a very good option to consider: he controls 22% of the business.SHLD spun-off Sears Hometown and Outlet Stores (SHOS) in a rights transaction in mid-October 2012. That stock has been on a roller-coaster since then - very strong performance in the first few quarters followed by an extended drop.Bank of America (BAC): BAC is Berkowitz’s second largest position behind AIG at ~16% of the US long portfolio. The stake was first purchased in 2010 and minor adjustments have since been made every quarter. In Q2 2013, the position in the common shares was increased marginally and the warrants were kept steady. The common was marginally reduced last quarter but this quarter saw reversal: a marginal increase. BAC traded between $11.44 and $15.88 during the last three quarters. It currently trades above that range at $16.70. Berkowitz continues to be very bullish on BAC.Chesapeake Energy (CHK): CHK was a 3.47% of the US long portfolio stake established in Q1 2013 at prices between $16.60 and $22.52. It was reduced to an insignificantly small 0.21% position in Q2 2013 at prices between $18.47 and $22.58 and further reduced last quarter. This quarter saw an about-turn as the stake was increased by ~17% at prices between $25 and $29. The stock currently trades at $25.14. The position is still insignificantly small at just 0.26% of the US long portfolio. As such, the activity does not indicate a clear bias.Stake Decreases:American International Group (AIG): AIG is Berkowitz’s largest position at around 41.91% of the US long portfolio. The position size was reduced by 6% this quarter at prices between $47.30 and $52.30. Last quarter also saw a marginal stake reduction at prices between $44.22 and $50.57. The stock currently trades at $49. Berkowitz is extremely bullish on AIG. The stake was increased incrementally in each of the previous three quarters against advancing prices.AIG WTS 45 Strike: The position was decreased marginally this quarter. The activity does not signify a change in bias.St Joe Companies (JOE) & Leucadia National (LUK): JOE and LUK are large 4.91% and 5.24% of the US long portfolio stakes respectively that were reduced marginally this quarter. They were reduced marginally last two quarters as well. The bulk of the JOE stake was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. LUK is a very long-term holding that was built-up over several years. In Q1 2013, the position was increased by around 5% as a result of the all-stock merger deal between LUK and Jefferies. Berkowitz is very bullish on JOE & LUK. For investors attempting to follow Berkowitz, these are good options to consider.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a long-term holding that was built aggressively in the 2009-2011 timeframe. At its peak in 2011, the position accounted for 10% of the US long portfolio. The following quarters saw an about-turn as the position was reduced by over 80% by Q2 2012. In Q1 2013, the stake was almost doubled to a 2% of the US long portfolio position at prices between $90 and $104 and in Q2 2013 the pattern reversed as 50% of the stake was sold at prices between $103 and $115. Last two quarters saw marginal stake reductions. The stock currently trades at around $115.The rest of the positions were left untouched during the quarter:Genworth Financial (GNW), Citigroup (C), Lincoln National (LNC), Hartford Financial Services (HIG), and Wells Fargo (WFC): The positions are very small (less than 0.5%) to signify a clear bias.Wells Fargo WTS 34.01 Strike, Bank of America (BAC) WTS 13.30 Strike, and JP Morgan WTS 42.42 Strike, Lincoln National (LNC) WTS 10.636 Strike and Hartford Financial Group WTS 9.563 Strike: The positions in the warrants are very small to signify a clear bias. Combined, they account for ~1.30% of the US long portfolio.The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q4 2013:"

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q3 2013 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s US stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 11/14/2013. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q2 2013.Bruce Berkowitz’s US stock portfolio size increased ~10% this quarter from around $7.69B to $8.44B. The number of positions in the portfolio remained steady at 19 - no new stocks were added or eliminated during the quarter. Although a majority of the position sizes were adjusted, all of them were marginal increases or decreases. The portfolio continues to be very concentrated with the largest three positions accounting for about 80% of the US long portfolio. That percentage increases to ~86% when including the associated warrants.New stakes:None.Stake Disposals:None.Stake Increases:Sears Holdings Corp (SHLD): SHLD is Berkowitz’s third largest position at 14.67% of the US long portfolio. The original stake was established in 2007 although the position size has fluctuated over the years. Last two quarters saw a combined stake increase of ~10% at prices between $40 and $60. The pattern continued this quarter with a marginal stake increase at prices between $39.34 and $62. The current stock price of $63 is far below Berkowitz’s average purchase price. The pattern of trades indicates aggressive buying in the face of price weakness and as such signifies a strong bullish bias. For investors attempting to follow Berkowitz, SHLD is a very good option to consider.SHLD spun-off Sears Hometown and Outlet Stores (SHOS) in a rights transaction in mid-October 2012. That stock has been on a roller-coaster since then - very strong performance in the first few quarters followed by a sharp price-drop.Lincoln National (LNC) WTS 10.636 Strike and Hartford Financial Group WTS 9.563 Strike: The positions in the warrants are very small to signify a clear bias. Combined, they account for only 0.23% of the US long portfolio. Both saw minor buying activity this quarter.Stake Decreases:St Joe Companies (JOE) & Leucadia National (LUK): JOE and LUK are large 5.81% and 6% of the US long portfolio stakes respectively that were reduced marginally this quarter. They were reduced marginally last quarter as well. The bulk of the JOE stake was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. LUK is a very long-term holding that was built-up over several years. Last quarter, the position was increased by around 5% as a result of the all-stock merger deal between LUK and Jefferies. Berkowitz is very bullish on JOE & LUK. For investors attempting to follow Berkowitz, these are good options to consider.American International Group (AIG): AIG is Berkowitz’s largest position at around 49% of the US long portfolio. The position size was reduced marginally this quarter at prices between $44.22 and $50.57. The stock currently trades at $49.31. Berkowitz is extremely bullish on AIG. The stake was increased incrementally in each of the previous three quarters against advancing prices.AIG WTS 45 Strike: The position was decreased marginally this quarter. The activity does not signify a change in bias.Bank of America (BAC): BAC is Berkowitz’s second largest position behind AIG at 16.30% of the US long portfolio. The stake was first purchased in 2010 and minor adjustments have since been made every quarter. Last quarter, the position in the common shares was increased marginally and the warrants were kept steady. BAC traded between $11.44 and $13.83 last quarter and between $12.83 and $14.94 this quarter. It currently trades at the top-end of those ranges at $14.80. The position was marginally reduced this quarter. Berkowitz continues to be very bullish on BAC.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a long-term holding that was built aggressively in the 2009-2011 timeframe. At its peak in 2011, the position accounted for 10% of the US long portfolio. The following quarters saw an about-turn as the position was reduced by over 80% by Q2 2012. In Q1 2013, the stake was almost doubled to a 2% of the US long portfolio position at prices between $90 and $104 and last quarter the pattern reversed as 50% of the stake was sold at prices between $103 and $115. This quarter saw a marginal stake reduction. The stock currently trades at around $116.Chesapeake Energy (CHK): CHK was a 3.47% of the US long portfolio stake established in Q1 2013 at prices between $16.60 and $22.52. It was reduced to an insignificantly small 0.21% position last quarter at prices between $18.47 and $22.58. It was marginally reduced this quarter. The stock currently trades well above those ranges at $25.95. The quick about-turn represents a clear bearish bias.Genworth Financial (GNW), Citigroup (C), Lincoln National (LNC), Hartford Financial Services (HIG), and Wells Fargo (WFC): The positions are very small (less than 0.5%) to signify a clear bias. The positions were reduced this quarter.The rest of the positions were left untouched during the quarter:Wells Fargo WTS 34.01 Strike, Bank of America (BAC) WTS 13.30 Strike, JP Morgan WTS 42.42 Strike: The positions in the warrants are very small (less than 1%) to signify a clear bias. They were left untouched this quarter.The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q3 2013:"

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q2 2013 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s US stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 08/14/2013. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q1 2013.Bruce Berkowitz’s US stock portfolio size decreased marginally this quarter from around $7.86B to $7.69B. The number of positions in the portfolio went down from 21 to 19 - Assured Guaranty (AGO), Canadian Natural Resources (CNQ), MBIA Inc. (MBI), and Orchard Supply Hardware (OSH) were eliminated and Lincoln National (LNC) and Hartford Financial (HIG) were newly added. MBI disposal was the only significant activity as the rest of them are very small positions. The portfolio continues to be very concentrated with the largest five positions accounting for about 85% of the US long portfolio compared to just over 81% as of last quarter. That percentage increases to over 91% when including the associated warrants.New stakes:Lincoln National (LNC) & Hartford Financial Services (HIG): LNC & HIG are very small ~0.02% of the US long portfolio positions each started this quarter. As the stakes are minute, the activity does not indicate a clear bias.Stake Disposals:MBIA Inc. (MBI): MBI was a 4.11% of the US long portfolio position that was reduced by over one-fourth last quarter at prices between $7.85 and $13.02. It was disposed of this quarter at prices between $9 and $15.70. The stock currently trades at $12.40. The original position was established in 2010 and the stake elimination indicates a clear bearish bias.Canadian Natural Resources (CNQ): CNQ is a very small 0.45% of the US long portfolio stake established last quarter and disposed of this quarter. The purchase last quarter happened at prices between $28.87 and $32.93 and the disposal at prices between $28 and $32.15. The stock currently trades at $30.53. The quick about-turn indicates a mild bearish bias.Assured Guaranty (AGO): AGO was an insignificantly small 0.01% position as of last quarter. It was established in Q2 2011 but was quickly reduced the following quarter. The stake elimination this quarter does not indicate a clear bias.Orchard Supply Hardware (OSHWQ): The very small 0.03% of the US long portfolio stake was eliminated this quarter at around $2.50. The original position was established in Q1 2012 as a result of the spin-off (terms: one common share and a preferred share of Orchard Supply hardware for every 22.141777 of Sears held) of Orchard Supply Hardware from Sears Holding (SHLD) - it started trading at around $15.75. Since then, minor adjustments were done every quarter but the percentage allocation remained extremely small. The stock currently trades at $0.25.Stake Increases:American International Group (AIG): AIG is Berkowitz’s largest position at just over 50% of the US long portfolio. The allocation is significantly up from the 42.43% as of last quarter: AIG share price spiked over 15% during the quarter. The position size was increased marginally as well at prices between $37.69 and $46.21. The stock currently trades outside that range at $47.21. Berkowitz is extremely bullish on AIG. The stake was increased incrementally in each of the last three quarters against advancing prices.Bank of America (BAC): BAC is Berkowitz’s second largest position behind AIG at 16.88% of the US long portfolio. The stake was first purchased in 2010 and minor adjustments have since been made every quarter. This quarter, the position in the common shares was increased marginally and the warrants were kept steady - the activity was very similar to last quarter. BAC traded between $11.44 and $13.83 this quarter and between $11 and $12.78 last quarter. It currently trades above those ranges at $14.42. Berkowitz continues to be very bullish on BAC.Sears Holdings Corp (SHLD): SHLD is Berkowitz’s third largest position at 11.16% of the US long portfolio. The original stake was established in 2007 although the position size has fluctuated over the years. This quarter, it was increased by around 4.5% at prices between $40 and $52.50 and last quarter the activity was similar: 7.5% increase at prices between $42 and $60. The current stock price of $41.18 is far below Berkowitz’s average purchase price. The pattern of trades indicates aggressive buying in the face of price weakness and as such signifies a strong bullish bias. For investors attempting to follow Berkowitz, SHLD is a very good option to consider.SHLD spun-off Sears Hometown and Outlet Stores (SHOS) in a rights transaction in mid-October 2012. That stock has been on a roll as it has returned over 32% in the last ten months.Genworth Financial (GNW): GNW is a 0.16% of the US long portfolio stake established last quarter at prices between $7.50 and $10.50. It was increased by ~20% this quarter at prices between $9.10 and $11.39. The stock currently trades above that range at $12.59. As the relative position size is very small, the stake increase does not represent a clear bias.Stake Decreases:Chesapeake Energy (CHK): CHK was a 3.47% of the US long portfolio stake established last quarter at prices between $$16.60 and $22.52. It was reduced to an insignificantly small 0.21% position this quarter at prices between $18.47 and $22.58. The stock currently trades well above that range at $25. The quick about-turn represents a clear bearish bias.St Joe Companies (JOE) & Leucadia National (LUK): JOE and LUK are large 6.85% and 6.36% of the US long portfolio stakes respectively that were reduced marginally this quarter. The bulk of the JOE stake was purchased in the 2008-2009 timeframe and there have only been minor adjustments since. LUK is a very long-term holding that was built-up over several years. Last quarter, the position was increased by around 5% as a result of the all-stock merger deal between LUK and Jefferies. Berkowitz is very bullish on JOE & LUK. For investors attempting to follow Berkowitz, these are good options to consider.Berkshire Hathaway (BRK.A and BRK.B): Berkshire Hathaway is a long-term holding that was built aggressively in the 2009-2011 timeframe. At its peak in 2011, the position accounted for 10% of the US long portfolio. The following quarters saw an about-turn as the position was reduced by over 80% by Q2 2012. Last quarter, the stake was almost doubled to a 2% of the US long portfolio position at prices between $90 and $104 and this quarter the pattern reversed as 50% of the stake was sold at prices between $103 and $115. The stock currently trades at the top end of that range at $115.AIG WTS 45 Strike: The position was decreased marginally while simultaneously increasing the common stock position. The activity does not signify a clear bias.The rest of the positions were left untouched during the quarter:Citigroup (C), Wells Fargo (WFC), Wells Fargo WTS 34.01 Strike, Bank of America (BAC) WTS 13.30 Strike, JP Morgan WTS 42.42 Strike, Lincoln National (LNC) WTS 10.636 Strike, and Hartford Financial Group WTS 9.563 Strike: The positions in the warrants are very small (less than 1%) to signify a clear bias. C was a very large stake established in 2010 that has since been reduced to an insignificant position. The very small 0.08% of the US long portfolio position in WFC was first established in 2011. Since then, the position has been periodically increased but it is still an insignificantly small stake to indicate a clear bias.The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q2 2013:"

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q1 2013 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s US stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 05/15/2013. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q4 2012.Bruce Berkowitz’s US stock portfolio size increased 13.14% this quarter from around $6.95B to $7.86B. The number of positions in the portfolio went up from 20 to 21 - CIT Group and Jefferies Group were eliminated and replaced with three new picks. The largest five positions account for over 81% of the overall US long portfolio value. That percentage approaches 87% when including the associated warrants.New stakes:Chesapeake Energy (CHK): CHK is a 3.47% of the US long portfolio stake established this quarter at prices between $$16.60 and $22.52. The stock currently trades at $20.66. For investors attempting to follow Berkowitz, CHK is a very good option to consider. Also interesting is the fact that Carl Icahn, Lou Simpson, and Mohnish Pabrai have all built significant stakes in the company recently.Canadian Natural Resources (CNQ) & Genworth Financial (GNW): These are very small stakes established this quarter. As the stakes are very small, they do not indicate a clear bias. CNQ is a 0.45% of the US long portfolio established this quarter at prices between $28.87 and $32.93. The stock currently trades at $29.27. GNW is a 0.45% of the US long portfolio established this quarter at prices between $7.50 and $10.50. The stock currently trades above that range at $10.94.Stake Disposals:CIT Group (CIT): CIT Group was reduced by over 70% last quarter at prices between $36.12 and $40.81. The remaining 1.79% of the US long portfolio position was eliminated this quarter at prices $38.60 and $44.72. It was a large 7% of the portfolio position first purchased in 2009. During Q2 2012, the position was reduced by around 25% at prices between $32.57 and $41.60. In Q3 2012, the stake had been further reduced by another ~25% at prices between $34.20 and $41.38. The stock currently trades at $44.50. The stake elimination over several quarters signifies a clear bearish bias.Jefferies Group (JEF): The small stake in JEF was first established in Q2 2011. The original stake was doubled in Q2 2012 at prices between $13.64 and $19.49. Over the next two quarters, over 50% of the stake was sold at prices between $11.77 and $18.85. The stake was eliminated this quarter as a result of Leucadia (LUK) and Jefferies (JEF) merging in an all-stock deal (0.81 shares of LUK for a share of JEF).Stake Increases:American International Group (AIG): AIG is Berkowitz’s largest position at 42.43% of the US long portfolio. As such, he is extremely bullish on AIG. The stake was increased marginally this quarter after having been increased marginally last quarter as well. Such minor stake adjustments quarter-to-quarter does not signify a clear bias.Bank of America (BAC): BAC is Berkowitz’s second largest position behind AIG. The position was purchased in 2010 and has since been kept steady although minor adjustments have been made every quarter. This quarter, the stakes in the common shares were increased marginally and the warrants were kept steady. BAC traded between $11 and $12.78 during the quarter. It currently trades above that range at $13.44. Berkowitz continues to be very bullish on BAC.Berkshire Hathaway (BRK.A and BRK.B): Berkshire Hathaway is a long-term holding that was built aggressively in the 2009-2011 timeframe. The stake was since been reduced by over 80% as of Q2 2012. This quarter saw an about-turn as the stake in BRK.B was almost doubled to a 2% of the US long portfolio position at prices between $90 and $104. The stock currently trades above that range at $112.77. At one point in 2011, the stake in Berkshire Hathaway accounted for 10% of the US long portfolio.Leucadia National (LUK): LUK is a very long-term holding that was built-up over several years to a 6.55% stake. This quarter, the position was increased by around 5% as a result of the all-stock merger deal between LUK and JEF. The stock currently trades at $31.79. Berkowitz is very bullish on LUK. For investors attempting to follow Berkowitz, LUK is a good option although a better entry-point should be considered.Sears Holdings Corp (SHLD): SHLD is Berkowitz’s third largest position at 12.40% of the US long portfolio. The original stake was established in 2007 although the position size has fluctuated over the years. This quarter, it was increased by 7.5% after having increased the stake marginally in the last two quarters. The activity in the last few quarters happened at prices between $39.50 and $66.76. The stock currently trades at $58.17. The current stock price is far below Berkowitz’s average purchase price. The pattern of trades indicates aggressive buying in the face of price weakness and as such signifies a strong bullish bias. For investors attempting to follow Berkowitz, SHLD is a very good option to consider.SHLD spun-off Sears Hometown and Outlet Stores (SHOS) in a rights transaction in mid-October 2012. That stock has been on a roll as it has returned over 45% in the last seven months.Stake Decreases:MBIA Inc. (MBI): MBI is a 4.11% of the US long portfolio position that was reduced by over one-fourth this quarter at prices between $7.85 and $13.02. The stock currently trades at $15.39. The original stake was established in 2010 and the significant stake reduction indicates a bearish bias.AIG WTS 45 Strike, Orchard Supply Hardware (OSH), St Joe Companies (JOE), Wells Fargo (WFC), and Wells Fargo WTS 34.01 Strike: These positions were only marginally reduced this quarter and so do not signify a clear bias.The rest of the positions were left untouched during the quarter:Citigroup (C), Assured Guaranty (AGO), Bank of America (BAC) WTS 13.30 Strike, JP Morgan WTS 42.42 Strike, Lincoln National (LNC) WTS 10.715 Strike, and Hartford Financial Group WTS 9.649 Strike: C was a very large stake established in 2010 that has since been reduced to an insignificant position. AGO was a small position established in Q2 2011 but was reduced to an insignificantly small position the next quarter. They were both left untouched this quarter. The positions in the warrants are very small (less than 1%) to signify a clear bias.The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q1 2013:"

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q4 2012 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s US stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 02/14/2013. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q3 2012.Bruce Berkowitz’s US stock portfolio size decreased marginally this quarter from around $7B to $6.95B. For the year 2012, the portfolio value has increased about 15% from about $6.1B as of Q4 2011. The number of positions in the portfolio went down from 21 to 20 - a minute position in General Motors (GM) WTS established last quarter was eliminated and no new positions were added this quarter. The largest five positions account for almost 85% of the overall US long portfolio value. Overall, the portfolio has become even more concentrated as that percentage as of last quarter was just over 80%.New stakes:None.Stake Disposals:General Motors (GM) WTS 18.33 Strike: This was a minute 0.03% of the portfolio stake established last quarter and eliminated this quarter. As such, the stake establishment and subsequent disposal does not signify a clear bias.Stake Increases:American International Group (AIG): AIG is Berkowitz’s largest position at 43.63% of the US long portfolio. As such, he is extremely bullish on AIG. The stake was increased marginally this quarter after having been reduced marginally last quarter. Such minor stake adjustments quarter-to-quarter does not signify a clear bias.Sears Holdings Corp (SHLD): SHLD is Berkowitz’s third largest position at 16.78% of the US long portfolio. The original stake was established in 2007 although the position size has fluctuated over the years. This quarter, it was increased marginally after having increased marginally last quarter as well. The activity in the last two quarters happened at prices between $39.50 and $66.76. The stock currently trades at $48.46. The current stock price is far below Berkowitz’s average purchase price. The pattern of trades indicates aggressive buying in the face of price weakness and as such signifies a strong bullish bias. For investors attempting to follow Berkowitz, SHLD is a very good option to consider.SHLD spun-off Sears Hometown and Outlet Stores (SHOS) in a rights transaction in mid-October 2012. That stock has been on a roll as it has returned over 40% in the last four months.Bank of America (BAC) WTS 13.30 Strike: The position was increased marginally this quarter in the face of strong price appreciation. The activity indicates a bullish bias.Stake Decreases:Bank of America (BAC): BAC is Berkowitz’s second largest position behind AIG. The position was purchased in 2010 and has since been kept steady although minor adjustments have been made every quarter. This quarter, the stakes in the common shares were decreased marginally and the warrants were increased marginally. BAC traded between $8.83 and $11.61 during the quarter. It currently trades at around $12. Berkowitz continues to be very bullish on BAC.Berkshire Hathaway (BRK.A and BRK.B): Berkshire Hathaway is a long-term holding that was built aggressively in the 2009-2011 timeframe. The stake has since been reduced by over 80% as of Q2 2012. This quarter, the stake was decreased marginally at prices between $84.58 and $90.62 through the disposal of the BRK.B shares. The stock currently trades at $99.21 and accounts for around 1% of the portfolio. At the peak in Q2 2011, the position was at about 10% of the portfolio. The minor stake decrease this quarter does not signify a clear bias.Leucadia National (LUK): LUK is a very long-term holding that was built-up over several years to a 6.14% stake. This quarter, the position was decreased marginally after marginally increasing the stake last quarter. The activity in the last two quarters happened at prices between $20.48 and $24.26. The stock currently trades outside that range at $27.57. Berkowitz is very bullish on LUK. For investor attempting to follow Berkowitz, LUK is a good option although a better entry-point should be considered.CIT Group (CIT): CIT Group is a 1.79% of the US long portfolio position that was reduced by over 70% this quarter at prices between $36.12 and $40.81. It was a large 7% of the portfolio first purchased in 2009. During Q2 2012, the position was reduced by around 25% at prices between $32.57 and $41.60. Last quarter, the stake had been further reduced by another ~25% at prices between $34.20 and $41.38. The stock currently trades at $42.45. The large stake reduction over several quarters signifies a clear bearish bias.Jefferies Group (JEF): JEF is a very small 0.38% position first purchased in Q2 2011. The stake was doubled in Q2 2012 at prices between $13.64 and $19.49. Last quarter, there was an about turn as the stake was reduced by almost 40% at prices between $11.77 and $16.03. The stake was further reduced this quarter by around 17% at prices between $13.59 and $18.85. The stock currently trades at $21.57. Leucadia (LUK) and Jefferies (JEF) agreed to merge in an all-stock deal (0.81 shares of LUK for a share of JEF) in mid-November 2012.Citigroup (C): C is a minute 0.03% position that was significantly reduced this quarter at prices between $32.75 and $40.17. The stock currently trades at $44.32. The position was first established in Q4 2009 when the price-per-share varied between $33.10 and $46.30. It was reduced by over 90% in Q4 2011 when the price-per-share varied between $23.11 and $34.16. Since then, there has been a consistent pattern of further trimming. It indicates a clear bearish bias.JP Morgan WTS 42.42 Strike, AIG WTS 45 Strike, MBIA Inc. (MBI), Orchard Supply Hardware (OSH), and St Joe Companies (JOE): These positions were only marginally reduced this quarter and so do not signify a clear bias.The rest of the positions were left untouched during the quarter:Lincoln National (LNC) WTS 10.715 Strike, Assured Guaranty (AGO), Wells Fargo (WFC), Wells Fargo WTS 34.01 Strike, and Hartford Financial Group WTS 9.649 Strike: These are very small stakes that were left untouched this quarter. LNC WTS are a 0.05% of the US long portfolio stake that was established last quarter and left untouched this quarter. The warrants currently trade at around $21.17, well ahead of his low-teens cost-basis. They have an expiry date of July 10, 2019. Wells Fargo Warrant (expiry 10/28/2018, strike price $34.01) is a ~0.2% position while the other two positions are even smaller. The positions do not signify any clear bias.The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q4 2012:"

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q3 2012 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s US stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 11/14/2012. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q2 2012.Bruce Berkowitz’s US stock portfolio size increased marginally this quarter from $6.87B to almost $7B. It had decreased by around 11% last quarter compared to an increase of 27% in Q1 2012. The number of positions in the portfolio went up from 19 to 21 - two very small positions were added and none was eliminated this quarter. Although the portfolio has 21 positions, the largest five positions account for over 80% of the overall US long portfolio value. The portfolio continues to be very concentrated with the largest position American International Group (AIG) representing a jaw-dropping ~45% of the portfolio.New stakes:Lincoln National (LNC) WTS 10.715 Strike & General Motors (GM) WTS 18.33 Strike: These are minute stakes which together account for less than 0.1% of the US long portfolio. As such, the stake establishment does not signify a clear bias. Although these positions are very small, Berkowitz is known to be bullish on similar warrants - he holds significant positions in warrants of businesses including American International Group (AIG), Bank of America (BAC), Wells Fargo (WFC), JP Morgan (JPM), and Hartford Financial Services (HIG). The Lincoln National WTS currently trades at around $15. The General Motors WTS trades at around $9.25. Both the warrants have an expiry date of July 10, 2019.Stake Disposals:None.Stake Increases:Bank of America (BAC) and BAC WTS 13.30 Strike: BAC is Berkowitz’s third largest position behind AIG and Sears Holding (SHLD). The position was purchased in 2010 and has since been kept steady although minor adjustments have been made every quarter. This quarter, the stakes in both the common shares and the warrants were increased marginally. BAC traded between $7.04 and $9.55 during the quarter. It currently trades at around $9. Berkowitz continues to be very bullish on BAC, although he is sitting on losses.Berkshire Hathaway (BRK.A and BRK.B): Berkshire Hathaway is a long-term holding that was built aggressively in the 2009-2011 timeframe. The stake was since reduced by over 80% as of the last quarter. This quarter, the stake was increased marginally at prices between $82.54 and $89.54 through the purchase of the BRK.B shares. The stock currently trades at $85.51 and accounts for around 1% of the portfolio. At the peak in Q2 2011, the position was at about 10% of the portfolio. The minor stake increase this quarter does not signify a clear bias.Leucadia National (LUK): LUK is a very long-term holding that was built-up over several years to an almost 6% stake. This quarter, the position was marginally increased at prices between $20.56 and $23.91. The stock currently trades at $20.70. Berkowitz is very bullish on LUK. For investor attempting to follow Berkowitz, LUK is a good option to consider.Sears Holdings Corp (SHLD): SHLD is a huge 13.4% stake that was established in 2007. The stake has fluctuated over the years. This quarter, it was increased marginally at prices between $48.36 and $62. The stock currently trades at $58.42. The current stock price is far below Berkowitz’s average purchase price. The large position size and the stake increase signify a strong bullish bias. For investors attempting to follow Berkowitz, SHLD is a very good option to consider.Wells Fargo (WFC), Wells Fargo WTS 34.01 Strike, Hartford Financial Group WTS 9.649 Strike and JP Morgan WTS 42.42 Strike: These are very small stakes that were increased marginally this quarter. Wells Fargo Warrant (expiry 10/28/2018, strike price $34.01) is a ~0.2% position while the other two positions are even smaller. The small position sizes and the minor stake increases do not signify any clear bias. WFC trades currently at $31.43 while the warrants change hands at around $8.75.The HIG and JPM warrants trade at $11.87 and $10.05 respectively.Stake Decreases:CIT Group (CIT): CIT Group is a large 7% of the portfolio stake that was first purchased in 2009. The position was increased by over 30% in 2010 and had since been held steady. During the last quarter, the position was reduced by around 25% at prices between $32.57 and $41.60. This quarter, the stake has been further reduced by another ~25% at prices between $34.20 and $41.38. The stock currently trades at $36.12. The over 50% stake reduction over a couple of consecutive quarters signifies a clear bearish bias.Jefferies Group (JEF): JEF is a 0.5% position first purchased in Q2 2011. The stake was doubled in Q2 2012 at prices between $13.64 and $19.49 and was marginally increased last quarter at prices between $12.16 and $19.05. This quarter, there was an about turn as the stake was reduced by almost 40% at prices between $11.77 and $16.03. The stock popped recently following a merger announcement with Leucadia National (LUK).American International Group (AIG), AIG WTS 45 Strike, Citigroup (C), MBIA Inc. (MBI), Orchard Supply Hardware (OSH), and St Joe Companies (JOE): These positions were only marginally reduced this quarter and so do not signify a clear bias.The very small position in Assured Guaranty Ltd (AGO) saw no movement this quarter.The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q3 2012:"

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q2 2012 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s US stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory filed on 08/14/2012. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q1 2012.Bruce Berkowitz’s US stock portfolio size decreased by just over 11% this quarter compared to an increase of 27% in Q1 2012. Many of his largest positions decreased in value and many positions were trimmed as well. The trimming was probably done to fund redemptions. The number of positions in the portfolio came down slightly from 20 to 19 - two very small positions were eliminated and a new position was added during the quarter. Although the portfolio has 19 positions, the largest five positions account for over 82% of the overall US long portfolio value. The portfolio continues to be very concentrated with the largest position American International Group (AIG) representing a jaw-dropping ~45% of the portfolio.New stakes:Hartford Financial Group WTS 9.649 Strike: This is a minute stake of just over a million dollars established this quarter. The warrants expire on 6/26/2019 and have an anti-dilutive feature that protects against cash dividends. It kicks in at a quarterly dividend threshold of $0.05. Although this position is very small, Berkowitz is known to be bullish on similar warrants - he holds significant positions in warrants of several financials including American International Group (AIG), Bank of America (BAC), and Wells Fargo (WFC). It will be interesting to see whether he builds on Hartford warrants in the coming quarters.Stake Disposals:Mercury General Corp (MCY) & Regions Financial (RF): MCY was a very small (<0.5% of portfolio) position established last quarter at a price-range between $42.88 and $45.62. It was disposed-off this quarter at a price-range between $41.36 and $45.58. The stock currently trades at around $37. The about-turn this quarter signifies a mild bearish bias. RF was first purchased in 2009 and the stake was increased by three-times in 2010. At the time, the position made up for over 5% of the portfolio. Since then, the stake was trimmed and by last quarter the position had become insignificantly small. It was finally eliminated this quarter. The stake elimination indicates a mild bearish bias.Stake Increases:Jefferies Group (JEF): JEF is a 0.5% position first purchased in Q2 2011. The stake was doubled last quarter at prices between $13.64 and $19.49 and was marginally increased this quarter at prices between $12.16 and $19.05. The stock currently trades at the low-end of that range at around $13.40. For investors attempting to follow Berkowitz, JEF is a good option to consider.Sears Holdings Corp (SHLD): SHLD is a huge 14.5% stake that was established in 2007. The stake has fluctuated over the years. This quarter, it was increased marginally at prices between $47.9 and $68.69. The stock currently trades at $55.50. The large position size and the stake increase signify a bullish bias. Berkowitz has stated that his SHLD purchases were well below his estimate of liquidation values. The investment thesis is also based on knowing that Eddie Lampert will be a great capital allocator. The current stock price is far below the prices Berkowitz paid for the bulk of his stakes.Wells Fargo WTS 34.01 Strike: Wells Fargo Warrants (expiry 10/28/2018, strike price $34.01) is a very small ~0.2% position that was increased marginally this quarter. It was increased by over 55% last quarter when the warrants traded between $8.7 and $10.8. The stake is very small but Berkowitz has significant stakes in similar warrants of other financials such as American International Group and Bank of America.Stake Decreases:Berkshire Hathaway (BRK.A and BRK.B): Berkshire Hathaway is a long-term holding that was built aggressively in the 2009-2011 timeframe. The stake has since been reduced by over 80% in the last four quarters. It currently accounts for around 1% of the portfolio. At the peak in Q2 2011, the position was at about 10% of the portfolio. The large stake reduction over several quarters indicates a bearish bias.CIT Group (CIT): CIT Group is a large 7% of the portfolio stake that was first purchased in 2009. The position was increased by over 30% in 2010 and had since been held steady. During this quarter, the position was reduced by around 25%. The fairly large stake reduction signifies a bearish bias.American International Group (AIG), AIG WTS 45 Strike, Bank of America (BAC), Citigroup (C), Leucadia National Corp (LUK), MBIA Inc. (MBI), Orchard Supply Hardware (OSH), and St Joe Companies (JOE): These positions were only marginally reduced this quarter and so do not signify a clear bias. Citigroup position is being trimmed over several quarters and the pattern indicates a clear bearish bias. Orchard Supply Hardware is a small 0.2% position purchased last quarter at a price-range between $15.02 and $27.51. It was reduced by ~8% this quarter at prices between $15.62 and $25.93. The stock currently trades at around $15. The about-turn indicates a mild bearish bias.The positions in Assured Guaranty Ltd (AGO), Bank of America Warrants, JP Morgan Warrants, and Wells Fargo (WFC) saw no movement this quarter. The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q2 2012:"

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q1 2012 Update"

"This article is part of a series that provide an ongoing analysis of the changes made to Fairholme’s US stock portfolio on a quarterly basis.Bruce Berkowitz’s US stock portfolio size vaulted ~27% this quarter compared to a drop of ~25% during Q4 2011. The major positions in his portfolio performed splendidly the last two quarters. Last quarter saw the portfolio size diminish by 25% due to redemptions - a problem that has clearly abated this time around. Extensive redemptions following the underperformance of the fund since the credit crisis were a drag on Fairholme. The substantial bets placed on financials such as American International Group (AIG) and Bank of America (BAC) produced two back-to-back quarters of outperformance.New stakes:Mercury General Corp (MCY): MCY, a minute position, was established this quarter when the price-per-share varied between $42.88 and $45.62. The stock currently trades at $45.02. The stake is too trivial to indicate a bullish bias.Orchard Supply Hardware Stores (OSH): OSH, a small 0.2% position, was established this quarter when the price-per-share varied between $15.02 and $27.51. The stock currently trades at around $20. This stake is also too light to indicate a clear bias.Stake Disposals:Goldman Sachs (GS): GS, initiated as a large 6.5% position in 2010 Q4 and trimmed since then, was disposed this quarter. Most of the position was sold in Q3 2011. The stake elimination indicates a mild bearish bias.Stake Increases:American International Group Warrants: AIG WTS (expiry – 01/19/2021, strike price - $45), a 2.2% position, was increased marginally during the quarter when the warrants traded between $6 and $9. It is currently trading at $11.57 compared to the current stock price of ~$31 for a leverage of 2.7 times. Berkowitz is using these warrants as a leveraged long-bet on AIG shares. The stake is significant and implies a very strong bullish bias for he already has a humungous 35% position in AIG common stock. The warrant will expire worthless and the entire capital will be lost should the stock price stay below $45 at expiry. Before considering this position note:There is no strike price readjustment for annual dividends of $0.67 or below, andThere is no compensation based on time value, should a catalyst (acquisition) reduce the life of the warrant.Bank of America Class A Warrants: BAC WTS (expiry – 01/16/2019, strike price - $13.30), a 0.6% position, was increased by 15% during the quarter when the warrants traded between $2 and $5.5. It is currently trading at $3.49 compared to the current stock price of $7.22 for a leverage of 2.07-times. Berkowitz is using these warrants as a leveraged long-bet on BAC shares. The stake is significant and implies a strong bullish bias for he already has a sizable ~13% position in BAC common stock. The warrant will expire worthless and the entire capital will be lost should the stock price is below $13.30 at expiry. Before considering this position note:There is no strike price readjustment for annual dividends of $0.04 or below, andThere is no compensation based on time value, should a catalyst (acquisition) reduce the life of the warrant.Jefferies Group (JEF): JEF, a 0.6% stake which has been in the portfolio since Q2 2011, was doubled this quarter when the price-per-share varied between $13.64 and $19.49. The stock currently trades at the low-end of that range at $13.77. For investors attempting to follow Berkowitz, JEF is a good option to consider. JEF happens to be a favorite holding of Leucadia National’s Ian Cumming as well.Sears Holdings Corp (SHLD): SHLD, a huge 14% stake that has been a presence in the portfolio since 2007, was increased marginally this quarter when the price-per-share varied between $29.14 and $83.43. The stock currently trades at $51.46. The large position size and the stake increase signify a mild bullish bias. SHLD is a very volatile stock whose long-term prospects are caught up in a huge speculation as to what options Eddie Lampert might consider to turn the company around.Wells Fargo Warrants: WFC WTS (expiry 10/28/2018, strike price $34.01), a ~0.17% position, was increased by over 55% this quarter when the warrants traded between $8.7 and $10.8. It currently trades at $9.82. The stake is too small to signify a clear bias.Stake Decreases:Citigroup Inc (C): C, a large ~10% position as of Q3 2011 which was reduced to below 1% in Q4 2011, was subjected to significant reduction this quarter. The pattern indicates a clear bearish bias.American International Group (AIG), Bank of America (BAC), Berkshire Hathaway (BRK.A and BRK.B), CIT Group (CIT), Leucadia National Corp (LUK), MBIA Inc (MBI), and St Joe Companies (JOE): These large positions were reduced marginally during the quarter. With AIG and BAC, although the long positions were trimmed, Berkowitz added more warrants thereby adding to his leveraged long bets on them. The same pattern applied last quarter as well indicating a strong bullish bias. The large stakes in the other companies indicate a bullish bias.The JP Morgan Warrants (JPM WTS, expiry – 10/28/2018, strike price - $42.42) saw no movement this quarter. The remaining three minute positions -Assured Guaranty Ltd (AGO), Regions Financial (RF), and Wells Fargo (WFC) – also maintained their status quo during the quarter.The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q1 2012:Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q4 2011.02/15/2012"

"Tracking Bruce Berkowitz’s Fairholme Portfolio – Q4 2011 Update"

"This series of articles are an ongoing analysis of the changes made to Fairholme’s US stock portfolio on a quarterly basis. Bruce Berkowitz’s Fairholme US stock portfolio size dropped ~25% during Q4 2011. Given that a majority of his large positions increased in value during the quarter and the fact that a lot of his positions have been trimmed or disposed, it is obvious the fund saw a significant amount of redemptions during the quarter. Large scale redemptions are an ongoing problem for Fairholme following the underperformance of the fund since the credit crisis – it made huge bets on American International Group (AIG), Bank of America (BAC), and a horde of other companies in the financial sector that continued to lose value.New stakes:JP Morgan Warrants: JPM WTS (expiry – 10/28/2018, strike price - $42.42) is a very small (~0.07% of the US stock portfolio) position that was initiated in Q4 2011. The warrants traded between $8.20 and $11.66 during the quarter. It is currently trading at $10.34 compared to a share price of $37.92 for a leverage of 3.67-times. Berkowitz is using these warrants as a leveraged long-bet on JPM shares. The warrants will expire worthless if the stock price is below $42.42 at expiry and the entire capital will be lost. Before considering this position note that: 1. there is no strike price readjustment for annual dividends of $1.52 or below, and 2. there is no compensation based on time value, if a catalyst (acquisition) reduces the life of the warrant.Stake Disposals:Brookfield Asset Management (BAM): BAM was a significant ~1% position initiated in Q1 2011 when the price-per-share varied between $31.48 and $33.29. BAM share price varied between $25.87 and $29.45 in Q4 2011. Hence, even in the best case scenario Berkowitz exited this position at a loss. The about-turn within three quarters indicates a strong bearish bias.AT&T (T), Banco Santander (STD), Royal Dutch Shell PLC (RDS.A), Telefonica (TEF), Verizon Communications (VZ), Vodaphone (VOD), and Winthrop Realty (FUR): All of these positions were very small and each accounted for less than 0.1% of the US stock portfolio value. As such, those disposals do not represent a clear bearish bias – most probably they were liquidated to fund redemption requests.Stake Increases:American International Group Warrants: AIG WTS (expiry – 01/19/2021, strike price - $45) is a 2.2% of the US stock portfolio position that was increased marginally in Q4 2011. The warrants traded between $4.66 and $7.95 during the quarter. It is currently trading at $7.14 compared to the current stock price of $26.60 for a leverage of 3.7 times. Berkowitz is using these warrants as a leveraged long-bet on AIG shares. The stake is significant and implies a very strong bullish bias as he already has a humungous 35% position in AIG common stock. The warrant will expire worthless if the stock price is below $45 at expiry and the entire capital will be lost. Before considering this position note that: 1. there is no strike price readjustment for annual dividends of $0.67 or below, and 2. there is no compensation based on time value, if a catalyst (acquisition) reduces the life of the warrant.Bank of America class A Warrants: BAC WTS (expiry – 01/16/2019, strike price - $13.30) is a small 0.28% of the US stock portfolio position that was marginally increased in Q4 2011. The warrants traded between $2.04 and $3.60 during the quarter. It is currently trading at $3.65 compared to the current stock price of $8.10 for a leverage of 2.2-times. Berkowitz is using these warrants as a leveraged long-bet on BAC shares. The stake is significant and implies a strong bullish bias as he already has a sizable ~1% position in BAC common stock. The warrant will expire worthless if the stock price is below $13.30 at expiry and the entire capital will be lost. Before considering this position note that: 1. there is no strike price readjustment for annual dividends of $0.04 or below, and 2. there is no compensation based on time value, if a catalyst (acquisition) reduces the life of the warrant.Stake Decreases:Citigroup Inc (C): C was a fairly large ~1% position that was significantly reduced this quarter. Clearly this represents a bearish bias. The position was initiated in Q4 2009 when the price-per-share varied between $33.10 and $46.30. In Q4 2011, the price-per-share varied between $23.11 and $34.16 and hence even in the best-case-scenario Berkowitz could have exited only with very modest gains. Over 90% of the position was liquidated during the quarter.Regions Financial (RF), Goldman Sachs (GS), and Jefferies (JEF): RF, GS, and JEF were large positions at the time they were initiated. Over the last few quarters, the positions have been trimmed significantly and now they account only for a very small portion of the overall portfolio. As such, the trades indicate a clear bearish bias.American International Group (AIG), Bank of America (BAC), Berkshire Hathaway (BRK.A and BRK.B), CIT Group (CIT), Leucadia National Corp (LUK), MBIA Inc (MBI), Sears Holdings Corp (SHLD), and St Joe Companies (JOE): These are large positions that were trimmed slightly during the quarter. The liquidations were most probably done to fund redemptions. Also, with AIG and BAC, although the long positions were trimmed, Berkowitz added more warrants thereby adding to his leveraged long bets on them. Those trades indicate a very strong bullish bias toward those two companies. The large stake remaining in the other companies indicate a bullish bias in spite of the slight trimming.The remaining three positions have remained unchanged during the quarter – Assured Guaranty Ltd (AGO), Wells Fargo (WFC), and WFC Warrants. All three stakes are minute (<~0.1%) and as such do not indicate a bullish or bearish bias.The spreadsheet below highlights changes to Fairholme’s US stock holdings in Q4 2011:Please visit our Tracking article for an idea on how his holdings have progressed over the years."

"Tracking Dan Loeb’s Third Point Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s 13F stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 8/14/2023. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q1 2023.This quarter, Loeb’s 13F portfolio value increased from $6.11B to $6.82B. The 13F portfolio is very concentrated with the top three holdings accounting for ~31% of the entire portfolio. The number of holdings decreased from 46 to 45. 28 of the holdings are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five individual stock positions are PG&E, Danaher Corp, Amazon.com, Bath & Body Works, and Microsoft Corporation.Third Point returned negative 3% in H1 2023 compared to 16.9% for the S&P 500 Index. Annualized returns since December 1996 inception are at 12.9% compared to 8.9% for the S&P 500 Index. In addition to partner stakes, Third Point also invests in the float of Sirius Point (SPNT) and capital from London listed closed-end fund Third Point Offshore (TPNTF). To know more about Dan Loeb's Third Point, check out his letters to shareholders at their site. His activist investing style is covered in the book "".Note 1: They have a significant portfolio of investments through their venture firm .Note 2: Large equity investments not in the 13F report include UBS Group AG (UBS), Shell plc (SHEL), Glencore plc (GLNCY), Sony (SONY), Essilor Luxottica (ESLOY), and Nestle (NSRGY). The UBS stake was built after the transaction for Credit Suisse was announced. The Shell stake was built over the three quarters through Q1 2022 while the Glencore plc position was established during Q1 2022. SONY is a $1.5B investment made in June 2019 when the stock was trading at around $50 per share. It is currently $85.20. The ESLOY investment was made in early 2019 when the stock was trading at ~$62.50 per share. It currently trades at ~$94. The NSRGY position is from 2017 and the stock has moved from ~$75 to ~$119 now.New Stakes:Amazon.com (AMZN), Taiwan Semi (TSM), Nvidia (NVDA), and Intercontinental Exchange (ICE): AMZN is a 7.83% of the portfolio position this quarter at prices between ~$98 and ~$130 and the stock currently trades above that range at $143. The 3.62% TSM stake was established this quarter at prices between ~$82 and ~$107 and it now goes for $89.60. NVDA is a 3.10% of the portfolio position purchased this quarter at prices between ~$262 and ~$438. The stock is now at ~$452. The ~3% ICE stake was established this quarter at prices between ~$104 and ~$113 and it now goes for ~$115.Activision Blizzard (ATVI), Uber Technologies (UBER), Option Care Health (OCH), and Horizon Therapeutics (HZNP): These small (less than ~2% of the portfolio each) stakes were established during the quarter. ATVI and HZNP are merger arbitrage stakes.Stake Disposals:Colgate Palmolive (CL): CL was the second largest position at 13.59% of the portfolio as of last quarter. The bulk of the stake was built during Q3 2022 at prices between ~$69 and ~$83. The disposal this quarter was at prices between ~$74 and ~$82. The stock currently trades at ~$74.UnitedHealth (UNH): The 2.59% UNH position was purchased during Q4 2020 and Q1 2021 at prices between ~$305 and ~$377. Q1 2022 saw a ~23% selling at prices between ~$456 and ~$521. The next quarter saw a ~6% trimming while in Q3 2022 there was a ~18% stake increase. The last quarter saw a ~50% reduction at prices between ~$460 and ~$519. The elimination this quarter was at prices between ~$458 and ~$526. The stock currently trades at ~$479.Salesforce.com (CRM): CRM was a 2.62% of the portfolio position purchased last quarter at prices between ~$135 and ~$200. The position was sold this quarter at prices between ~$189 and ~$223. The stock is now at ~$225.National Instruments (NATI) and Teck Resources (TECK): These two small stakes established last quarter were disposed this quarter.Stake Increases:Bath & Body Works (BBWI): The large (top five) 7.61% of the portfolio stake in BBWI was established during Q3 2022 at prices between ~$26 and ~$41 and the stock currently trades at $36.46. There was a ~60% stake increase in the next quarter at prices between ~$31 and ~$44. The last two quarters saw a marginal increase.Note: They have a ~6% ownership stake in the business.Microsoft Corporation (MSFT): The 7.58% of the portfolio MSFT position was purchased during Q4 2022 at prices between ~$214 and ~$257 and it is now at ~$338. There was a ~45% stake increase this quarter at prices between ~$275 and ~$348.Dupont De Nemours (DD): The 4.82% of the portfolio stake in DD was established in Q1 2021 at prices between ~$69 and ~$86 and it is now at $75.43. There was a ~11% stake increase in Q4 2021 while the next quarter saw similar trimming. Q3 2022 saw a ~23% selling at prices between ~$50 and ~$63 while in the next quarter there was a similar increase at prices between ~$50 and ~$72. The last quarter saw a one-third further increase at prices between ~$68 and ~$78. That was followed by a ~15% further increase this quarter.Alibaba Group Holdings (BABA): The 3.60% BABA stake was established last quarter at prices between ~$81 and ~$121 and the stock currently trades at $88.71. There was a ~120% stake increase this quarter at prices between ~$79 and ~$103.International Flavors & Fragrances (IFF): IFF is a ~3% of the portfolio stake established during Q4 2022 at prices between ~$85 and ~$108 and it is now well below that range at $68.34. There was a ~15% stake increase over the last two quarters.Hertz Global (HTZ): The 2.42% HTZ position was purchased during Q4 2021 at prices between ~$19 and ~$35 and it is now at $16.25. The three quarters through Q4 2022 saw a ~10% reduction at prices between ~$16 and ~$25 while the last two quarters saw the stake doubled at prices between ~$15 and ~$20.Advanced Micro Devices (AMD), Denbury (DEN), Jacobs Solutions (J), Micron Technology (MU), Vistra Corp (VST), and Wesco International (WCC): These small (less than ~2.5% of the portfolio each) stakes were increased during the quarter.Stake Decreases:PG&E Corp (PCG) & Units: PCG is currently the largest 13F stake at ~15% of the portfolio. The position came about as a result of participating in a PIPE (terms for the bankruptcy exit financing in 2020 called for up to $10.50 per share purchase price). The last several quarters saw only minor adjustments. There was a ~9% trimming this quarter. The stock currently trades at $16.90.Danaher Corp. (DHR): The top three ~9% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. There was a ~20% stake increase in Q1 2019 at prices between $98 and $132 while H1 2020 saw a ~20% selling at prices between $129 and $177. H1 2022 had seen another similar reduction at prices between ~$237 and ~$316. There was a ~17% stake increase during Q3 2022 at prices between ~$247 and ~$302. It currently trades at ~$250. The last few quarters saw only minor adjustments.Note: The prices quoted above are adjusted for the Fortive (FTV) spin-off in July 2016.Alphabet Inc. (GOOG) and HCA Healthcare (HCA): GOOG is a 2.50% of the portfolio position purchased last quarter at prices between ~$87 and ~$109. This quarter saw a ~70% reduction at prices between ~$104 and ~$128. The stock currently trades at ~$138. HCA is a 2.67% of the portfolio position established last quarter at prices between ~$243 and ~$264. This quarter saw a ~30% reduction at prices between ~$264 and ~$304. The stock currently trades at ~$272.Global Blue (GB): The very small 0.61% stake in GB saw marginal trimming this quarter.Kept Steady:Ferguson plc (FERG): FERG is a ~3% of the portfolio position purchased during Q3 2022 at prices between ~$103 and ~$128 and the stock is now at ~$156. There was a ~40% stake increase last quarter at prices between ~$128 and ~$150.American International Group (AIG): AIG is a 2.49% of the portfolio stake established during Q4 2022 at prices between ~$48 and ~$64 and the stock currently trades at $59.69. There was a ~42% selling last quarter at prices between ~$47 and ~$65.The spreadsheet below highlights changes to Loeb’s 13F stock holdings in Q2 2023:Source: John Vincent. Data constructed from Third Point’s 13F filings for Q1 2023 and Q2 2023.Q1 2023 Letter – 5/17/2023 – Performance – Negative 4.1% for Q1 2023 vs 7.5% for S&P, 13% annualized since 1996 inception vs 8.6% for S&P. UBS – new position – rotated capital from CS bonds to UBS equity after the sale announcement as the deal terms have downside-protection (AT1 write-down and attractive price). GOOGL – new position – ChatGPT/MSFT competitive concerns created a unique entry point as it is one of the best consumer internet assets and businesses of our generation. Market has underestimated Google’s own expertise in generative AI. Also commitment to “durably engineer its cost base” is encouraging and definitely required improvement – 70% of revenues come from Search which has 90% incremental margins but consolidated margins were only 32% in 2022.Regulatory filings from 3/19/2023 to 6/8/2023: None."

"Tracking Dan Loeb’s Third Point Portfolio – Q1 2023 Update"

"Dan Loeb's 13F portfolio value increased from $5.97B to $6.11B this quarter. The number of positions increased from 44 to 46.Third Point added Alphabet, HCA Healthcare, and Salesforce.com while dropping Fidelity National Information Services, Ovintiv, SentinelOne, and TJX Companies.The top three positions are at ~41% of the portfolio: PG&E, Colgate Palmolive, and Danaher Corp.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s 13F stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 5/15/2023. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q4 2022.This quarter, Loeb’s 13F portfolio value increased from $5.97B to $6.11B. The 13F portfolio is very concentrated with the top three holdings accounting ~41% of the entire portfolio. The number of holdings increased from 44 to 46. 23 of the holdings are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five individual stock positions are PG&E, Colgate Palmolive, Danaher Corp, Bath & Body Works, and Alphabet.Third Point returned negative 4.1% in Q1 2023 compared to 7.5% for the S&P 500 Index. Annualized returns since December 1996 inception are at 13% compared to 8.6% for the S&P 500 Index. AUM is distributed among several strategies of which the long/short equity portion is roughly ~46%. In addition to partner stakes, Third Point also invests in the float of Sirius Point (SPNT) and capital from London listed closed-end fund Third Point Offshore (TPNTF). To know more about Dan Loeb's Third Point, check out his letters to shareholders at their site. His activist investing style is covered in the book "".Note 1: They have a significant portfolio of investments through their venture firm .Note 2: Large equity investments not in the 13F report include UBS Group AG (UBS), Shell plc (SHEL), Glencore plc (GLNCY), Sony (SONY), EssilorLuxottica (ESLOY), and Nestle (NSRGY). The UBS stake was built after the transaction for Credit Suisse was announced. The Shell stake was built over the three quarters through Q1 2022 while the Glencore plc position was established during Q1 2022. SONY is a $1.5B investment made in June 2019 when the stock was trading at around $50 per share. It is currently at $97.41. The ESLOY investment was made in early 2019 when the stock was trading at ~$62.50 per share. It currently trades at ~$91. The NSRGY position is from 2017 and the stock has moved from ~$75 to ~$119 now.New Stakes:Alphabet Inc. (GOOG), HCA Healthcare (HCA), Salesforce.com (CRM), and Alibaba Group Holdings (BABA): GOOG is a large (top five) ~8% of the portfolio position purchased this quarter at prices between ~$87 and ~$109 and the stock currently trades well above that range at ~$123. The 3.71% HCA stake was established at prices between ~$243 and ~$264 and it is now at ~$274. CRM is a 2.62% of the portfolio position purchased at prices between ~$135 and ~$200 and the stock is now at ~$210. The 2.22% BABA stake was established at prices between ~$81 and ~$121 and the stock currently trades at $86.14.National Instruments (NATI), Advanced Micro Devices (AMD), Wesco International (WCC), Micron Technology (MU), Vistra Corp (VST), and Teck Resources (TECK): These small (less than ~2% of the portfolio each) stakes were established during the quarter.Stake Disposals:TJX Companies (TJX): TJX was a 3.53% of the portfolio position purchased during Q3 2022 at prices between ~$56 and ~$69. There was a ~50% stake increase last quarter at prices between ~$62 and ~$81. The disposal this quarter was at prices between ~$73 and ~$83. The stock is now at $77.76.SentinelOne (S): SentinelOne stake was from 2015 when they led the Series B funding round at a post-money valuation of $98M. They participated in each subsequent round as well as the IPO and after-market. There was a ~10% trimming in Q3 2022 in the mid-20s price range and that was followed with a ~25% reduction last quarter at prices between ~$13 and ~$28. The elimination this quarter was at prices between ~$13 and ~$16. The stock currently trades at ~$15 at a valuation of ~$3.3B – their initial 2015 investment returned a stunning ~35x.Walt Disney (DIS): DIS was a 1.38% of the portfolio stake established in Q2 2022 at prices between ~$93 and ~$139 and it now goes for $92.53. There was a ~40% stake reduction during Q3 2022 at prices between ~$92 and ~$125. Last quarter saw a one-third stake increase at prices between ~$84 and ~$107. The disposal this quarter was at prices between ~$89 and ~$113.Ventyx Biosciences (VTYX): The VTYX stake was reduced to a very small 0.55% of the portfolio stake last quarter primarily through a block sale at ~$26 per share. The remainder stake was sold this quarter. The stock is now at $34.83.Note: The original investment was made in 2016 in a Series-B funding round in Opillan at a valuation of ~$20M. Opillan got consolidated into Ventyx.Fidelity National Information Services (FIS), and Laboratory Corp (LH): The 2.27% FIS position was purchased last quarter at prices between ~$57 and ~$85. It was disposed this quarter at prices between ~$50 and ~$77. It is now at $54.49. LH was a small 0.76% of the portfolio stake established last quarter but disposed this quarter.Ovintiv Inc. (OVV): OVV was a 3.40% of the portfolio position purchased in Q1 2022 at prices between ~$35 and $55 and increased by ~175% next quarter at prices between ~$42 and ~$62. Q3 2022 saw a one-third reduction at prices between ~$40 and ~$55. That was followed with the elimination this quarter at prices between ~$33 and ~$52. The stock currently trades at ~$38.Jaws Mustang Acquisition (JWSM): The very small 0.67% stake in JWSM was disposed during the quarter.Stake Increases:PG&E Corp (PCG) & Units: PCG is currently the largest 13F stake at ~17% of the portfolio. The position came about as a result of participating in a PIPE (terms for the bankruptcy exit financing in 2020 called for up to $10.50 per share purchase price). The last several quarters saw only minor adjustments. The stock currently trades at ~$17.Danaher Corp. (DHR): The top three ~11% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. There was a ~20% stake increase in Q1 2019 at prices between $98 and $132 while H1 2020 saw a ~20% selling at prices between $129 and $177. H1 2022 had seen another similar reduction at prices between ~$237 and ~$316. There was a ~17% stake increase during Q3 2022 at prices between ~$247 and ~$302. It currently trades at ~$235. This quarter saw a marginal increase.Note: The prices quoted above are adjusted for the Fortive (FTV) spin-off in July 2016.Bath & Body Works (BBWI): The large (top five) 8.23% of the portfolio stake in BBWI was established last quarter at prices between ~$26 and ~$41 and the stock currently trades at ~$42. There was a ~60% stake increase last quarter at prices between ~$31 and ~$44. This quarter saw a marginal increase.Note: They have a ~6% ownership stake in the business.Dupont De Nemours (DD): The 4.70% of the portfolio stake in DD was established in Q1 2021 at prices between ~$69 and ~$86 and it is now at $70.44. There was a ~11% stake increase in Q4 2021 while the next quarter saw similar trimming. Q3 2022 saw a ~23% selling at prices between ~$50 and ~$63 while last quarter there was a similar increase at prices between ~$50 and ~$72. This quarter saw a one-third further increase at prices between ~$68 and ~$78.International Flavors & Fragrances (IFF): IFF is a ~4% of the portfolio stake established last quarter at prices between ~$85 and ~$108 and it is now at ~$80. There was a ~11% stake increase this quarter.Ferguson plc (FERG): FERG is a 2.79% of the portfolio position purchased during Q3 2022 at prices between ~$103 and ~$128 and the stock is now well above that range at ~$145. There was a ~40% stake increase this quarter at prices between ~$128 and ~$150.Hertz Global (HTZ): The 1.69% HTZ position was purchased during Q4 2021 at prices between ~$19 and ~$35 and it is now at $17.40. The last three quarters saw a ~10% reduction at prices between ~$16 and ~$25 while this quarter there was a ~19% increase at prices between ~$15 and ~$20.Stake Decreases:Colgate Palmolive (CL): CL is now the second largest position at 13.59% of the portfolio. A small position was established in Q2 2022 at prices between ~$74 and ~$82. The bulk of the current stake was built next quarter at prices between ~$69 and ~$83. The stock currently trades at $75.73. There was a minor ~4% trimming this quarter.Note: Colgate Palmolive is an activist stake. Third Point pushed for a spinoff of its Hill Pet Nutrition business saying it could have a valuation of ~$20B. In February, Colgate CEO said the company was pleased with the categories it competes in, including the Hill’s Pet Nutrition business.American International Group (AIG) and Microsoft Corporation (MSFT): AIG is a 2.43% of the portfolio stake established last quarter at prices between ~$48 and ~$64 and the stock currently trades at $56.63. There was a ~42% selling this quarter at prices between ~$47 and ~$65. The fairly large ~5% of the portfolio MSFT position was purchased last quarter at prices between ~$214 and ~$257 and it is now at ~$325. This quarter saw a ~11% trimming.UnitedHealth (UNH): The 2.59% UNH position was purchased during Q4 2020 and Q1 2021 at prices between ~$305 and ~$377. Q1 2022 saw a ~23% selling at prices between ~$456 and ~$521. The next quarter saw a ~6% trimming while in Q3 2022 there was a ~18% stake increase. The stock currently trades at ~$490. This quarter saw a ~50% reduction at prices between ~$460 and ~$519.Kept Steady:Global Blue (GB): The very small 0.85% stake in GB was kept steady this quarter.The spreadsheet below highlights changes to Loeb’s 13F stock holdings in Q1 2023:Source: John Vincent. Data constructed from Third Point’s 13F filings for Q4 2022 and Q1 2023.Q4 Letter – 2/8/2023 – Performance – Negative 21.7% for 2022 vs Negative 18.1% for S&P, 13.3% annualized since 1996 inception vs 8.4% for S&P. AIG – new position – Corebridge spinoff should allow the company to buyback ~25% of the company over the next two years – trades at 1.1x book value while peers go for ~1.5x. BBWI – added significantly in Q4 – activist stake - new CEO might successfully transform it into a more global direct-to-consumer home and personal care brand. CL – Colgate – large activist stake – should focus on pet food and oral care businesses. DD – increased stake – run by legendary value creator Ed Breen – divested Celanese (low margin segment). Now trades at ~30% discount to peers. Should close the gap - $5b of proceeds to be used to repurchased ~15% of company. PFAS-related litigation settlement is a likely catalyst. PCG – expects 2024 earnings to grow to at least $1.34 – also dividends should be reinstated in mid-2023 – Overhand due to Fire Victims’ Trust ownership stake should clear by end of 2023.Regulatory filings from 11/20/2022 to 3/19/2023: 13D/A – 3/6 – BBWI – 13.75M shares – 6.02% of business, 13D/A – 2/22 – 13.75M shares – 6.02% of business, 13D – 12/8 - same. 13G/A – 2/10 – Medicus Sciences Acquisition – zero. 13G/A – 2/10 – MCG – Membership Collective Group - zero. 13D/A – 1/30 – S – SentinelOne - 10.15M shares – 4.43% of business. 13D – 12/2 – GB – Global Blue Group Holding – 9.87M shares – 4.87% of business."

"Tracking Dan Loeb’s Third Point Portfolio – Q4 2022 Update"

"Dan Loeb's 13F portfolio value increased from $5.53B to $5.97B this quarter. The number of positions decreased from 61 to 44.Third Point added American International Group, Microsoft, and International Flavors & Fragrances while dropping Cano Health, EQT Corp, Range Resources, and T-Mobile US.The top three positions are at ~43% of the portfolio: PG&E, Colgate Palmolive, and Danaher Corp.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s 13F stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 2/14/2023. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q3 2022.This quarter, Loeb’s 13F portfolio value increased ~8% from $5.53B to $5.97B. The 13F portfolio is very concentrated with the top three holdings accounting ~43% of the entire portfolio. The number of holdings decreased from 61 to 44. 21 of the holdings are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five individual stock positions are PG&E, Colgate Palmolive, Danaher Corp, Bath & Body Works, and UnitedHealth.Third Point returned negative 21.70% in 2022 compared to negative 18.10% for the S&P 500 Index. For 2023 through February, they were again down 3.4% compared to up 3.7% for the S&P 500 index. Annualized returns since December 1996 inception are at 13.3% compared to 8.4% for the S&P 500 Index. AUM is distributed among several strategies of which the long/short equity portion is roughly ~57%. In addition to partner stakes, Third Point also invests in the float of Sirius Point (SPNT) and capital from London listed closed-end fund Third Point Offshore (TPNTF). To know more about Dan Loeb's Third Point, check out his letters to shareholders at their site. His activist investing style is covered in the book "".Note 1: They have a significant portfolio of investments through their venture firm .Note 2: Large equity investments not in the 13F report include Shell plc (SHEL), Glencore plc (GLNCY), Sony (SONY), EssilorLuxottica (ESLOY), and Nestle (NSRGY). The Shell stake was built over the three quarters through Q1 2022 while the Glencore plc position was established during Q1 2022. SONY is a $1.5B investment made in June 2019 when the stock was trading at around $50 per share. It is currently at $86.52. The ESLOY investment was made in early 2019 when the stock was trading at ~$62.50 per share. It currently trades at ~$85. The NSRGY position is from 2017 and the stock has moved from ~$75 to ~$118 now.New Stakes:American International Group (AIG), Microsoft Corporation (MSFT), International Flavors & Fragrances (IFF), Fidelity National Information Services (FIS), and Laboratory Corp (LH): AIG is a large 5.40% of the portfolio stake established this quarter at prices between ~$48 and ~$64 and the stock currently trades just below that range at $47.24. The 4.74% of the portfolio MSFT position was purchased at prices between ~$214 and ~$257 and it is now at ~$279. IFF is a ~4% of the portfolio stake established at prices between ~$85 and ~$108 and it is now just below that range at $82.76. The 2.27% FIS position was purchased at prices between ~$57 and ~$85 and it is now well below that range at $51.64. LH is a small 0.76% of the portfolio stake established at prices between ~$204 and ~$249 and it now goes for ~$213.Stake Disposals:Twitter Inc.: Twitter was a fairly large 4.36% merger-arbitrage stake. It got eliminated as Twitter was taken private at $54.20 per share.Range Resources (RRC): The 1.78% RRC stake was established last quarter at prices between ~$23.50 and ~$35. The elimination this quarter was at prices between ~$24 and ~$30. The stock currently trades at $22.88.T-Mobile US (TMUS): The 1.70% TMUS position was purchased in Q2 2022 at prices between ~$122 and ~$139. The position was increased by ~45% last quarter at prices between ~$132 and ~$147. The disposal this quarter was at prices between ~$132 and ~$152. It currently trades at ~$142.EQT Corp (EQT): The 2.39% EQT stake was established in Q4 2021 at prices between ~$18 and ~$23 and increased by ~80% next quarter at prices between ~$20 and ~$36. The position was eliminated this quarter at prices between ~$33 and ~$45. The stock currently trades at $29.37.CSX Corporation (CSX): CSX is a 1.32% of the portfolio position purchased in Q1 2022 at prices between ~$33 and ~$38. It was sold down by roughly one-third next quarter at prices between ~$28.75 and ~$37.50. That was followed with a ~45% selling last quarter at prices between ~$26.50 and ~$34.50. The disposal this quarter was at prices between ~$26.50 and ~$33. The stock currently trades at $28.91.Antero Resources (AR): The AR stake was purchased in Q2 2022 at prices between ~$30.50 and ~$48. It was sold down to a minutely small stake last quarter at prices between ~$29 and ~$43. The elimination this quarter was at prices between ~$29 and ~$39. It is now at $21.69.Avanti Acquisition, Cano Health (CANO), Comstock Resources (CRK), Perimeter Solutions SA (PRM), and Take-Two Interactive (TTWO): These small (less than ~2% of the portfolio each) stakes were disposed during the quarter.Stake Increases:Bath & Body Works (BBWI): The large (top five) 9.71% of the portfolio stake in BBWI was established last quarter at prices between ~$26 and ~$41 and the stock currently trades at $34.43. There was a ~60% stake increase this quarter at prices between ~$31 and ~$44.Note: They have a ~6% ownership stake in the business.TJX Companies (TJX): TJX is a 3.53% of the portfolio position purchased last quarter at prices between ~$56 and ~$69 and the stock currently trades above that range at $74.48. There was a ~50% stake increase this quarter at prices between ~$62 and ~$81.Dupont De Nemours (DD): The 3.45% of the portfolio stake in DD was established in Q1 2021 at prices between ~$69 and ~$86 and it is now just below that range at $67.55. There was a ~11% stake increase in Q4 2021 while the next quarter saw similar trimming. Last quarter saw a ~23% selling at prices between ~$50 and ~$63 while this quarter there was a similar increase at prices between ~$50 and ~$72.Stake Decreases:PG&E Corp (PCG) & Units: PCG is currently the largest 13F stake at ~17% of the portfolio. The position came about as a result of participating in a PIPE (terms for the bankruptcy exit financing in 2020 called for up to $10.50 per share purchase price). The last four quarters have seen minor trimming. The stock currently trades at $16.10.SentinelOne (S): SentinelOne is now at 3.59% of the portfolio. The stake goes back to 2015 when they led the Series B funding round at a post-money valuation of $98M. They participated in each subsequent round as well as the IPO and after-market. The stock currently trades at ~$15.07 at a valuation of ~$3.7B – their initial 2015 investment has so far returned a stunning ~35x. There was a ~10% trimming last quarter in the mid-20s price range and that was followed with a ~25% reduction this quarter at prices between ~$13 and ~$28.Note: Regulatory filings since the quarter ended show them owning 10.15M shares (4.43% of business). This is compared to 14.7M shares in the 13F report.Walt Disney (DIS): DIS is a 1.38% of the portfolio stake established in Q2 2022 at prices between ~$93 and ~$139 and it now goes for ~$93.20. There was a ~40% stake reduction last quarter at prices between ~$92 and ~$125. This quarter saw a one-third stake increase at prices between ~$84 and ~$107.Ventyx Biosciences (VTYX): The VTYX stake was reduced to a very small 0.55% of the portfolio stake this quarter primarily through a block sale at ~$26 per share.Note: The original investment was made in 2016 in a Series-B funding round in Opillan at a valuation of ~$20M. Opillan got consolidated into Ventyx.Kept Steady:Colgate Palmolive (CL): CL is now the second largest position at ~15% of the portfolio. A small position was established in Q2 2022 at prices between ~$74 and ~$82. The stake was built last quarter at prices between ~$69 and ~$83. The stock currently trades at $72.20.Note: Colgate Palmolive is an activist stake. Dan Loeb is pushing for a spinoff of its Hill Pet Nutrition business. He believes that unit could have a valuation of ~$20B.Danaher Corp. (DHR): The top three ~12% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. There was a ~20% stake increase in Q1 2019 at prices between $98 and $132 while H1 2020 saw a ~20% selling at prices between $129 and $177. H1 2022 had seen another similar reduction at prices between ~$237 and ~$316. There was a ~17% stake increase last quarter at prices between ~$247 and ~$302. It currently trades at ~$243.Note: The prices quoted above are adjusted for the Fortive (FTV) spin-off in July 2016.UnitedHealth (UNH): The large ~6% UNH position was purchased during Q4 2020 and Q1 2021 at prices between ~$305 and ~$377. Q1 2022 saw a ~23% selling at prices between ~$456 and ~$521. The next quarter saw a ~6% trimming while in the last quarter there was a ~18% stake increase. The stock currently trades at ~$470.Ovintiv Inc. (OVV): OVV is a 3.40% of the portfolio position purchased in Q1 2022 at prices between ~$35 and $55 and increased by ~175% next quarter at prices between ~$42 and ~$62. Last quarter saw a one-third reduction at prices between ~$40 and ~$55. The stock currently trades at ~$34.Ferguson plc (FERG): FERG is a ~2% of the portfolio position purchased last quarter at prices between ~$103 and ~$128 and the stock is now at ~$128.Hertz Global (HTZ): The 1.57% HTZ position was purchased during Q4 2021 at prices between ~$19 and ~$35 and it is now below the low end of that range at $15.38. The last three quarters had seen a ~10% reduction at prices between ~$16 and ~$25.Global Blue (GB) and Jaws Mustang Acquisition (JWSM): These small (less than ~2% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Loeb’s 13F stock holdings in Q4 2022:Source: John Vincent. Data constructed from Third Point’s 13F filings for Q3 2022 and Q4 2022.Q3 2022 Letter, Monthly Reports, etc Nov 20, 2022) - - . Letter has profiles on Colgate, Disney, PG&E, and Ventyx (Series B investment at $20M valuation in 2016 in Opillan which was consolidated into Ventyx): Performance: Negative 21.1% vs negative 17.7% for S&P 500 index through October. 13.4% since 1996 inception vs 8.5% for S&P 500 Index.10/19/2022 – – Dan Loeb has built a sizable stake in Colgate (CL) and plans to push for a spinoff of its Hill Pet Nutrition business. He believes that unit could have a valuation of ~$20B.Regulatory filings from 8/22/2022 to 11/20/2022: 13D/A – 11/9 – VTYX – 2.25M shares – 4% of business – 2M shares sold in a block trade at $25.94 per shares on 11/7 – other minor sales as well at around the same price. 13D/A – 11/7 – S – 15M shares – 6.7% of business – reduction in multiple transactions in the low-20s, 13D/A – 9/2 – 20M shares – 8.9% of business – reduction at prices between $23.50 and $26.50. 13D/A – 10/25 – CANO – 8M shares – 3.5% of business – reduction in multiple transactions in the mid-single-digit price-range."

"Tracking Dan Loeb’s Third Point Portfolio – Q3 2022 Update"

"Dan Loeb's 13F portfolio value increased from $4.22B to $5.53B this quarter. The number of positions increased from 58 to 61.Third Point added Bath & Body Works and increased Colgate Palmolive while decreasing EQT Corp and Antero Resources. They also dropped Cenovus Energy.The top three positions are at ~42% of the portfolio: Colgate Palmolive, PG&E Corp, and Danaher Corp.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s 13F stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 11/14/2022. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q2 2022.This quarter, Loeb’s 13F portfolio value increased ~31% from $4.22B to $5.53B as they added several new positions. The 13F portfolio is very concentrated with the top three holdings accounting ~42% of the entire portfolio. The number of holdings increased from 58 to 61. 28 of the holdings are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five individual stock positions are Colgate Palmolive, PG&E, Danaher Corp, SentinelOne, and UnitedHealth.Third Point returned negative 21.10% in 2022 through October compared to negative 17.70% for the S&P 500 Index. Annualized returns since December 1996 inception are at 13.4% compared to 8.5% for the S&P 500 Index. AUM is distributed among several strategies of which the long/short equity portion is roughly ~39%, down from ~55% as of Q4 2021. In addition to partner stakes, Third Point also invests the float of Sirius Point (SPNT) and capital from London listed closed-end fund Third Point Offshore (TPNTF). To know more about Dan Loeb's Third Point, check-out his letters to shareholders at their site. His activist investing style is covered in the book "".Note 1: They have a significant portfolio of investments through their venture firm . Q1 2022 letter had a special mention on ConsenSys Software. They invested in the Series C funding round at a valuation of $3.2B and the Series D at $7B valuation.Note 2: Large equity investments not in the 13F report include Shell plc (SHEL), Glencore plc (GLNCY), Sony (SONY), EssilorLuxottica (ESLOY), and Nestle (NSRGY). The Shell stake was built over the three quarters through Q1 2022 while the Glencore plc position was established during Q1 2022. SONY is a $1.5B investment made in June 2019 when the stock was trading at around $50 per share. It is currently at ~$84. The ESLOY investment was made in early 2019 when the stock was trading at ~$62.50 per share. It currently trades at ~$94. The NSRGY position is from 2017 and the stock has moved from ~$75 to ~$121 now.New Stakes:Bath & Body Works (BBWI) and Twitter Inc.: The large 4.79% of the portfolio stake in BBWI was established at prices between ~$26 and ~$41 and the stock currently trades above that range at $43.27. Twitter was a fairly large 4.36% merger-arbitrage stake. It got eliminated as Twitter was taken private at $54.20 per share.TJX Companies (TJX), Range Resources (RRC), and Ferguson plc (FERG): TJX is a ~2% of the portfolio position purchased this quarter at prices between ~$56 and ~$69 and the stock currently trades well above that range at $79.74. The 1.78% RRC stake was established at prices between ~$23.50 and ~$35 and it is now at ~$28. FERG is a 1.72% of the portfolio position purchased at prices between ~$103 and ~$128 and the stock is now at ~$118.Take-Two Interactive (TTWO) and Comstock Resources (CRK): These are small (less than ~1% of the portfolio each) new stakes established this quarter.Stake Disposals:Cenovus Energy (CVE): The 3.27% CVE stake was built last quarter at prices between ~$16.50 and ~$24.75. The disposal this quarter was at prices between ~$14.60 and ~$20. The stock is now at $19.65.Archaea Energy (LFG), Crown Holdings (CCK), and GO Acquisition: These small stakes were disposed this quarter.Note: GO Acquisition was a SPAC that liquidated without doing a deal.Stake Increases:Colgate Palmolive (CL), Walt Disney (DIS), and T-Mobile US (TMUS): CL is now the top position at ~15% of the portfolio. A small position was established last quarter at prices between ~$74 and ~$82. The stake was built this quarter at prices between ~$69 and ~$83. The stock currently trades at $77.75. DIS is a 2.39% of the portfolio stake established last quarter at prices between ~$93 and ~$139 and it now goes for ~$99. There was a ~40% stake increase this quarter at prices between ~$92 and ~$125. The 1.70% TMUS position was purchased at prices between ~$122 and ~$139. The position was increased by ~45% this quarter at prices between ~$132 and ~$147. It currently trades at ~$152.Note: Colgate Palmolive is an activist stake. Dan Loeb is pushing for a spinoff of its Hill Pet Nutrition business. He believes that unit could have a valuation of ~$20B.Danaher Corp. (DHR): The top three ~13% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. There was a ~20% stake increase in Q1 2019 at prices between $98 and $132 while H1 2020 saw a ~20% selling at prices between $129 and $177. Last two quarters had seen another similar reduction at prices between ~$237 and ~$316. There was a ~17% stake increase this quarter at prices between ~$247 and ~$302. It currently trades at ~$276.Note: The prices quoted above are adjusted for the Fortive (FTV) spin-off in July 2016.UnitedHealth (UNH): The large ~6% UNH position was purchased during Q4 2020 and Q1 2021 at prices between ~$305 and ~$377. Q1 2022 saw a ~23% selling at prices between ~$456 and ~$521. The stock currently trades at ~$537. Last quarter saw a ~6% trimming while this quarter there was a ~18% stake increase.Stake Decreases:PG&E Corp (PCG) & Units: PCG is currently the second largest 13F stake at ~14% of the portfolio. The position came about as a result of participating in a PIPE (terms for the bankruptcy exit financing in 2020 called for up to $10.50 per share purchase price). Last three quarters have seen minor trimming. The stock currently trades at $15.62.Note: Third Point is very bullish on PG&E. The Q1 2022 letter had the following: the stock is trading at 12x 2022 earnings compared to 21x for the utility index as a whole and well below its closest comparable, Edison International at 15x. Further, the stock should benefit from the expected reinstatement of cash dividend in 2023 and inclusion in S&P 500 index eventually.SentinelOne (S): SentinelOne is the fourth largest position at ~9% of the portfolio. The stake goes back to 2015 when they led the Series B funding round at a post-money valuation of $98M. They participated in each subsequent round as well as the IPO and after-market. The stock currently trades at ~$15 at a valuation of ~$3B – their initial 2015 investment has so far returned a stunning 30x. There was a ~10% trimming this quarter in the mid-20s price range.Note: Regulatory filings since the quarter ended show them owning 15M shares (6.7% of business). This is compared to 19M shares in the 13F report. The reduction happened in the low-20s price range.Ovintiv Inc. (OVV): OVV is a 3.32% of the portfolio position purchased in Q1 2022 at prices between ~$35 and $55 and increased by ~175% last quarter at prices between ~$42 and ~$62. This quarter saw a one-third reduction at prices between ~$40 and ~$55. The stock currently trades at $54.51.EQT Corp (EQT), and Hertz Global (HTZ): The 2.39% EQT stake was established in Q4 2021 at prices between ~$18 and ~$23 and increased by ~80% next quarter at prices between ~$20 and ~$36. The stock currently trades well above those ranges at $41.52. Last two quarters have seen a ~65% selling at prices between ~$32 and ~$50. The 1.57% HTZ position was purchased during Q4 2021 at prices between ~$19 and ~$35 and it is now just below the low end of that range at ~$17. Last three quarters have seen a ~10% reduction at prices between ~$16 and ~$25.Dupont De Nemours (DD): The 2.16% of the portfolio stake in DD was established in Q1 2021 at prices between ~$69 and ~$86 and it is now near the bottom of that range at $70.42. There was a ~11% stake increase in Q4 2021 while last quarter saw similar trimming. This quarter saw a ~23% selling at prices between ~$50 and ~$63.CSX Corporation (CSX): CSX is a 1.32% of the portfolio position purchased in Q1 2022 at prices between ~$33 and ~$38. It was sold down by roughly one-third last quarter at prices between ~$28.75 and ~$37.50. That was followed with a ~45% selling this quarter at prices between ~$26.50 and ~$34.50. The stock currently trades at $32.68.Antero Resources (AR): The AR stake was purchased last quarter at prices between ~$30.50 and ~$48. It was sold down to a minutely small stake this quarter at prices between ~$29 and ~$43. It is now at $35.35.Perimeter Solutions SA (PRM): The very small 0.83% stake in PRM saw minor trimming this quarter.Kept Steady:Avanti Acquisition, Cano Health (CANO), Compute Health Acquisition (CPUH), Global Blue (GB), Jaws Mustang Acquisition (JWSM), and Ventyx Biosciences (VTYX): These small (less than ~2% of the portfolio each) stakes were kept steady this quarter.Note 1: Regulatory filings since the quarter ended show them owning 2.25M shares (~4% of the business) of Ventyx Biosciences. This is compared to 4.3M shares in the 13F report. The reduction happened for an average price of ~$26 per share primarily through a block sale. The original investment was made in 2016 in a Series-B funding round in Opillan at a valuation of ~$20M. Opillan got consolidated into Ventyx.Note 2: Regulatory filings since the quarter ended show them owning 8M shares (~3.5% of business) of Cano Health. This is compared to 10M shares in the 13F report. The reduction happened in the mid-single-digit price-range. The stock is now at ~$2.Note 3: Avanti Acquisition was a SPAC that liquidated without doing a deal.The spreadsheet below highlights changes to Loeb’s 13F stock holdings in Q3 2022:Source: John Vincent. Data constructed from Third Point’s 13F filings for Q2 2022 and Q3 2022.Q2 2022 Letter, Monthly Reports, etc (Aug 17, 2022) - - .: Performance: Negative 19.9% vs negative 20% for S&P 500 index through June. 13.7% since 1996 inception vs 8.5% for S&P 500 Index. Exposure: 55% long and 21.6% short for a net exposure of 33.4% as of July 2022. Commentary: some details on private investments and structured credit but nothing too specific. NEW POSITIONS: DIS – largest recent addition – sent a letter to management with views on value creation opportunities.Regulatory filings from 5/21/2022 to 8/22/2022: 13D/A – 6/24 – CANO – 10.83M shares – 5.3% of business. Form 4, 13D/A – 6/21 – S – ~650K shares disposed at 21.36 – 660K shares – 21.68M shares – 9.9% of business, 13D/A – 6/16, Form 4 – 6/15 – 22.33M shares – 10.2% of business, ~3M shares disposed at prices between $20.65 and $22.60."

"Tracking Dan Loeb’s Third Point Portfolio – Q2 2022 Update"

"Dan Loeb's 13F portfolio value decreased from $7.68B to $4.22B this quarter. The number of positions decreased from 75 to 58.Third Point added Colgate Palmolive, Antero Resources, Walt Disney, and T-Mobile US. They also increased Ovintiv. However, net equity exposure was cut sharply by reducing or eliminating several positions.The top three positions are at ~41% of the portfolio: PG&E Corp, Danaher Corp, and SentinelOne.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s 13F stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 8/15/2022. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q1 2022.This quarter, Loeb’s 13F portfolio value decreased ~45% from $7.68B to $4.22B as they reduced or sold several positions. The 13F portfolio is very concentrated with the top three holdings accounting ~41% of the entire portfolio. The number of holdings decreased from 75 to 58. 25 of the holdings are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five individual stock positions are PG&E, Danaher Corp, SentinelOne, UnitedHealth, and Ovintiv.Third Point returned negative 19.9% in 2022 through June compared to negative 20% for the S&P 500 Index. Annualized returns since December 1996 inception are at 13.7% compared to 8.5% for the S&P 500 Index. AUM is distributed among several strategies of which the long/short equity portion is roughly 33%, down from 55% as of Q4 2021. In addition to partner stakes, Third Point also invests the float of Sirius Point (SPNT) and capital from London listed closed-end fund Third Point Offshore (TPNTF). To know more about Dan Loeb's Third Point, check-out his letters to shareholders at their site. His activist investing style is covered in the book "".Note 1: They have a significant portfolio of investments through their venture firm . Q1 2022 letter had a special mention on ConsenSys Software. They invested in the Series C funding round at a valuation of $3.2B and the Series D at $7B valuation.Note 2: Large equity investments not in the 13F report include Shell plc (SHEL), Glencore plc (GLNCY), Sony (SONY), EssilorLuxottica (ESLOY), and Nestle (NSRGY). The Shell stake was built over the three quarters through Q1 2022 while the Glencore plc position was established last quarter. SONY is a $1.5B investment made in June 2019 when the stock was trading at around $50 per share. It is currently at ~$85. The ESLOY investment was made in early 2019 when the stock was trading at ~$62.50 per share. It currently trades at ~$78. The NSRGY position is from 2017 and the stock has moved from ~$75 to ~$121 now.New Stakes:Colgate Palmolive (CL), Antero Resources (AR), Walt Disney (DIS), and T-Mobile US (TMUS): CL is a fairly large 3.77% of the portfolio position established this quarter at prices between ~$74 and ~$82 and the stock currently trades at the top end of that range at ~$82. The 2.46% of the portfolio stake in AR was purchased at prices between ~$30.50 and ~$48 and it is now at $43.26. DIS is a 2.23% of the portfolio stake established at prices between ~$93 and ~$139 and it now goes for ~$116. The 1.54% TMUS position was purchased at prices between ~$122 and ~$139 and it currently trades above that range at ~$145.Note 1: Their Q2 2022 letter released last week said Disney was their largest recent addition in the portfolio. So, the Disney stake was likely increased after the quarter ended.Note 2: Disney is back in the portfolio after a quarter’s gap. A 2.16% DIS stake was purchased in H1 2020 at prices between $85 and $148. It was sold over the last two quarters at prices between ~$129 and ~$178.Stake Disposals:Amazon.com (AMZN): AMZN was a large (top five) 5.47% of the portfolio position purchased in Q4 2019 at prices between ~$85 and ~$94. The stake saw a ~200% increase in Q1 2020 at prices between ~$84 and ~$109. There was a ~30% selling in Q4 2020 at prices between ~$150 and ~$172. Next quarter saw another ~20% reduction at prices between ~$148 and ~$169. Last three quarters of 2021 had seen a stake doubling at prices between ~$155 and ~$187. Last quarter saw the position reduced by ~90% to a very small 0.74% stake at prices between ~$136 and ~$170. The remainder stake was disposed this quarter. The stock currently trades at ~$133.S&P Global (SPGI): SPGI was a fairly large (top five) 5.13% stake established in Q2 2016 at prices between $96 and $128. The position has wavered. Recent activity follows: the five quarters thru Q1 2019 saw a combined ~60% selling at prices between $164 and $213. There was a ~30% stake increase over the two quarters through Q1 2021 at prices between ~$306 and ~$379. The position was sold this quarter at prices between ~$316 and ~$415. The stock is now at ~$376.Intuit Inc. (INTU): INTU was a 4.54% of the portfolio stake built over the four quarters through Q1 2021 at prices between ~$218 and ~$422. Last quarter saw a ~40% selling at prices between ~$425 and ~$632. The elimination this quarter was at prices between ~$353 and ~$506. The stock currently trades at ~$446.Avantor Inc. (AVTR): The 3.68% AVTR stake was established in Q3 2020 at prices between ~$17 and ~$23 and increased by ~235% next quarter at prices between ~$22.50 and ~$28. There was a ~23% reduction last quarter at prices between ~$32.50 and ~$40.60. The disposal this quarter was at prices between ~$29 and ~$34. The stock currently trades at $26.16.Iqvia Holdings (IQV): A 3.31% IQV position was purchased in Q3 2018 at prices between $99 and $131 and increased by ~25% in Q3 2019 at prices between $143 and $162. There was a one-third selling in Q2 2021 at prices between ~$193 and ~$247. Last two quarters saw the stake sold at prices between ~$196 and ~$274. The stock currently trades at ~$232.Microsoft Corp (MSFT): A ~2% of the portfolio MSFT stake was purchased in Q3 2020 at prices between ~$200 and ~$232. The two quarters through Q1 2021 had seen a ~60% stake increase at prices between ~$200 and ~$245. Last two quarters saw the elimination at prices between ~$242 and ~$335. The stock currently trades at ~$278.Rivian Automotive (RIVN): A ~2% of the portfolio RIVN stake was first disclosed in their Q3 2021 investor letter. They made the investment in two rounds prior to the IPO: a small stake in late 2020 and a larger one in July last year prior to the IPO. They reduced the position in late January and bought most of it back at much lower prices later in the quarter. This quarter saw the position sold at prices between ~$21 and ~$50. The stock currently trades at ~$33.Alcoa Inc. (AA): A 2.78% of the portfolio AA stake was established last quarter at prices between ~$56 and ~$95. It was disposed this quarter at prices between ~$46 and ~$91. The stock is now at $50.27.Zendesk Inc. (ZEN): ZEN was a ~3% position built during Q4 2021 & Q1 2022 at prices between ~$91 and ~$135. It was sold this quarter at prices between ~$54.50 and ~$129. The stock currently trades at $76.52.Note: In June, Zendesk agreed to a $77.50 per share (~$10.2B all-cash deal) take-private PE offer. Notably, they had rejected a ~$17B PE offer in February.Catalent Inc. (CTLT), Dell Technologies (DELL), Leslie’s Inc. (LESL), and TransDigm Group (TDG): These small (less than ~2% of the portfolio each) stakes were disposed during the quarter.Suncor Energy (SU), Mosaic Company (MOS) and Ingersoll Rand (IR): These small (less than ~1.5% of the portfolio each) stakes established last quarter were disposed this quarter.Stake Increases:Ovintiv Inc. (OVV), : OVV is a large (top five) 6.40% of the portfolio position purchased last quarter at prices between ~$35 and $55 and increased by ~175% this quarter at prices between ~$42 and ~$62. The stock currently trades at ~$50.Cenovus Energy (CVE): The 3.27% CVE stake was built this quarter at prices between ~$16.50 and ~$24.75. The stock is now at $18.32.Stake Decreases:PG&E Corp (PCG) & Units: PCG is currently the largest 13F stake at ~16% of the portfolio. The position came about as a result of participating in a PIPE (terms for the bankruptcy exit financing in 2020 called for up to $10.50 per share purchase price). Last two quarters have seen minor trimming. The stock currently trades at $11.72.Note: Third Point is very bullish on PG&E. The Q1 2022 letter had the following: the stock is trading at 12x 2022 earnings compared to 21x for the utility index as a whole and well below its closest comparable, Edison International at 15x. Further, the stock should benefit from the expected reinstatement of cash dividend in 2023 and inclusion in S&P 500 index eventually.Danaher Corp. (DHR): The top three ~14% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. There was a ~20% stake increase in Q1 2019 at prices between $98 and $132 while H1 2020 saw a ~20% selling at prices between $129 and $177. Last two quarters have seen another similar reduction at prices between ~$237 and ~$316. It currently trades at ~$286.Note: The prices quoted above are adjusted for the Fortive (FTV) spin-off in July 2016.SentinelOne (S): SentinelOne is the third largest position at 11.64% of the portfolio. The stake goes back to 2015 when they led the Series B funding round at a post-money valuation of $98M. They participated in each subsequent round as well as the IPO and after-market. The stock currently trades at $26.21 at a valuation of ~$6B – their initial 2015 investment has so far returned a stunning 60x. There was minor trimming this quarter.Note: They have a ~10% ownership stake in the business.UnitedHealth (UNH): The large ~7% UNH position was purchased during Q4 2020 and Q1 2021 at prices between ~$305 and ~$377. Last quarter saw a ~23% selling at prices between ~$456 and ~$521. The stock currently trades at ~$545. There was a minor ~6% trimming this quarter.EQT Corp (EQT), and Hertz Global (HTZ): The fairly large 6.13% EQT stake was established in Q4 2021 at prices between ~$18 and ~$23 and increased by ~80% last quarter at prices between ~$20 and ~$36. The stock currently trades well above those ranges at $49.12. This quarter saw a ~15% trimming. The 2.35% HTZ position was purchased during Q4 2021 at prices between ~$19 and ~$35 and it is now near the low end of that range at $19.47. Last quarter saw a ~10% increase while in this quarter there was a ~5% trimming.Dupont De Nemours (DD): The ~4% of the portfolio stake in DD was established in Q1 2021 at prices between ~$69 and ~$86 and it is now below that range at $58.26. There was a ~11% stake increase in Q4 2021 while this quarter saw similar trimming.CSX Corporation (CSX): CSX is a 3.42% of the portfolio position purchased last quarter at prices between ~$33 and ~$38. It was sold down by roughly one-third this quarter at prices between ~$28.75 and ~$37.50. The stock currently trades at $33.56.Archaea Energy (LFG), Cano Health (CANO), and Perimeter Solutions SA (PRM): These small (less than ~1.5% of the portfolio each) stakes were reduced during the quarter.Note: They have a ~5.3% ownership stake in Cano Health.Kept Steady:Avanti Acquisition (AVAN), Compute Health Acquisition (CPUH), Crown Holdings (CCK), Global Blue (GB), GO Acquisition (GOAC), Jaws Mustang Acquisition (JWSM), and Ventyx Biosciences (VTYX): These small (less than ~2% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Loeb’s 13F stock holdings in Q2 2022:Source: John Vincent. Data constructed from Third Point’s 13F filings for Q1 2022 and Q2 2022.Q1 2022 Letter, Monthly Reports, etc - - .: Performance: Negative 12.8% vs negative 12.9% for S&P 500 index through April. 14.2% since 1996 inception vs 8.9% for S&P 500 Index. Exposure: 76.3% long and 40.2% short for a net exposure of 36.1% as of April 2022. Commentary: Net exposure is lower and buying power higher than at any time during the last 10 years. Exited several large equity positions – SentinelOne – trimmed and hedged this second largest and most volatile position. Leverage in Ultra fund reduced from 1.3x to 1.15x.. Replaced some market hedges and short basket with single name shorts. Shell plc – still very undervalued – LNG business is largest in the world outside of Qatar and that should play a critical role for energy security in Europe - increased and added to energy and other cyclical stocks – O&G and Materials stocks – expects commodities to be in short supply compared to demand in most developed markets including US – disastrous ESG policies has a resulted in a dearth of investments in the sector – as a result, the businesses we invested is expected to return 20% of their market cap annually for several years. Difficult to call bottom in the high valuation tech sector – called out stock based compensation causing retention difficulties to some of these businesses – Soros’ reflexivity could be in play if such a spiral ensue. Adapting the models and frameworks quickly enough as conditions shift is key to success in this business. NEW POSITIONS: Glencore – renewable energy assets require 3 to 15x the amount of copper. Also Nickel is a key ingredient for batterie. Thermal coal exposure could become a tailwind. Trades at a discount to other global miners and that gap should reduce & PG&E – sees immense value and potential – 12x 2022 compared to 21x for utility index and below closest peer Edison Intl. at 15x. Should benefit from reinstatement of cash dividend in 2023 & inclusion in S&P 500 index eventually. Commentary on blockchain/crypto/web3 investments with mention on ConsenSys Software (invested in the $200M Series 3 at a 3.2B valuation and the Series D at $7B valuation).Regulatory filings from 2/27/2022 to 5/21/2022: Form 4, 13D/A – 4/11 – S - ~1.5M shares disposed @ ~34.5, 24.8M shares (12% of business) – 21.52M shares are class B and the rest is class A, Form 4, 13D/A – 3/21 – minor reduction at ~36.2 – 26.3M shares (16.6% of business). 13D – 3/9 – CANO – 11.5M shares – 6.37% of business."

"Tracking Dan Loeb’s Third Point Portfolio – Q1 2022 Update"

"Dan Loeb's 13F portfolio value decreased from $14.33B to $7.68B this quarter. The number of positions decreased from 92 to 75.Third Point added CSX & Alcoa while dropping Accenture and Upstart Holdings. They also increased EQT Corporation and Zendesk while reducing Amazon.com and Rivian.The top three positions are at one-third of the portfolio: SentinelOne, PG&E Corp, and Danaher Corp.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s 13F stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 5/16/2022. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q4 2021.This quarter, Loeb’s 13F portfolio value decreased ~45% from $14.33B to $7.68B as they reduced or sold several positions. The 13F portfolio is very concentrated with the top three holdings accounting for one-third of the entire portfolio. The number of holdings decreased from 92 to 75. 32 of the holdings are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five individual stock positions are SentinelOne, PG&E, Danaher Corp, S&P Global, and Intuit.Third Point returned negative 12.8% in 2022 through April compared to negative 12.9% for the S&P 500 Index. Annualized returns since December 1996 inception are at 14.2% compared to 8.9% for the S&P 500 Index. AUM is distributed among several strategies of which the long/short equity portion is roughly 36%, down from 55% as of Q4 2021. In addition to partner stakes, Third Point also invests the float of Sirius Point (SPNT) and capital from London listed closed-end fund Third Point Offshore (TPNTF). To know more about Dan Loeb's Third Point, check-out his letters to shareholders at their site. His activist investing style is covered in the book "".Note 1: They have a significant portfolio of investments through their venture firm . Q1 2022 letter had a special mention on ConsenSys Software. They invested in the Series C funding round at a valuation of $3.2B and the Series D at $7B valuation.Note 2: Large equity investments not in the 13F report include Shell plc (SHEL), Glencore plc (GLNCY), Sony (SONY), Essilor Luxottica (ESLOY), and Nestle (NSRGY). The Shell stake was built over the last three quarters while the Glencore plc position was established this quarter. SONY is a $1.5B investment made in June 2019 when the stock was trading at around $50 per share. It is currently at ~$90. The ESLOY investment was made in early 2019 when the stock was trading at ~$62.50 per share. It currently trades at ~$78. The NSRGY position is from 2017 and the stock has rallied from ~$75 to ~$117 now.Note 3: Note: Their Q1 2022 letter had the following regarding the general thesis on their newer investments in the O&G and Materials spaces: expects commodities to be in short supply compared to demand in most of the developed markets including US in the coming years. This is caused by disastrous ESG policies that have resulted in a dearth of investments in the sector. As a result, the businesses are expected to return 20% of their market cap annually for several years.New Stakes:CSX Corporation (CSX): CSX is a 3.60% of the portfolio position purchased this quarter at prices between ~$33 and ~$38 and the stock currently trades below that range at $30.94.Alcoa Inc. (AA): The 2.78% of the portfolio AA stake was established at prices between ~$56 and ~$95 and it is now near the low end of that range at $60.57.Ovintiv Inc. (OVV), Suncor Energy (SU), Mosaic Company (MOS) and Ingersoll Rand (IR): OVV is a 1.58% of the portfolio position purchased this quarter at prices between ~$35 and $55 and it currently trades at $47.20. The 1.49% SU stake was established at prices between ~$26 and ~$34 and it is now at ~$38. MOS is a 1.11% of the portfolio position purchased at prices between ~$39 and ~$71 and the stock currently trades at ~$58. The ~1% IR stake was established at prices between ~$45 and ~$61 and it is now at $44.95.Stake Disposals:Upstart Holdings (UPST): Third Point’s original position in UPST went back to a Series C funding round in 2015 when the business was valued at ~$180M. They also added 1.2M shares in last December’s IPO as well. This quarter saw the entire stake sold at prices up to $228 per share. They had a ~15% stake in Upstart Holdings and realized gains of ~20x from ~$206M in total investments (~$66M six years ago and ~$140M at IPO). UPST started trading at ~$44 and currently goes for ~$44.70.Accenture plc (ACN): ACN was a fairly large 3.62% of the portfolio position established last quarter at prices between ~$320 and ~$415. The disposal this quarter was at prices between ~$301 and ~$407. The stock currently trades at ~$277.Alphabet Inc. (GOOG): GOOG was a 4.29% of the portfolio position purchased in Q4 2020 at prices between ~$1453 and ~$1828. There was a ~20% reduction in Q1 2021 at prices between ~$1728 and ~$2138. Last two quarters saw a ~10% increase while this quarter saw the stake sold at prices between ~$2534 and ~$2961. The stock is now at $2186.CoStar Group (CSGP): CSGP was a 3.14% of the portfolio position purchased in Q1 2021 at prices between ~$76 and ~$94. This quarter saw the stake sold at prices between ~$53 and ~$79. The stock is now at ~$57Burlington Stores (BURL): The ~3% portfolio stake in BURL was established in Q2 2019 at prices between $146 and $177. The position saw a ~115% stake increase next quarter at prices between $168 and $205. Q1 2020 saw a ~20% selling at prices between $121 and $248 while next quarter there was a similar increase at prices between $141 and $217. Q3 2020 also saw a ~20% stake increase at prices between ~$171 and ~$217. The position was sold this quarter at prices between ~$173 and ~$289. The stock currently trades at ~$151.Walt Disney (DIS): The 2.16% DIS stake was purchased in Q1 2020 at prices between $85 and $148. Next quarter saw a ~300% stake increase at prices between $94 and $127. The position was sold down by ~50% last quarter at prices between ~$142 and ~$178. The remaining stake was sold this quarter at prices between ~$129 and ~$158. The stock currently trades at ~$102.Alight Inc. (ALIT): The ~1% of the portfolio stake in ALIT was purchased in Q3 2021 at prices between ~$8.50 and ~$13 and the stock currently trades at $7.88. Last quarter saw a ~50% selling at prices between ~$10 and ~$12. The elimination this quarter was at prices between ~$8.50 and ~$11.Expedia Group (EXPE): EXPE was a 1.65% of the portfolio position purchased last quarter at prices between ~$145 and ~$188. The disposal this quarter was at prices between ~$157 and ~$214. The stock currently trades at ~$125.AES Energy (AES), Align Technology (ALGN), Coupa Software (COUP), Comcast Corp (CMCSA), CF Industries (CF), Grab Holdings (GRAB), and RH Inc. (RH): These small (less than ~2% of the portfolio each) stakes were disposed during the quarter.Stake Increases:EQT Corp (EQT), Zendesk Inc. (ZEN), and Hertz Global (HTZ): These three positions purchased last quarter were substantially increased this quarter. The fairly large ~4% EQT stake was established at prices between ~$18 and ~$23 and increased by ~80% this quarter at prices between ~$20 and ~$36. The stock currently trades well above those ranges at $40.85. ZEN is a ~3% position built at prices between ~$91 and ~$135 and it now goes for ~$99. The ~2% HTZ position was purchased at prices between ~$19 and ~$35 and it is now just below the low end of that range at $18.45. This quarter saw a ~10% stake increase.Dupont De Nemours (DD): The 1.87% of the portfolio stake in DD was established in Q1 2021 at prices between ~$69 and ~$86 and it is now below that range at $63.85. There was a ~11% stake increase last quarter and a marginal increase this quarter.Cano Health (CANO): The ~1% CANO position saw minor increases in the last two quarters.Note: They have a 6.37% ownership stake in Cano Health.Stake Decreases:SentinelOne (S): SentinelOne is the top position at 13.27% of the portfolio. The stake goes back to 2015 when they led the Series B funding round at a post-money valuation of $98M. They participated in each subsequent round as well as the IPO and after-market. The stock currently trades at $24.77 at a valuation of ~$5.5B – their initial 2015 investment has so far returned a stunning ~60x.There was minor trimming this quarter.Note: Regulatory filings since the quarter ended show them owning 24.8M shares (~12% of the business) of SentinelOne. This is compared to 26.3M shares in the 13F report. Around 1.5M shares were sold at ~$34.50 per share.PG&E Corp (PCG) & Units: PCG is currently the second-largest 13F stake at ~12% of the portfolio. The position came about as a result of participating in a PIPE (terms for the exit financing called for up to $10.50 per share purchase price). This quarter saw a ~10% trimming. The stock currently trades at $11.74.Note: Third Point is very bullish on PG&E. The Q1 2022 letter had the following: the stock is trading at 12x 2022 earnings compared to 21x for the utility index as a whole and well below its closest comparable, Edison International at 15x. Further, the stock should benefit from the expected reinstatement of cash dividend in 2023 and inclusion in S&P 500 index eventually.Danaher Corp. (DHR): The top three 9.51% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. There was a ~20% stake increase in Q1 2019 at prices between $98 and $132 while H1 2020 saw a ~20% selling at prices between $129 and $177. That was followed with a ~14% trimming this quarter. It currently trades at ~$252.Note: The prices quoted above are adjusted for the Fortive (FTV) spin-off in July 2016.S&P Global (SPGI): SPGI is a fairly large (top five) 5.13% stake established in Q2 2016 at prices between $96 and $128. The position has wavered. Recent activity follows: the five quarters thru Q1 2019 saw a combined ~60% selling at prices between $164 and $213. There was a ~30% stake increase over the two quarters through Q1 2021 at prices between ~$306 and ~$379. The stock is now at ~$342. This quarter saw a minor ~4% trimming.Intuit Inc. (INTU): INTU is a 4.54% of the portfolio stake built over the four quarters through Q1 2021 at prices between ~$218 and ~$422. This quarter saw a ~40% selling at prices between ~$425 and ~$632. The stock currently trades at ~$368.UnitedHealth (UNH): The ~4% UNH position was purchased during Q4 2020 and Q1 2021 at prices between ~$305 and ~$377. This quarter saw a ~23% selling at prices between ~$456 and ~$521. The stock currently trades at ~$486.Avantor Inc. (AVTR): The 3.68% AVTR stake was established in Q3 2020 at prices between ~$17 and ~$23 and increased by ~235% next quarter at prices between ~$22.50 and ~$28. There was a ~23% reduction this quarter at prices between ~$32.50 and ~$40.60. The stock currently trades at $31.22.Iqvia Holdings (IQV): The 3.31% IQV position was purchased in Q3 2018 at prices between $99 and $131 and increased by ~25% in Q3 2019 at prices between $143 and $162. There was a one-third selling in Q2 2021 at prices between ~$193 and ~$247. The stock currently trades at ~$202. This quarter saw a ~17% trimming.Microsoft Corp (MSFT): The ~2% of the portfolio MSFT stake was purchased in Q3 2020 at prices between ~$200 and ~$232. The two quarters through Q1 2021 had seen a ~60% stake increase at prices between ~$200 and ~$245. This quarter saw a two-thirds reduction at prices between ~$276 and ~$335. The stock currently trades at ~$253.Rivian Automotive (RIVN): The ~2% of the portfolio RIVN stake was first disclosed in their Q3 2021 investor letter. They made the investment in two rounds prior to the IPO: a small stake in late 2020 and a larger one in July last year prior to the IPO. They reduced the position in late January and bought most of it back at much lower prices later in the quarter. The stock started trading at ~$100 and currently goes for ~$29.Amazon.com (AMZN): AMZN was a large (top five) 5.47% of the portfolio position purchased in Q4 2019 at prices between $1705 and $1870. The stake saw a ~200% increase in Q1 2020 at prices between $1677 and $2170. There was a ~30% selling in Q4 2020 at prices between ~$3005 and ~$3444. Next quarter saw another ~20% reduction at prices between ~$2951 and ~$3380. Last three quarters had seen a stake doubling at prices between ~$3094 and ~$3731. This quarter saw the position reduced by ~90% to a very small 0.74% stake at prices between ~$2720 and ~$3408. The stock currently trades at $2152.Archaea Energy (LFG), Catalent Inc. (CTLT), Crown Holdings (CCK), Dell Technologies (DELL), Global Blue (GB), Leslie’s Inc. (LESL), Perimeter Solutions SA (PRM), and TransDigm Group (TDG): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Ventyx Biosciences (VTYX): The very small 0.76% of the portfolio stake in VTYX was kept steady this quarter.The spreadsheet below highlights changes to Loeb’s 13F stock holdings in Q1 2022:Source: John Vincent. Data constructed from Third Point’s 13F filings for Q4 2021 and Q1 2022.Q4 2021 Letter, Monthly Reports, etc - - .: Performance: 22.7% vs 28.7% for S&P 500 index. 15.1% since 1996 inception vs 9.6% for S&P 500 Index. Exposure: 141% long and 44.1% short for a net exposure of 96.9% as of EOY 2021. Commentary: PaySafe (exited after Q3 earnings) & Upstart losses commentary. Anticipates 2022 as a year of normalization. Excess liquidity being removed by banks. Goods component of inflation to begin to see slowing. Consumers on solid footing but watching pace of wage and rent inflation. Expects Fed to be flexible. Reduced exposure in late January & redeployed. Opportunities in event-driven and value investing based on a) M&A is revealing hidden value b) value-oriented “old” tech stocks like Intel, and c) merger-arbitrage. Private market re-rating similar to public markets is happening – preference for Series B investing should insulate us from substantial shock – still finding opportunities in early-stage privates. Amazon – results show they are at an inflection point based on secular growth drivers – cloud adoption and eCommerce penetration. Should benefit after a large investment cycle (doubled fulfillment capacity over two years), excess COVID-costs, etc. to go down. Shares trading at lower end of historical multiple range. Two additional factors – repurchased in Jan 2022 for first time in a decade, and shareholder friendly moves by new CEO Andy Jassy – revenue split-up given, Accenture – over past two decades, Accenture compounded FCF at 12% - rising IT spend and market share gains. Digitization accelerating post-COVID across industries, remote work, etc. tailwinds. Expects revenue growth to accelerate to mid-teens in coming years. Expects growth to persist for years. Intel – positive commentary but they sold and so unclear what is going on. Verbit (Ventures Investment) – led $200M Series E – AI-powered transcription and captioning platform company led by Tom Livine - $30 billion transcription market. 2017 inception. 100% yoy growth since. NEW POSITIONS: Royal Dutch Shell – urging split-up – no bigger ESG opportunity than in big-oil – we are early in engagement but a plan to accelerate decarbonization while simultaneously improving returns is in the cards & UnitedHealth – market leader in both insurance and healthcare services (Optum) businesses which are synergistic – initiated during 2020 Presidential election - also an early adopter of new tech. Expects multiple to rise based on higher-growth Medicare Advantage and value-based care MA clinics should allow sustaining mid-teens earnings growth. PRIVATE INVESTMENT IN RIVIAN: reduced position but bought back below IPO price of $78.Regulatory filings from 11/25/2021 to 2/27/2022: 13G/As – UPST – zero - Form 4s – 12/3 etc. - sold at prices between 161 and 228 – 8.1M remain, RADI – Radius Global – zero, IAA – 0, VLD – Velo3D – zero, HIPO – 240K shares – 0.1% of business, CANO – 11.5M shares – 6.4% of business. 2/14 – 13Gs – MSAC – Medicus Sciences Acquisition – 790K shares – 8.5% of business, MCG – Membership Collective Group – 3.75M shares – 6.2% of business, LHAA – Leher Hippeau Acquisition – 1.25M shares – 5.5% of business, IACC – Ion Acquisition 3 – 1.8M shares – 6.9% of business, LFG – archaea energy – 4.45M shares – 8.3% of business. 13D/A – 12/14 – S – SentinelONe – 26.71M shares – 16.8% of business."

"Tracking Dan Loeb’s Third Point Portfolio – Q4 2021 Update"

"Dan Loeb's 13F portfolio value decreased from $18.32B to $14.33B this quarter. The number of positions decreased from 113 to 92.Third Point increased Amazon, RH Inc., and Catalent while decreasing Upstart Holdings and Walt Disney during the quarter.The top three positions are at ~23% of the portfolio: SentinelOne, Danaher, and PG&E Corp.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s 13F stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 2/14/2022. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q3 2021.This quarter, Loeb’s 13F portfolio value decreased ~22% from $18.32B to $14.33B. The 13F portfolio is very concentrated with the top three holdings accounting for ~23% of the entire portfolio. The number of holdings decreased from 113 to 92. 40 of the holdings are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five individual stock positions are SentinelOne, Danaher Corp, PG&E, Amazon.com, and Intuit.Third Point returned 22.70% in 2021 compared to 28.7% for the S&P 500 Index. Annualized returns since December 1996 inception are at 15.1% compared to 9.6% for the S&P 500 Index. AUM is distributed among several strategies of which the long/short equity portion is the majority: of the roughly 55% net portfolio exposure, 96.9% is the net-long equity portion. In addition to partner stakes, Third Point also invests the float of Sirius Point (SPNT) and capital from London listed closed-end fund Third Point Offshore (TPNTF). To know more about Dan Loeb's Third Point, check-out his letters to shareholders at their site. His activist investing style is covered in the book "".Note 1: They have a significant portfolio of investments thru their venture firm . The fourth quarter investor letter unveiled a significant position in Verbit (Israel-based business led by Tom Livine aiming to disrupt the $30B transcription market) by leading their $200M Series E round. Other investments previously disclosed include Yellowbrick Data, Aryaka, Kentik, Kumu Networks, Ushur, CipherTrace, Bitwise, FTX, etc.Note 2: Large equity investments not in the 13F report include Sony (SONY), Essilor Luxottica (ESLOY), and Nestle (NSRGY). All three are activist stakes. SONY is a $1.5B investment made in June 2019 when the stock was trading at around $50 per share. It is currently at ~$98. The ESLOY investment was made in early 2019 when the stock was trading at ~$62.50 per share. It currently trades at ~$78.55. The NSRGY position is from 2017 and the stock has rallied from ~$75 to ~$127 now.New Stakes:Accenture plc (ACN): ACN is a fairly large 3.62% of the portfolio position established this quarter at prices between ~$320 and ~$415 and the stock currently trades just below that range at ~$314.Rivian Automotive (RIVN): The 2.85% of the portfolio RIVN stake was first disclosed in their Q3 2021 investor letter. They made the investment in two rounds prior to the IPO: a small stake in late 2020 and a larger one in July last year prior to the IPO. The stock started trading at ~$100 and currently goes for ~$47.Note: Their Q4 2021 letter had the following regarding Rivian – they reduced the position in late January and then bought it back below the IPO price of $78 per share.Expedia Group (EXPE): EXPE is a 1.65% of the portfolio position purchased this quarter at prices between ~$145 and ~$188 and the stock currently trades at ~$176.Align Technology (ALGN), Hertz Global (HTZ), Zendesk Inc. (ZEN), Crown Holdings (CCK), EQT Corp (EQT), Coupa Software (COUP), Comcast Corp (CMCSA), Perimeter Solutions SA (PRM), and Ventyx Biosciences (VTYX): These are small (less than ~1.5% of the portfolio each) stakes established during the quarter.Stake Disposals:Intel Corp (INTC): INTC was a 2.62% of the portfolio position built in Q2 2021 at prices between ~$53.50 and ~$68. The stock currently trades below that range at $48.07. There was a ~35% selling last quarter at prices between ~$52 and ~$57. The disposal this quarter was at prices between ~$48 and ~$56.Visa Inc. (V): The 1.70% Visa stake was established in Q2 2018 at prices between $118 and $136. H1 2020 had seen a ~17% reduction at prices between $136 and $213 while next quarter there was a ~25% stake increase at prices between ~$189 and ~$217. The elimination this quarter was at prices between ~$190 and ~$234. The stock is now at ~$200.Paysafe Limited (PSFE): PSFE was a 1.67% of the portfolio position established in Q1 2021 at $10 per share as Third Point led the PIPE of this de-SPAC. The position was sold this quarter at prices between ~$3.40 and ~$8.30. The stock currently trades at ~$3.Estee Lauder (EL): The 1.64% EL stake was built over the three quarters through Q2 2021 at prices between ~$218 and ~$318. The position was eliminated this quarter at prices between ~$300 and ~$370. The stock currently trades at ~$286.Endeavor Group Holdings (EDR): EDR had an IPO last April. Shares started trading at ~$25 and currently goes for $27.05. Third Point’s position goes back to a private placement done concurrent with the IPO. The stake was sold during the quarter at prices between ~$24 and ~$35.Meta Platforms (FB) previously Facebook: The 1.85% FB position was purchased in Q2 2020 at prices between $154 and $242 and the stock is now at ~$200. Q3 2020 saw a one-third stake increase at prices between ~$230 and ~$304. The disposal this quarter was at prices between ~$307 and ~$348.Activision Blizzard (ATVI): The 0.84% of the portfolio ATVI position was established at prices between ~$73 and ~$94. The stake was sold this quarter at prices between ~$57 and ~$81. The stock is now at $83.43.Note: In January, Microsoft (MSFT) announced a $95 per share all-cash deal to buy Activision Blizzard.Aptiv plc (APTV), Black Knight Inc. (BKI), Didi Global (DIDI), TE Connectivity (TEL), Suncor Energy (SU), and Zimmer Biomet Holdings (ZBH): These small (less than ~1.15% of the portfolio each) stakes were disposed during the quarter.Stake Increases:Danaher Corp. (DHR): The top three 6.66% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. There was a ~20% stake increase in Q1 2019 at prices between $98 and $132 while H1 2020 saw a ~20% selling at prices between $129 and $177. It currently trades at ~$273. Last several quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the Fortive (FTV) spin-off in July 2016.Amazon.com (AMZN): AMZN is a 5.47% of the portfolio position purchased in Q4 2019 at prices between $1705 and $1870. The stake saw a ~200% increase in Q1 2020 at prices between $1677 and $2170. The stock is now well above those ranges at ~$2913. There was a ~30% selling in Q4 2020 at prices between ~$3005 and ~$3444. Next quarter saw another ~20% reduction at prices between ~$2951 and ~$3380. Last three quarters have seen a stake doubling at prices between ~$3094 and ~$3731.Intuit Inc. (INTU): INTU is a 5.16% of the portfolio stake built over the four quarters through Q1 2021 at prices between ~$218 and ~$422. The stock currently trades at ~$465. Last few quarters have seen only minor adjustments.Iqvia Holdings (IQV): The 1.63% IQV position was purchased in Q3 2018 at prices between $99 and $131 and increased by ~25% in Q3 2019 at prices between $143 and $162. There was a one-third selling in Q2 2021 at prices between ~$193 and ~$247. The stock currently trades at ~$227. There was a minor ~6% increase this quarter.Dupont De Nemours (DD): The 1.87% of the portfolio stake in DD was established in Q1 2021 at prices between ~$69 and ~$86 and it is now at $74.39. There was a ~11% stake increase this quarter.Dell Technologies (DELL): DELL is a 1.41% of the portfolio position built during H1 2021 at prices between ~$33 and ~$49 and it is now at ~$52. There was a ~7% stake increase this quarter.Note: The prices quoted are adjusted for the ~$55 per share of value in VMWare (VMW) distributed to Dell shareholders last October.Archaea Energy (LFG), Cano Health (CANO), Catalent Inc. (CTLT), CF Industries (CF), Grab Holdings (GRAB), RH Inc. (RH), and UnitedHealth (UNH): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Stake Decreases:Upstart Holdings (UPST): UPST stake is now at 4.22% of the portfolio. Third Point’s original position goes back to a Series C funding round in 2015 when the business was valued at ~$180M. They also added 1.2M shares in the December IPO. UPST started trading at ~$44 and currently goes for ~$128.Note: Regulatory filings since the quarter ended show that they have sold the entire stake at prices up to $228 per share. They had a ~15% stake in Upstart Holdings and was sitting on gains of ~20x from ~$206M in total investments (~$66M six years ago and ~$140M at IPO).PG&E Corp (PCG): PCG is currently the third-largest 13F stake at 6.52% of the portfolio. Third Point’s Q2 2020 letter had the following regarding the investment in PG&E – the position came about as a result of participating in a PIPE (terms for the exit financing called for up to $10.50 per share purchase price). They believed the stock was undervalued as there were several risk mitigation measures in place – wildfire fund (insurance against wildfires), $3B per year investments in wildfire safety, ESG plans, etc. The stock currently trades at $11.20. There was minor trimming in the last three quarters.Burlington Stores (BURL): The ~3% portfolio stake in BURL was established in Q2 2019 at prices between $146 and $177. The position saw a ~115% stake increase next quarter at prices between $168 and $205. Q1 2020 saw a ~20% selling at prices between $121 and $248 while next quarter there was a similar increase at prices between $141 and $217. Q3 2020 also saw a ~20% stake increase at prices between ~$171 and ~$217. The stock currently trades at ~$190. Last four quarters have seen only minor adjustments.Walt Disney (DIS): DIS is currently at 2.16% of the portfolio. It was purchased in Q1 2020 at prices between $85 and $148. Next quarter saw a ~300% stake increase at prices between $94 and $127. The stock currently trades at ~$141. The position was sold down by ~50% this quarter at prices between ~$142 and ~$178.TransDigm Group (TDG): The 1.45% TDG stake was purchased in Q3 2020 at prices between ~$411 and ~$519 and it is currently well above that range at ~$633. There was a ~12% stake increase in Q4 2020. This quarter saw a ~27% reduction at prices between ~$553 and ~$685.Alight Inc. (ALIT): The ~1% of the portfolio stake in ALIT was purchased last quarter at prices between ~$8.50 and ~$13 and the stock currently trades at $9.41. This quarter saw a ~50% selling at prices between ~$10 and ~$12.Leslie’s Inc. (LESL): The small ~1% of the portfolio stake in LESL saw a minor ~3% trimming this quarter.Kept Steady:SentinelOne (S): SentinelOne is now the top position at 9.41% of the portfolio. The stake goes back to 2015 when they led the Series B funding round at a post-money valuation of $98M. They participated in each subsequent round as well as the IPO and after-market. The stock currently trades at $36.74 at a valuation of ~$10B – their initial 2015 investment has so far returned a stunning ~100x.Alphabet Inc. (GOOG): GOOG is a 4.29% of the portfolio position purchased in Q4 2020 at prices between ~$1453 and ~$1828 and the stock is now well above that range at ~$2642. There was a ~20% reduction in Q1 2021 at prices between ~$1728 and ~$2138. Last two quarters saw a ~10% increase.Microsoft Corp (MSFT): The 3.76% of the portfolio MSFT stake was purchased in Q3 2020 at prices between ~$200 and ~$232. The two quarters through Q1 2021 had seen a ~60% stake increase at prices between ~$200 and ~$245. The stock currently trades at ~$290.S&P Global (SPGI): SPGI is a 3.29% stake established in Q2 2016 at prices between $96 and $128. The position has wavered. Recent activity follows: the five quarters thru Q1 2019 saw a combined ~60% selling at prices between $164 and $213. There was a ~30% stake increase over the two quarters through Q1 2021 at prices between ~$306 and ~$379. The stock is now at ~$408.Avantor Inc. (AVTR): The 3.18% AVTR stake was established in Q3 2020 at prices between ~$17 and ~$23 and increased by ~235% next quarter at prices between ~$22.50 and ~$28. The stock currently trades at $33.11. Last three quarters have seen only minor adjustments.CoStar Group (CSGP): CSGP is a 3.14% of the portfolio position purchased in Q1 2021 at prices between ~$76 and ~$94 and the stock currently trades below that range at $57.92. There was a minor increase in the last two quarters.Note: their investment thesis is that CoStar Group’s Ten-X acquisition should result in a second tailwind – “Bloomberg of CRE” to also be “Nasdaq of CRE” – cross-selling should result in revenue growth acceleration to 20% and EBITDA growth from 20% to 30% over time.PG&E (PCG) Corp & Units: The small 0.65% stake in PCG Units was kept steady this quarter.The spreadsheet below highlights changes to Loeb’s 13F stock holdings in Q4 2021:Source: John Vincent. Data constructed from Third Point’s 13F filings for Q3 2021 and Q4 2021.9/8/2021: Kadmon Holdings to be acquired by Sanofi for $9.50 per share cash.10/29/2021: DELL-VMW spinoff terms: 0.440626 of a share of VMW Class A for each share of Dell held as of 10/29/2021 5PM ET. Details at . So, ~$55 per share in VMW stock was distributed.Q3 2021 Letter, Monthly Reports, etc - - .: Performance: thru September 29.5% vs 13.4% for S&P 500 index. 15.5% since 1996 inception vs 9.3% for S&P 500 Index. Exposure: 143.8% long and 35.9% short for a net exposure of 107.9% as of October. Commentary: Significant shift to “Growth Is Where the Value Is” theme since Q2 2018 has worked. Increasingly cautious now – increased single name shorts. SentinelOne and Upstart – Our largest winners. Upstart has started to upend FICO-dependent unsecured personal loan market with its AI-driven underwriting approach – also ramping up for the $685B auto lending market. Full-year guidance raised by 25%. SentinelOne should continue to gain market share for next decade as their machine-learning based security products are superior to incumbents – 100% yoy growth is a testament. Seeing “Event-Driven” Opportunities: a) Vivendi – Bollore took steps forward on governance, b) Dell – undervalued after VMWare transaction – 10% FCF yield, 2.5% dividend yield, and 1.5x leverage, c) Entain – two bids within one year (MGM & DraftKings) bodes favorably for this iGaming leader’s business and strategic value, and d) Prudential plc – successful Jackson National spinoff and equity raise in Asia for Pru-Asia business – value gap narrowed but still discounted to peers. NEW POSITIONS: Royal Dutch Shell – urging split-up – no bigger ESG opportunity than in big-oil – we are early in engagement but a plan to accelerate decarbonization while simultaneously improving returns is in the cards & UnitedHealth – market leader in both insuance and healthcare services (Optum) businesses which are synergistic – initiated during 2020 Presidential election - also an early adopter of new tech. Expects multiple to rise based on higher-growth Medicare Advantage and value-based care MA clinics should allow sustaining mid-teens earnings growth. PRIVATE INVESTMENT IN RIVIAN: believes Rivian will be Amazon’s end-to-end fleet provider of choice. Late 2020 initial investment, did more meaningful pre-IPO round in July 2021 – believes Rivian is best-in-class in every way.Regulatory filings from 8/29/2021 to 11/25/2021: Form 4 – 11/23 – UPST – Around 750K shares disposed at prices between 200 & 220 – 9.5M shares remain, Form 4 – 11/17 - ~2.15M shares disposed at prices between 233 & 261 – 10.25M shares remain. 13G/A – 11/19 – FTCV – 1.13M shares – 4.41% of business, Form 4 – 11/15 – 490K shares disposed at ~10.55 – 2.51M shares remain. 13D – 11/4 – Ventyx Biosciences – VTYX – 4.31M shares – 8.57% of business. 13D/A – SentinelONe – 26.7M shares – 40.4% of business."

"Tracking Dan Loeb’s Third Point Portfolio – Q3 2021 Update"

"Dan Loeb's 13F portfolio value increased from $17.08B to $18.32B this quarter. The number of positions decreased from 126 to 113.Third Point increased Amazon while decreasing Intel and dropping JD.com, SoFi Technologies, and Uber Technologies during the quarter.The top three positions are at ~34% of the portfolio: Upstart Holdings, SentinelOne, and Danaher.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s 13F stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 11/15/2021. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q2 2021.This quarter, Loeb’s 13F portfolio value increased ~7% from $17.08B to $18.32B. The 13F portfolio is very concentrated with the top three holdings accounting for ~34% of the entire portfolio. The number of holdings decreased from 126 to 113. 38 of the holdings are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five individual stock positions are Upstart Holdings, SentinelOne, Danaher Corp, PG&E, and Walt Disney.Third Point returned 29.5% thru September this year compared to 13.4% for the S&P 500 Index. Annualized returns since December 1996 inception are at 15.5% compared to 9.3% for the S&P 500 Index. AUM is distributed among several strategies of which the long/short equity portion is the majority: of the roughly two-thirds net portfolio exposure, 107.9% (over 100% due to leverage) is the net-long equity portion. In addition to partner stakes, Third Point also invests the float of Sirius Point (SPNT) and capital from London listed closed-end fund Third Point Offshore (TPNTF). To know more about Dan Loeb's Third Point, check-out his letters to shareholders at their site. His activist investing style is covered in the book "".Note 1: They have significant ownership stakes in several SPACs including participation in the PIPEs of two crypto de-SPAC deals – Fintech Acquisition V (FTCV) which announced a deal for eToro in March and Concord Acquisition (CND) which announced a deal for Circle in July.Note 2: They have a significant portfolio of investments thru their venture firm . The third quarter investor letter unveiled a significant position in Rivian Automotive (RIVN) made in two rounds: a small stake in late 2020 and a larger one in July this year prior to the IPO. Other such stakes include investments in Yellowbrick Data, Aryaka, Kentik, Kumu Networks, Ushur, CipherTrace, Bitwise, FTX, etc.Note 3: Large equity investments not in the 13F report include Sony (SONY), EssilorLuxottica (ESLOY), and Nestle (NSRGY). All three are activist stakes. SONY is a $1.5B investment made in June 2019 when the stock was trading at around $50 per share. It is currently at ~$120. The ESLOY investment was made in early 2019 when the stock was trading at ~$62.50 per share. It currently trades at ~$100. The NSRGY position is from 2017 and the stock has rallied from ~$75 to ~$130 now.New Stakes:Alight Inc. (ALIT) and Activision Blizzard (ATVI): These are the new positions this quarter. The ~1% of the portfolio stake in ALIT was purchased at prices between ~$8.50 and ~$13 and the stock currently trades at $9.97. The 0.84% of the portfolio ATVI position was established at prices between ~$73 and ~$94 and it is now well below that range at $57.36.Stake Disposals:SoFi Technologies (SOFI): SOFI was a 3.24% of the portfolio position established last quarter at prices between ~$14.50 and ~$24. The disposal this quarter was at prices between ~$13.75 and ~$19. The stock currently trades at $15.19.Note: Social Capital Hedosophia V merged with SoFi in a de-SPAC deal that closed in June.Uber Technologies (UBER): UBER was a 2.45% of the portfolio position purchased in Q1 2021 at prices between ~$48 and ~$63. There was a ~25% stake increase las quarter at prices between ~$44 and ~$61. The elimination this quarter was at prices between ~$38.50 and ~$52. The stock currently trades at $35.85.Note: Ride-sharing is a popular theme in Third Point’s portfolio. They had a successful exit from Lyft (LYFT) and currently has stakes in Didi and Grab Holdings. The stake in Grab Holdings & Didi Global go back to funding rounds from 2016. Also, they have a position in Altimeter Growth both from purchasing equity and committing to participation in the PIPE - AGC merged with Grab Holdings (GRAB) in a de-SPAC deal that closed last week.JD.com (JD): JD was a 1.35% of the portfolio stake established in Q2 2020 at prices between $40 and $62. There was a ~35% stake increase in Q3 2020 at prices between ~$60 and ~$83 while next quarter saw a ~25% selling at prices between ~$76 and ~$93. Last two quarters had also seen a combined ~15% trimming. The stake was sold this quarter at prices between ~$62 and ~$83. The stock currently trades at ~$78.Charter Communications (CHTR): The minutely small ~0.35% of the portfolio stake in CHTR was sold during the quarter.Stake Increases:SentinelOne (S): The large (top three) 7.62% of the portfolio SentinelOne stake goes back to 2015 when they led the Series B funding round at a post-money valuation of $98M. They participated in each subsequent round as well as the IPO and after-market. The stock currently trades at $46.23 at a valuation of ~$12B – their initial 2015 investment has so far returned a stunning ~120x. There was a minor ~5% increase this quarter.Amazon.com (AMZN): AMZN is a 3.32% of the portfolio position purchased in Q4 2019 at prices between $1705 and $1870. The stake saw a ~200% increase in Q1 2020 at prices between $1677 and $2170. The stock is now well above those ranges at ~$3390. There was a ~30% selling in Q4 2020 at prices between ~$3005 and ~$3444. Next quarter saw another ~20% reduction at prices between ~$2951 and ~$3380 while last quarter there was a ~27% stake increase at prices between ~$3094 and ~$3505. That was followed with a similar increase this quarter at prices between ~$3188 and ~$3731.Alphabet Inc. (GOOG): GOOG is a ~3% of the portfolio position purchased in Q4 2020 at prices between ~$1453 and ~$1828 and the stock is now well above that range at ~$2850. There was a ~20% reduction in Q1 2021 at prices between ~$1728 and ~$2138. Last two quarters saw a ~10% increase.CoStar Group (CSGP): CSGP is a 2.67% of the portfolio position purchased in Q1 2021 at prices between ~$76 and ~$94 and the stock currently trades near the low end of that range at $78.77. There was a minor increase in the last two quarters.Note: their investment thesis is that CoStar Group’s Ten-X acquisition should result in a second tailwind – “Bloomberg of CRE” to also be “Nasdaq of CRE” – cross-selling should result in revenue growth acceleration to 20% and EBITDA growth from 20% to 30% over time.Burlington Stores (BURL): The 2.45% portfolio stake in BURL was established in Q2 2019 at prices between $146 and $177. The position saw a ~115% stake increase next quarter at prices between $168 and $205. Q1 2020 saw a ~20% selling at prices between $121 and $248 while next quarter there was a similar increase at prices between $141 and $217. Q3 2020 also saw a ~20% stake increase at prices between ~$171 and ~$217. The stock currently trades at ~$289. Last three quarters have seen only minor adjustments.Avantor Inc. (AVTR): The 2.41% AVTR stake was established in Q3 2020 at prices between ~$17 and ~$23 and increased by ~235% next quarter at prices between ~$22.50 and ~$28. The stock currently trades at $38.27. Last two quarters have seen only minor adjustments.Dell Technologies (DELL): DELL is a 1.91% of the portfolio position built over the last two quarters at prices between ~$33 and ~$49 and it is now at $58.48. This quarter also saw a ~7% stake increase.Note: The prices quoted are adjusted for the ~$55 per share of value in VMWare (VMW) distributed to Dell shareholders in October.Catalent Inc. (CTLT), RH Inc. (RH), UnitedHealth (UNH), and Zimmer Biomet Holdings (ZBH): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Stake Decreases:Upstart Holdings (UPST): UPST is currently the largest position at 21.42% of the portfolio. Third Point’s original position goes back to a Series C funding round in 2015 when the business was valued at ~$180M. They also added 1.2M shares in the December IPO. UPST started trading at ~$44 and currently goes for ~$172. This quarter saw a ~7% trimming.Note: They have a ~15% stake in Upstart Holdings and are sitting on gains of ~20x from ~$206M in total investments (~$66M six years ago and ~$140M at IPO). Their Q3 2021 letter had the following regarding this position: Upstart has started to upend FICO-dependent unsecured personal loan market with its AI-driven underwriting approach – also ramping up for the $685B auto lending market. The momentum is validated by the ~25% full-year guidance increase.Intel Corp (INTC): INTC is a 2.62% of the portfolio position built last quarter at prices between ~$53.50 and ~$68. The stock currently trades below that range at $49.25. There was a ~35% selling this quarter at prices between ~$52 and ~$57.Visa Inc. (V): The 1.70% Visa stake was established in Q2 2018 at prices between $118 and $136. The stock is now well above that range at ~$196. H1 2020 had seen a ~17% reduction at prices between $136 and $213 while next quarter there was a ~25% stake increase at prices between ~$189 and ~$217. This quarter saw a ~7% trimming.Paysafe Limited (PSFE): PSFE is a 1.67% of the portfolio position established in Q1 2021 at $10 per share as Third Point led the PIPE of this de-SPAC. The stock currently trades at ~$3.38. This quarter saw a ~5% trimming.Note: their Paysafe investment thesis is that as US is poised to become the largest online gambling market globally, Paysafe is positioned well to take advantage.Estee Lauder (EL): The 1.64% EL stake was built over the last three quarters at prices between ~$218 and ~$318 and the stock currently trades at ~$335. There was a ~9% trimming this quarter.Global Blue Group Holding AG (GB) and TE Connectivity (TEL): These two small positions (less than ~1% of the portfolio each) were reduced this quarter.Note: They have a ~5.2% ownership stake in Global Blue Group Holding.Kept Steady:Danaher Corp. (DHR): The top five 4.76% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. There was a ~20% stake increase in Q1 2019 at prices between $98 and $132 while H1 2020 saw a ~20% selling at prices between $129 and $177. It currently trades at ~$313. Last two quarters saw minor trimming.Note: The prices quoted above are adjusted for the Fortive (FTV) spin-off in July 2016.PG&E Corp (PCG): PCG is currently the third-largest 13F stake at 4.29% of the portfolio. Third Point’s Q2 2020 letter had the following regarding the investment in PG&E – the position came about as a result of participating in a PIPE (terms for the exit financing called for up to $10.50 per share purchase price). They believed the stock was undervalued as there are several risk mitigation measures in place – wildfire fund (insurance against wildfires), $3B per year investments in wildfire safety, ESG plans, etc. The stock currently trades at $11.81. There was minor trimming in the last two quarters.Walt Disney (DIS): DIS is currently at 3.83% of the portfolio. It was purchased in Q1 2020 at prices between $85 and $148. Next quarter saw a ~300% stake increase at prices between $94 and $127. The stock currently trades at ~$146. There was a ~13% selling in Q1 2021 and that was followed with a marginal reduction last quarter.Intuit Inc. (INTU): INTU is a 3.24% of the portfolio stake built over the four quarters through Q1 2021 at prices between ~$218 and ~$422. The stock currently trades at ~$648. Last quarter saw a ~8% trimming.Microsoft Corp (MSFT): The 2.46% of the portfolio MSFT stake was purchased in Q3 2020 at prices between ~$200 and ~$232. The two quarters through Q1 2021 had seen a ~60% stake increase at prices between ~$200 and ~$245. The stock currently trades at ~$323.S&P Global (SPGI): SPGI is a 2.32% stake established in Q2 2016 at prices between $96 and $128. The position has wavered. Recent activity follows: the five quarters thru Q1 2019 saw a combined ~60% selling at prices between $164 and $213. There was a ~30% stake increase over the two quarters through Q1 2021 at prices between ~$306 and ~$379. The stock is now at ~$456.Endeavor Group Holdings (EDR): EDR had an IPO in April. Shares started trading at ~$25 and currently goes for $29.29. Third Point’s position goes back to a private placement done concurrent with the IPO.Note: Endeavor Group Holdings used part of the proceeds from the IPO and private placement to fund the acquisition of a ~50% stake in Ultimate Fighting Championship (UFC) that they did not already own.Meta Platforms (FB) previously Facebook: The 1.85% FB position was purchased in Q2 2020 at prices between $154 and $242 and the stock is now at ~$307. Q3 2020 saw a one-third stake increase at prices between ~$230 and ~$304. There was a ~9% trimming in Q1 2021.Iqvia Holdings (IQV): The 1.63% IQV position was purchased in Q3 2018 at prices between $99 and $131 and increased by ~25% in Q3 2019 at prices between $143 and $162. There was a one-third selling last quarter at prices between ~$193 and ~$247. The stock currently trades at ~$262.TransDigm Group (TDG): The 1.53% TDG stake was purchased in Q3 2020 at prices between ~$411 and ~$519 and it is currently well above that range at ~$584. There was a ~12% stake increase in Q4 2020. Last quarter saw a ~7% trimming.Dupont De Nemours (DD): The 1.10% of the portfolio stake in DD was established in Q1 2021 at prices between ~$69 and ~$86 and it is now at $75.48. There was a ~11% stake increase last quarter.Didi Global (DIDI): DIDI had an IPO in June. Shares started trading at ~$15.50 and currently goes for $6.07. Third Point’s position goes back to a funding round in 2016 when the valuation was ~$30B. The current valuation is around the same.Aptiv plc (APTV), Black Knight Inc. (BKI), Cano Health (CANO), Leslie’s Inc. (LESL), PG&E (PCG) Units, and Suncor Energy (SU): These small (less than ~1.15% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Loeb’s 13F stock holdings in Q3 2021:Source: John Vincent. Data constructed from Third Point’s 13F filings for Q2 2021 and Q3 2021.Q2 2021 Letter, Monthly Reports, etc - - .: Performance: thru July 14.7% vs 18% for S&P 500 index. 15% since 1996 inception vs 9.4% for S&P 500 Index. Exposure: 159.5% long and 40% short for a net exposure of 119.5% as of July. Commentary: Significant shift to “Growth Is Where the Value Is” theme since Q2 2018 has worked. Still has high conviction in companes like S&P Global, Visa, Danaher, Microsft, Google, Amazon, etc. SentinelOne and Upstart – Our largest winner in Q2 was SentinelOne, which completed its initial public offering on June 30th. Today, it has a market cap of roughly ~$14 billion, over 4x its last private round valuation in November 2020. We first invested in SentinelOne in 2015, leading its Series B round at a post-money valuation of $98 million, and Robert Schwartz joined the board. After participating at each subsequent round, as well as in the IPO and after-market, we now own over 10% of the company and Rob remains a board member. still very positive after runup but more excited about the replicable process to invest in disruptors. Cryptocurrency – views it as a disruptive technology, impacting broad swaths of the economy. It is part of a broad transition to “Web 3.0” where the user is in control of their data and devices are connected securely – in time, centralized search, social media, and other apps should get replaced by dApps. Participated in the PIPEs of eToro and Circle. Also investments in private companies creating infrastructure – CipherTrace, Bitwise, FTX. Restoration Hardware (RH) – new stake – started building in Q4 2020 – high quality product with no discounting is a differentiator in the overall low-margin furniture business. Their stores draw high-income traffic that creates a “halo effect” – EBIT margins of ~20% and ROIC > 60% is proof. International Expansion (12 stores in Europe projected in next two to three years). Like all great luxury companies, RH has also realized that its design competency and brand cachet extend beyond its core product category, and they are expanding their TAM to include residential real estate development, lodging, restaurants, and more – and are pursuing this growth with a capital-light, high ROIC philosophy. Walt Disney – Transition to subscription based screaming is the growth area. Establishing a durable leadership position in the competitive global streaming market will require tough choices, aggressive investment, unwavering focus and consistent innovation.Regulatory filings from 5/31/2021 thru 8/29/2021: Form 4 – 8/24 – UPST - ~1M shares sold @ ~$203 per share – 12.4M shares remain. Form 3, 13G – 8/13 - Blue Whale Acquisition I – BWCA – 2M common and 500K wts included as part of common purchased – 10% of business. Form 4 – 7/16 – SentinelOne – S - ~200K shares purchased @ ~45 – 2.19M shares total. 13D/a – 7/12 – 26.51M shares – 43.5% of business. Form 4 – 7/2 - ~2M shares acquired at prices between ~$35 and ~$50. Form 3 – 6/30 – 62K common shares & ~24M in redeemable convertible preferred stock. 13G/A – 5/28 – KDMN – 7.6M shares – 4.4% of business."

"Tracking Dan Loeb’s Third Point Portfolio – Q2 2021 Update"

"Dan Loeb's 13F portfolio value increased from $14.83B to $17.08B this quarter. The number of positions increased from 125 to 126.Third Point added SoFi Technologies and increased Intel Corp & Cano Health during the quarter. They also dropped IAA Inc. and reduced Charter Communications.The top three positions are at ~21% of the portfolio: Upstart Holdings, SentinelOne, and PG&E Corp.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s 13F stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 8/16/2021. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q1 2021.This quarter, Loeb’s 13F portfolio value increased ~15% from $14.83B to $17.08B. The 13F portfolio is very concentrated with the top three holdings accounting for ~21% of the entire portfolio. The number of holdings increased from 125 to 126. 40 of the holdings are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five individual stock positions are Upstart Holdings, SentinelOne, PG&E, Intel Corp, and Danaher Corp.Third Point returned 14.7% thru July this year compared to 18% for the S&P 500 Index. Annualized returns since December 1996 inception are at 15% compared to 9.4% for the S&P 500 Index. AUM is distributed among several strategies of which the long/short equity portion is the majority: of the roughly two-thirds net portfolio exposure, 121.8% (over 100% due to leverage) is the net-long equity portion. In addition to partner stakes, Third Point also invests the float of Sirius Point (SPNT) and capital from London listed closed-end fund Third Point Offshore (TPNTF). To know more about Dan Loeb's Third Point, check-out his letters to shareholders at their site. His activist investing style is covered in the book "".Note 1: although the positions relative to the size of the portfolio are very small, they have significant ownership stakes in the following businesses: 4.4% of Kadmon Holdings (KDMN) and 5.6% of Global Blue (GB). In addition, they have significant ownership stakes in several SPACs including participation in the PIPEs of two crypto de-SPAC deals – Fintech Acquisition V (FTCV) which announced a deal for eToro in March and Concord Acquisition (CND) which announced a deal for Circle in July.Note 2: Large equity investments not in the 13F report include Sony (SONY), EssilorLuxottica (ESLOY), and Nestle (NSRGY). All three are activist stakes. SONY is a $1.5B investment made in June 2019 when the stock was trading at around $50 per share. It is currently at ~$109. The ESLOY investment was made in early 2019 when the stock was trading at ~$62.50 per share. It currently trades at $98.77. The NSRGY position is from 2017 and the stock has rallied ~75% since. Also, they have a significant portfolio of investments thru their venture firm . Such stakes include investments in Yellowbrick Data, Aryaka, Kentik, Kumu Networks, Ushur, CipherTrace, Bitwise, FTX, etc.New Stakes:SentinelOne (S): The large (top three) 6.31% of the portfolio SentinelOne stake goes back to 2015 when they led the Series B funding round at a post-money valuation of $98M. They participated in each subsequent round as well as the IPO and after-market. The stock currently trades at $63.88 at a valuation of ~$17B – their initial 2015 investment has so far returned a stunning ~170x.SoFi Technologies (SOFI): SOFI is a 3.24% of the portfolio position established this quarter at prices between ~$14.50 and ~$24 and the stock currently trades near the bottom of that range at $14.57.Note: Social Capital Hedosophia V merged with SoFi in a de-SPAC deal that closed in June.Endeavor Group Holdings (EDR): EDR had an IPO in April. Shares started trading at ~$25 and currently goes for ~$26. Third Point’s position goes back to a private placement done concurrent with the IPO.Note: Endeavor Group Holdings used part of the proceeds from the IPO and private placement to fund the acquisition of a ~50% stake in Ultimate Fighting Championship (UFC) that they did not already own.Didi Global (DIDI): DIDI had an IPO in June. Shares started trading at ~$15.50 and currently goes for ~$7.75. Third Point’s position goes back to a funding round in 2016 when the valuation was ~$30B. The current valuation is ~$37B.Zimmer Biomet Holdings (ZBH): ZBH is a very small 0.75% of the portfolio stake established this quarter.Stake Disposals:IAA Inc. (IAA): IAA was a 3.23% of the portfolio stake established in Q4 2019 at prices between $36 and $47. Q2 2020 saw a ~63% stake increase at prices between $25 and $45. IAA is a June 2019 spinoff of the salvage auction business of KAR Auctions (KAR). It started trading at ~$40 and currently goes for $52.26. There was a ~12% trimming last quarter. The disposal this quarter was at prices between ~$53 and ~$63.Note: Their ownership stake in the business as of last quarter was ~6%.Ferrari NV (RACE): RACE was a 1.39% of the portfolio position built in H2 2020 at prices between ~$130 and ~$180. Last quarter saw a ~9% trimming. The elimination this quarter was at prices between ~$196 and ~$219. The stock currently trades at ~$213.Carvana (CVNA), CarMax Inc. (KMX), ContextLogic (WISH), Equitrans Midstream (ETRN), Shopify (SHOP), and Zillow Group (Z): These very small (less than ~1% of the portfolio each) stakes were disposed during the quarter.Stake Increases:Intel Corp (INTC): INTC is a large (top five) 4.60% of the portfolio position built this quarter at prices between ~$53.50 and ~$68. The stock currently trades just below the low end of that range at ~$53.Amazon.com (AMZN): AMZN is a 2.92% of the portfolio position purchased in Q4 2019 at prices between $1705 and $1870. The stake saw a ~200% increase in Q1 2020 at prices between $1677 and $2170. The stock is now well above those ranges at ~$3356. There was a ~30% selling in Q4 2020 at prices between ~$3005 and ~$3444. Last quarter saw another ~20% reduction at prices between ~$2951 and ~$3380 while this quarter there was a ~27% stake increase at prices between ~$3094 and ~$3505.CoStar Group (CSGP): CSGP is a 2.75% of the portfolio position purchased last quarter at prices between ~$76 and ~$94 and the stock currently trades at $88.72. There was a minor increase this quarter.Note: their investment thesis is that CoStar Group’s Ten-X acquisition should result in a second tailwind – “Bloomberg of CRE” to also be “Nasdaq of CRE” – cross-selling should result in revenue growth acceleration to 20% and EBITDA growth from 20% to 30% over time.Uber Technologies (UBER): UBER is a 2.45% of the portfolio position purchased last quarter at prices between ~$48 and ~$63. There was a ~25% stake increase this quarter at prices between ~$44 and ~$61. The stock currently trades well below those ranges at $39.79.Note: Ride-sharing is a popular theme in Third Point’s portfolio. They had a successful exit from Lyft (LYFT) and currently has stakes in Didi and Grab Holdings. The stake in Grab Holdings & Didi Global go back to funding rounds from 2016. Also, they have a position in Altimeter Growth (AGC) both from purchasing equity and committing to participation in the PIPE - AGC is merging with Grab Holdings in the largest de-SPAC deal announced so far.Estee Lauder (EL): The ~2% EL stake was built over the last three quarters at prices between ~$218 and ~$318 and the stock currently trades near the top of that range at ~$311.Dell Technologies (DELL): DELL is a 1.84% of the portfolio position built over the last two quarters at prices between ~$88 and ~$104 and it is now at ~$101.Dupont De Nemours (DD): The 1.35% of the portfolio stake in DD was established last quarter at prices between ~$69 and ~$86 and it is now just below that range at ~$68. There was a ~11% stake increase this quarter.Black Knight Inc. (BKI), Cano Health (CANO), RH Inc. (RH), and Suncor Energy (SU): These small (less than ~1.15% of the portfolio each) stakes were increased during the quarter.Stake Decreases:PG&E Corp (PCG): PCG is currently the third-largest 13F stake at 6.55% of the portfolio. Third Point’s Q2 2020 letter had the following regarding the investment in PG&E – the position came about as a result of participating in a PIPE (terms for the exit financing called for up to $10.50 per share purchase price). They believed the stock was undervalued as there are several risk mitigation measures in place – wildfire fund (insurance against wildfires), $3B per year investments in wildfire safety, ESG plans, etc. The stock currently trades at $9.58. There was minor trimming in the last two quarters.Danaher Corp. (DHR): The top five 4.50% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. There was a ~20% stake increase in Q1 2019 at prices between $98 and $132 while H1 2020 saw a ~20% selling at prices between $129 and $177. It currently trades at ~$324. Last two quarters saw minor trimming.Note: The prices quoted above are adjusted for the Fortive (FTV) spin-off in July 2016.Walt Disney (DIS): DIS is currently at 4.27% of the portfolio. It was purchased in Q1 2020 at prices between $85 and $148. Next quarter saw a ~300% stake increase at prices between $94 and $127. The stock currently trades at ~$179. There was a ~13% selling last quarter and that was followed with a marginal reduction this quarter.Intuit Inc. (INTU): INTU is a 3.16% of the portfolio stake built over the last four quarters at prices between ~$218 and ~$422. The stock currently trades at ~$554. This quarter saw a ~8% trimming.Alphabet Inc. (GOOG): GOOG is a 2.86% of the portfolio position purchased in Q4 2020 at prices between ~$1453 and ~$1828 and the stock is now well above that range at ~$2780. There was a ~20% reduction last quarter at prices between ~$1728 and ~$2138. This quarter saw a ~5% trimming.Burlington Stores (BURL): The 2.79% portfolio stake in BURL was established in Q2 2019 at prices between $146 and $177. The position saw a ~115% stake increase next quarter at prices between $168 and $205. Q1 2020 saw a ~20% selling at prices between $121 and $248 while next quarter there was a similar increase at prices between $141 and $217. Q3 2020 also saw a ~20% stake increase at prices between ~$171 and ~$217. The stock currently trades at ~$292. There was a ~12% trimming over the last two quarters.Avantor Inc. (AVTR): The 2.18% AVTR stake was established in Q3 2020 at prices between ~$17 and ~$23 and increased by ~235% next quarter at prices between ~$22.50 and ~$28. The stock currently trades at $42.52. There was a ~5% trimming this quarter.Iqvia Holdings (IQV): The 1.77% IQV position was purchased in Q3 2018 at prices between $99 and $131 and increased by ~25% in Q3 2019 at prices between $143 and $162. There was a one-third selling this quarter at prices between ~$193 and ~$247. The stock currently trades at ~$253.TransDigm Group (TDG): The 1.71% TDG stake was purchased in Q3 2020 at prices between ~$411 and ~$519 and it is currently well above that range at ~$615. There was a ~12% stake increase in Q4 2020. This quarter saw a ~7% trimming.JD.com (JD): JD is a 1.35% of the portfolio stake established in Q2 2020 at prices between $40 and $62 and the stock currently trades at ~$74. There was a ~35% stake increase in Q3 2020 at prices between ~$60 and ~$83 while next quarter saw a ~25% selling at prices between ~$76 and ~$93. Last two quarters have also seen a combined ~15% trimming.Aptiv plc (APTV), Charter Communications (CHTR), and TE Connectivity (TEL): These small (less than ~1.20% of the portfolio each) stakes were reduced this quarter.Kept Steady:Upstart Holdings (UPST): UPST is currently the largest position at ~10% of the portfolio. Third Point’s original position goes back to a Series C funding round in 2015 when the business was valued at ~$180M. They also added 1.2M shares in the December IPO. UPST started trading at ~$44 and currently goes for ~$294.Note: They have a ~15% stake in Upstart Holdings and are sitting on gains of over 7x from ~$206M in total investments (~$66M six years ago and ~$140M at IPO).Paysafe Limited (PSFE): PSFE is a 2.94% of the portfolio position established last quarter at ~$10 per share as Third Point led the PIPE of this de-SPAC. The stock currently trades at ~$8.Note: their Paysafe investment thesis is that as US is poised to become the largest online gambling market globally, Paysafe is positioned well to take advantage.Microsoft Corp (MSFT): The 2.54% of the portfolio MSFT stake was purchased in Q3 2020 at prices between ~$200 and ~$232. Last two quarters had seen a ~60% stake increase at prices between ~$200 and ~$245. The stock currently trades at ~$294.S&P Global (SPGI): SPGI is a 2.40% stake established in Q2 2016 at prices between $96 and $128. The position has wavered. Recent activity follows: the five quarters thru Q1 2019 saw a combined ~60% selling at prices between $164 and $213. There was a ~30% stake increase over the last two quarters at prices between ~$306 and ~$379. The stock is now at ~$445.Visa Inc. (V): The ~2% Visa stake was established in Q2 2018 at prices between $118 and $136. The stock is now well above that range at ~$220. H1 2020 had seen a ~17% reduction at prices between $136 and $213 while next quarter there was a ~25% stake increase at prices between ~$189 and ~$217.Facebook Inc. (FB): The ~2% FB position was purchased in Q2 2020 at prices between $154 and $242 and the stock is now at ~$356. Q3 2020 saw a one-third stake increase at prices between ~$230 and ~$304. There was a ~9% trimming last quarter.Catalent Inc. (CTLT), Global Blue Group Holding AG (GB), Leslie’s Inc. (LESL), PG&E (PCG) Units, and UnitedHealth (UNH): These small (less than ~1.5% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Loeb’s 13F stock holdings in Q2 2021:Source: John Vincent. Data constructed from Third Point’s 13F filings for Q1 2021 and Q2 2021.12/30/2020 - $1B activist in Intel revealed.Q1 2021 Letter, April Report, etc - - .: Performance: thru April 13% vs 11.8% for S&P 500 index. 15.1% since 1996 inception vs 9.1% for S&P 500 Index. Exposure: 118.6% long and 39.5% short for a net exposure of 79.2% as of April. SentinelOne and Upstart – investments made roughly six years ago at $145M (~$11.4B as of 5/31/2021 – 15% stake - ~$1.4B current value - $66M invested over the years along with 1.2M shares at IPO) and $73M valuations respectively. eToro & PaySafe – led the PIPEs – eToro has a long growth runway, diversified income streams (equities, commodities, currencies, and crypto), and call option from its entry into the US. PaySafe is the payments facilitator for most of online gambling with a two-sided consumer-merchant offering via digital wallet (Skrill & Neteller) – US poised to become largest online gambling market globally and PaySafe is positioned well to take advantage.Regulatory filings from 3/7/2021 thru 5/31/2021: 13G/A – 5/28 – KDMN – 7.6M shares – 4.4% of business. 13D/A – 3/30 – Global Blue – GB – 10.45M shares – 5.6% of business. 3/25 Form 4, 3/29 13G, Form 3 – Fintech Acq. V – FTCV – 3M shares – 11.7% of business – 85.5K shares purchased at 11.4828. Form 4 – 3/5 – Radius Global Infrastructure – RADI – minor 4.495M shares total. Grab – invested from growth capital stages to IPO - ride sharing is a theme for them having invested in Lyft (exited) and Didi (currently). 1/2016 raise to grow in mobility, food delivery, and financial services. Personal connection with Dan around that time. 2020 showed resilience. Also creation of Singapore’s first digital bank. Marketshare growth against Gojek, etc. Lending, insurance, and investment management are big areas of potential. Costar Group – got during the lows in March – high-quality compounder in the early innings of a transformational new opportunity which could meaningfully accelerate earnings growth. Last 30 years was ACT 1 – “Bloomberg of CRE”. ACT 2 – “Nasdaq of CRE” – transactional marketplace where properties can be bought and sold online – Ten-X acquisition – CRE auction website with 90% market share. Cross-selling should result in revenue growth acceleration from mid-teens to 20% and EBITDA growth from 20% to 30% over time."

"Tracking Dan Loeb’s Third Point Portfolio – Q1 2021 Update"

"Dan Loeb's 13F portfolio value increased from ~$13B to $14.83B this quarter. The number of positions increased from 73 to 125.Third Point added Paysafe, CoStar Group, & Uber Technologies while dropping Alibaba Group Holdings & Fidelity National Information Services.The top three positions are at ~23% of the portfolio: Upstart Holdings, PG&E Corp, and Walt Disney.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s 13F stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 5/14/2021. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q4 2020.This quarter, Loeb’s 13F portfolio value increased ~14% from ~$13B to $14.83B. The 13F portfolio is very concentrated with the top three holdings accounting for ~23% of the entire portfolio. The number of holdings increased from 73 to 125 as they added several very small stakes in SPACs. 41 of the holdings are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five individual stock positions are Upstart Holdings, PG&E, Walt Disney, Danaher Corp, and Paysafe Limited.Third Point returned 13% thru April this year compared to 11.8% for the S&P 500 Index. Annualized returns since December 1996 inception are at 15.1% compared to 9.1% for the S&P 500 Index. AUM is distributed among several strategies of which the long/short equity portion is the majority: of the 79.2% net portfolio exposure, 118.6% (over 100% due to leverage) is the net-long equity portion. In addition to partner stakes, Third Point also invests the float of Sirius Point (SPNT) and capital from London listed closed-end fund Third Point Offshore (TPNTF). To know more about Dan Loeb's Third Point, check-out his letters to shareholders at their site. His activist investing style is covered in the book "".Note 1: it was reported in December that Third Point had built a ~$1B activist stake in Intel (INTC). The 13F report only shows a ~$60M stake. So, it is likely that the rest of the position is through derivative instruments which are outside the scope of 13Fs.Note 2: although the positions relative to the size of the portfolio are very small, they have significant ownership stakes in the following businesses: 4.4% of Kadmon Holdings (KDMN) and 5.6% of Global Blue (GB). In addition, they have significant ownership stakes in several SPACs:Note 3: Large equity investments not in the 13F report include Sony (SONY), EssilorLuxottica (ESLOY), and Nestle (NSRGY). All three are activist stakes. SONY is a $1.5B investment made in June 2019 when the stock was trading at around $50 per share. It is currently at ~$100. The ESLOY investment was made in early 2019 when the stock was trading at ~$62.50 per share. It currently trades at ~$88. The NSRGY position is from 2017 and the stock has rallied ~60% since. Also, they have a significant portfolio of investments thru their venture firm . Such stakes include investments in SentinelOne, Yellowbrick Data, Aryaka, Kentik, Kumu Networks, Ushur, etc.New Stakes:Paysafe Limited (PSFE): PSFE is a 3.78% of the portfolio position established this quarter at ~$10 per share as Third Point led the PIPE of this de-SPAC. The stock currently trades at $11.22.Note 1: their PaySafe investment thesis is that as US is poised to become the largest online gambling market globally, PaySafe is positioned well to take advantage.Note 2: Third Point is also leading the PIPE of Fintech V (FTCV) which is merging with eToro in a de-SPAC deal. Third Point’s thesis per Q4 report is that eToro has a long growth runway and diversified income streams (equities, commodities, currencies, and crypto). Also, they should benefit from entry into the US.CoStar Group (CSGP): CSGP is a ~3% of the portfolio position purchased this quarter at prices between ~$759 and ~$940 and the stock currently trades at $854.Note: their investment thesis is that CoStar Group’s Ten-X acquisition should result in a second tailwind – “Bloomberg of CRE” to also be “Nasdaq of CRE” – cross-selling should result in revenue growth acceleration to 20% and EBITDA growth from 20% to 30% over time.Uber Technologies (UBER) and Dupont De Nemours (DD): UBER is a 2.48% of the portfolio position purchased this quarter at prices between ~$48 and ~$63 and the stock currently trades near the low end of that range at $50.83. The 1.39% of the portfolio stake in DD was established at prices between ~$69 and ~$86 and it is now at $84.59.Note: Ride-sharing is a popular theme in Third Point’s portfolio. They had a successful exit from Lyft (LYFT) and currently has stakes in Didi and Grab Holdings. The stake in Grab Holdings goes back to funding rounds from 2016. Also, they have a position in Altimeter Growth (AGC) both from purchasing equity and committing to participation in the PIPE - AGC is merging with Grab Holdings in the largest de-SPAC deal announced so far.Shopify (SHOP), Suncor Energy (SU), and Carvana (CVNA): These are very small (less than ~1% of the portfolio each) stakes established this quarter.Stake Disposals:Adobe Systems (ADBE): ADBE was a 1.75% stake that saw a ~75% increase in Q2 2018 at prices between $212 and $258 and another ~30% increase next quarter at prices between $242 and $275. There was a ~30% selling in Q1 2020 at prices between $285 and $383. Last quarter saw another ~30% selling at prices between ~$445 and ~$514. The elimination this quarter was at prices between ~$421 and ~$502. The stock is now at ~$505.Alibaba Group Holdings (BABA): BABA was a 2.51% of the portfolio position established in Q2 2020 at prices between $187 and $229 and the stock currently trades at ~$214. Q3 2020 saw a ~25% stake increase at prices between ~$216 and ~$298. Last quarter saw similar selling at prices between ~$222 and ~$317. The disposal this quarter was at prices between ~$223 and ~$271.Fidelity National Information Services (FIS): The 2.33% FIS position came about as a result of FIS acquiring WorldPay in a cash-and-stock transaction (0.9287 FIS shares and $11 cash for each share held) that closed in July 2019. Third Point had a ~3% of the portfolio (2.2M shares) position in WorldPay. It was established in the 2017-2018 timeframe at a cost-basis of ~$70 per share. The resultant FIS stake was also increased by ~25% in Q3 2019 at prices between $125 and $140. Q2 2020 saw another ~37% stake increase at prices between ~$115 and ~$143. Last quarter saw a similar reduction at prices between ~$124 and ~$151. The elimination this quarter was at prices between ~$123 and ~$146. It currently trades at ~$149.Salesforce.com (CRM): The 1.54% CRM position was more than doubled in Q4 2018 at prices between $121 and $160. Q3 2019 saw the position almost doubled again at prices between $140 and $160. H1 2020 had seen a ~37% selling at prices between $124 and $192. That was followed with a similar reduction last quarter at prices between ~$220 and ~$267. The disposal this quarter was at prices between ~$205 and ~$249. The stock is now at ~$238.Expedia Group Inc. (EXPE) and Pinterest Inc. (PINS): The 1.22% EXPE position was established in Q3 2020 at prices between ~$80 and ~$103 and it is now well above that range at ~$177. There was a ~25% selling last quarter at prices between ~$90 and ~$132. The position was disposed this quarter at prices between ~$123 and ~$185. PINS was a 0.51% stake purchased at prices between ~$23 and ~$45 and the stock currently trades at $65.30. The stake was reduced by ~70% last quarter at prices between ~$43 and ~$73. The elimination this quarter was at prices between ~$62 and ~$89.Planet Fitness (PLNT), Stanley Black & Decker (SWK) and Nike Inc. (NKE): These three small (less than ~1.5% of the portfolio each) stakes were disposed during the quarter.Stake Increases:Intuit Inc. (INTU): INTU is a ~3% of the portfolio stake built over the last four quarters at prices between ~$218 and ~$422. The stock currently trades at ~$439.Microsoft Corp (MSFT): The 2.54% of the portfolio MSFT stake was purchased in Q3 2020 at prices between ~$200 and ~$232. Last two quarters have seen a ~60% stake increase at prices between ~$200 and ~$245. The stock currently trades at ~$250.S&P Global (SPGI): SPGI is a 2.38% stake established in Q2 2016 at prices between $96 and $128. The position has wavered. Recent activity follows: the five quarters thru Q1 2019 saw a combined ~60% selling at prices between $164 and $213. There was a ~30% stake increase over the last two quarters at prices between ~$306 and ~$379. The stock is now at ~$380.Aptiv plc (APTV), Estee Lauder (EL), Leslie’s Inc. (LESL), RH Inc. (RH), UnitedHealth (UNH), and Zillow Group (Z): These small (less than ~2% of the portfolio each) stakes were increased this quarter.Stake Decreases:PG&E Corp (PCG): PCG is currently the second-largest 13F stake at 6.55% of the portfolio. Third Point’s Q2 2020 letter had the following regarding the investment in PG&E – the position came about as a result of participating in a PIPE (terms for the exit financing called for up to $10.50 per share purchase price). They believed the stock was undervalued as there are several risk mitigation measures in place – wildfire fund (insurance against wildfires), $3B per year investments in wildfire safety, ESG plans, etc. The stock currently trades at $10.14. There was minor trimming this quarter.Walt Disney (DIS): DIS is currently the third-largest 13F position at 5.23% of the portfolio. It was purchased in Q1 2020 at prices between $85 and $148. Next quarter saw a ~300% stake increase at prices between $94 and $127. The stock currently trades at ~$179. There was a ~13% trimming this quarter.Danaher Corp. (DHR): The top five 4.40% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. There was a ~20% stake increase in Q1 2019 at prices between $98 and $132 while the H1 2020 saw a ~20% selling at prices between $129 and $177. It currently trades at ~$256. This quarter saw minor trimming.Note: The prices quoted above are adjusted for the Fortive (FTV) spin-off in July 2016.IAA Inc. (IAA): IAA is a 3.23% of the portfolio stake established in Q4 2019 at prices between $36 and $47. Q2 2020 saw a ~63% stake increase at prices between $25 and $45. IAA is a June 2019 spinoff of the salvage auction business of KAR Auctions (KAR). It started trading at ~$40 and currently goes for $57. There was a ~12% trimming this quarter.Note: they own ~6% of the business.Burlington Stores (BURL): The ~3% portfolio stake in BURL was established in Q2 2019 at prices between $146 and $177. The position saw a ~115% stake increase next quarter at prices between $168 and $205. Q1 2020 saw a ~20% selling at prices between $121 and $248 while next quarter there was a similar increase at prices between $141 and $217. Q3 2020 also saw a ~20% stake increase at prices between ~$171 and ~$217. The stock currently trades at ~$323. There was a ~10% trimming this quarter.Alphabet Inc. (GOOG): GOOG is a 2.92% of the portfolio position purchased last quarter at prices between ~$1453 and ~$1828 and the stock is now well above that range at $2412. There was a ~20% reduction this quarter at prices between ~$1728 and ~$2138.Charter Communications (CHTR): The 2.70% CHTR position was established in Q1 2020 at prices between $372 and $543 and increased by ~150% next quarter at prices between $424 and $547. It is now at ~$695. This quarter saw a ~13% trimming.Visa Inc. (V): The 2.14% Visa stake was established in Q2 2018 at prices between $118 and $136. The stock is now well above that range at ~$227. H1 2020 had seen a ~17% reduction at prices between $136 and $213 while next quarter there was a ~25% stake increase at prices between ~$189 and ~$217. This quarter saw minor trimming.Amazon.com (AMZN): AMZN is a 2.38% of the portfolio position purchased in Q4 2019 at prices between $1705 and $1870. The stake saw a ~200% increase in Q1 2020 at prices between $1677 and $2170. The stock is now well above those ranges at ~$3223. There was a ~30% selling last quarter at prices between ~$3005 and ~$3444. This quarter saw another ~20% reduction at prices between ~$2951 and ~$3380.JD.com (JD) and Facebook Inc. (FB): These two positions were purchased in Q2 2020. JD is a 1.88% of the portfolio stake established at prices between $40 and $62 and the stock currently trades at ~$74. There was a ~35% stake increase in Q3 2020 at prices between ~$60 and ~$83 while last quarter saw a ~25% selling at prices between ~$76 and ~$93. There was a ~3% trimming this quarter. The ~2% FB position was purchased at prices between $154 and $242 and the stock is now at ~$329. Q3 2020 saw a one-third stake increase at prices between ~$230 and ~$304. There was a ~9% trimming this quarter.Ferrari NV (RACE): RACE is now a 1.39% of the portfolio position. A small position was purchased in Q4 2019. H2 2020 saw the stake built at prices between ~$130 and ~$180. The stock currently trades at ~$211. This quarter saw a ~9% trimming.Black Knight Inc. (BKI), CarMax Inc. (KMX), Equitrans Midstream (ETRN), Global Blue Group Holding AG (GB), and Jaws Acquisition (JWS): These very small (less than ~1% of the portfolio each) stakes were decreased during the quarter.Kept Steady:Upstart Holdings (UPST): UPST is currently the largest position at ~11% of the portfolio. Third Point’s original position goes back to a Series C funding round in 2015 when the business was valued at ~$180M. They also added 1.2M shares in the December IPO. UPST started trading at ~$44 and currently goes for ~$148.Note: They have a ~15% stake in Upstart Holdings and are sitting on gains of over 7x from ~$200M in total investments (~$66M six years ago and ~$140M at IPO).Iqvia Holdings (IQV): The 2.36% IQV position was purchased in Q3 2018 at prices between $99 and $131 and increased by ~25% in Q3 2019 at prices between $143 and $162. The stock currently trades at ~$240.Avantor Inc. (AVTR): The 2.15% AVTR stake was established in Q3 2020 at prices between ~$17 and ~$23 and increased by ~235% last quarter at prices between ~$22.50 and ~$28. The stock currently trades at $32.15.TransDigm Group (TDG): The 1.92% TDG stake was purchased in Q3 2020 at prices between ~$411 and ~$519 and it is currently well above that range at ~$649. There was a ~12% stake increase last quarter.TE Connectivity (TEL): The 1.35% TEL stake was established in Q1 2020 at prices between $53 and $100 and it is now at ~$136.Catalent Inc. (CTLT) and ContextLogic (WISH): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Loeb’s 13F stock holdings in Q1 2021:Source: John Vincent. Data constructed from Third Point’s 13F filings for Q4 2020 and Q1 2021.Q4 2020 Letter, Feb Report, etc - .: Performance: thru February 4.1% vs 1.7% for S&P 500 index. 14.8% since 1996 inception vs 8.9% for S&P 500 Index. Exposure: 161.3% long and 44.5% short for a net exposure of 116.8% as of February. Intel – expects Gelsinger to regain Intel’s position as the premier microprocessor vendor in the world – TAM is enormous and Intel’s resources are unmatched – excited to be long-term holders. Prudential – Asian franchise is substantially undervalued. Upstart Holdings – placed a 10% order of the IPO in December 2020 (1.2M shares for $145M) – led Series C in 2015 & board membership ($180M valuation) – accurate pricing of risk in personal loan origination and now auto loans – at $80 peak valuation was close to $6B. Commentary focused on Third Point Ventures investments (Yellowbrick Data, Aryaka, Kentik, Kumu Networks, Ushur) and specifically two unicorns – SentinelOne and Upstart.Regulatory filings thru 3/6/2021: Form 4 – 3/5 – Radius Global Infrastructure – RADI - ~4.5K disposed at 12.42 - ~4.5M shares remain, 13G – 2/12 – 6M shares – 10% of business, Form 3 – 12/31 – 4.5M shares and wts to acquire 1.5M shares @ 11.5. 13Gs – 2/12 – RTP – 1.2M shares – 5.2%, UPST – 13.38M shares – 18.4% of business, Jaws Spitfire – SPFR – 2.15M shares – 8.7% of business, Form 4 & 3 – 12/22 – 1.2M shares @ 20 – 13.38M shares total, the first 12.18M shares are the Series C convertible preferred shares. JWS – 1.98M shares – 2.88% of business, IAA – 9.23M shares – 6.9% of business, GOAC – 3M shares – 5.2% of business."

"Tracking Dan Loeb’s Third Point Portfolio – Q4 2020 Update"

"Dan Loeb's 13F portfolio value increased from ~$10B to ~$13B this quarter. The number of positions increased from 47 to 73.Third Point added Alphabet and increased Avantor & Planet Fitness while reducing Amazon.com and Alibaba Group Holdings.The top three positions are at ~20% of the portfolio: PG&E Corp, Walt Disney, and Danaher.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s 13F stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 2/16/2021. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q3 2020.The 13F portfolio is very concentrated with the top three holdings accounting for ~20% of the entire portfolio. This quarter, Loeb’s 13F portfolio value increased ~30% from ~$10B to ~$13B as the long-equity allocation in the portfolio increased substantially during the quarter. The number of holdings increased from 47 to 73. The largest five individual stock positions are PG&E, Walt Disney, Danaher Corp, IAA Inc., and Upstart Holdings.Third Point returned 4.1% thru February this year compared to a 1.7% for the S&P 500 Index. Annualized returns since December 1996 inception are at 14.8% compared to 8.9% for the S&P 500 Index. AUM is distributed among several strategies of which the long/short equity portion is the majority: of the 116.8% (over 100% due to leverage) net portfolio exposure, 75.4% is the net-long equity portion. In addition to partner stakes, Third Point also invests the float of Third Point Reinsurance (TPRE) and capital from London listed closed-end fund Third Point Offshore (TPNTF). To know more about Dan Loeb's Third Point, check-out his letters to shareholders at their site. His activist investing style is covered in the book "".Note: Large equity investments not in the 13F report include Sony (SNE), EssilorLuxottica (ESLOY), and Nestle (NSRGY). All three are activist stakes. SNE is a $1.5B investment made in June 2019 when the stock was trading at around $50 per share. It is currently at ~$103. The ESLOY investment was made in early 2019 when the stock was trading at ~$62.50 per share. It currently trades at $84.88. The NSRGY position is from 2017 and the stock has rallied ~40% since. Also, they have a significant portfolio of investments thru their venture firm . Such stakes include investments in SentinelOne, Yellowbrick Data, Aryaka, Kentik, Kumu Networks, Ushur, etc.New Stakes:Upstart Holdings (UPST) and Alphabet Inc. (GOOG): UPST is a large (top five) ~4% of the portfolio stake. Third Point’s original position goes back to a Series C funding round in 2015 when the business was valued at ~$180M. They also added 1.2M shares (~$140M outlay) in the December IPO. UPST started trading at ~$44 and currently goes for $59.24. GOOG is a fairly large 3.51% of the portfolio position purchased at prices between ~$1453 and ~$1828 and the stock is now well above that range at $2115.Aptiv plc (APTV), Stanley Black & Decker (SWK), and Nike Inc. (NKE): These three small (less than ~1.5% of the portfolio each) stakes were established this quarter. APTV is a 1.51% of the portfolio position purchased at prices between ~$94 and ~$131 and it is now at ~$153. The 1.13% SWK stake was established at prices between ~$163 and ~$191 and it currently trades at ~$192. The ~1% NKE position was purchased at prices between ~$120 and ~$144 and it is now at ~$141.Note: Nike is back in the portfolio after a quarter’s gap.Catalent Inc. (CTLT), Leslie’s Inc. (LESL), CarMax Inc. (KMX), RH Inc. (RH), UnitedHealth (UNH), Jaws Acquisition (JWS), Zillow Group (Z), and ContextLogic (WISH): These are very small stakes established this quarter.Note: regulatory filings since the quarter ended show them owning 1.98M shares (2.88% of business) of Jaws Acquisition. This is compared to 5.75M shares in the 13F report. Jaws is merging with Cano Health in a $4.4B EV De-SPAC deal announced in November.Radius Global Infrastructure (RADI), Estee Lauder (EL), Intel Corp (INTC), Vontier Corp (VNT), Social Capital (IPOD) (IPOF) Units, Jaws Spitfire (SPFR) Units, Avanti Acquisition (AVAN) Units, DoorDash Inc. (DASH), Dish Network (DISH), Bluescape Opportunities (BOAC) Units, FirstMark Horizon (FMAC) Units, Marquee Raine Acquisition (MRAC) Units, Star Peak Energy (STPK), Rice Acquisition (RICE) Units, HumanCo Acquisition (HMCO) Units, and Dragoneer Growth Opportunity (DGNR): These are minutely small stakes established during the quarter.Note 1: It was reported in late December that Third Point has built a ~$1B activist stake in Intel.Note 2: Reinvent Technology, Social Capital, Jaws Spitfire, Avanti Acquisition, Bluescape Opportunities, FirstMark Horizon, Marquee Raine, Star Peak Energy, Rice Acquisition, and HumanCo Acquisition, and Dragoneer Growth are SPACs. Dragoneer is merging with CCC in a De-SPAC deal. Others are Pre-Deal.Stake Disposals:Fortive Corp (FTV): FTV was a 2.29% of the portfolio position established last quarter at prices between ~$56 and ~$65. The stake was disposed this quarter at prices between ~$61.60 and ~$73. FTV currently trades at $68.18.10x Genomics (TXG), Caesars Entertainment (CZR), Chindata Group holdings (CD), Dish Network Notes, GoodRx Holdings (GDRX), Pactiv Evergreen Inc. (PTVE), Replay Acquisition Corp (RPLA), and Square Inc. (SQ): These are small (less than ~1.5% of the portfolio each) stakes disposed this quarter.Stake Increases:Avantor Inc. (AVTR): The 2.39% AVTR stake was established last quarter at prices between ~$17 and ~$23 and increased by ~235% this quarter at prices between ~$22.50 and ~$28. The stock currently trades at $28.15.Microsoft Corp (MSFT) and TransDigm Group (TDG): These are medium-sized positions established last quarter and increased this quarter. The 2.23% of the portfolio MSFT stake was purchased at prices between ~$200 and ~$232 and increased by ~18% this quarter. The stock currently trades at ~$237. The 2.31% TDG stake was purchased at prices between ~$411 and ~$519 and it is currently well above that range at ~$597. There was a ~12% stake increase this quarter.S&P Global (SPGI): SPGI is a 2.28% stake established in Q2 2016 at prices between $96 and $128. The position has wavered. Recent activity follows: the five quarters thru Q1 2019 saw a combined ~60% selling at prices between $164 and $213. Since then, the activity had been minor. The stock is now at ~$345. There was a ~15% stake increase this quarter.Planet Fitness (PLNT): PLNT is a 1.38% of the portfolio position purchased last quarter at prices between ~$50 and ~$64 and increased by ~200% this quarter at prices between ~$59 and ~$78.50. The stock currently trades at $80.85.Intuit Inc. (INTU), iShares 1-3 year treasury bond, and Reinvent Technology (RTPU) Units: These small (less than ~1.5% of the portfolio each) stakes were increased during the quarter.Note: Reinvent Technology is a SPAC merging with Joby Aviation in a $4.6B EV deal announced last month.Stake Decreases:Walt Disney (DIS): DIS is currently the second-largest 13F position at 6.70% of the portfolio. It was purchased in Q1 2020 at prices between $85 and $148. Next quarter saw a ~300% stake increase at prices between $94 and $127. The stock currently trades at ~$197. Last two quarters saw minor trimming.Note: Third Point's bullish thesis on Disney is on the idea that Direct-to-Consumer (DTC) streaming is a big opportunity:IAA Inc. (IAA): IAA is a large ~5% of the portfolio stake established in Q4 2019 at prices between $36 and $47. Q2 2020 saw a ~63% stake increase at prices between $25 and $45. IAA is a June 2019 spinoff of the salvage auction business of KAR Auctions (KAR). It started trading at ~$40 and currently goes for $57.78. Last two quarters saw minor trimming.Note: regulatory filings since the quarter ended show them owning 9.3M shares (6.9% of the business). This is compared to 9.9M shares in the 13F report.Amazon.com (AMZN): AMZN is a 3.64% of the portfolio position purchased in Q4 2019 at prices between $1705 and $1870. The stake saw a ~200% increase in Q1 2020 at prices between $1677 and $2170. The stock is now well above those ranges at ~$3114. There was a ~30% selling this quarter at prices between ~$3005 and ~$3444.Alibaba Group Holdings (BABA): BABA is a 2.51% of the portfolio position established in Q2 2020 at prices between $187 and $229 and the stock currently trades at ~$241. Last quarter saw a ~25% stake increase at prices between ~$216 and ~$298. This quarter saw similar selling at prices between ~$222 and ~$317.Fidelity National Information Services (FIS): The 2.33% FIS position came about as a result of FIS acquiring WorldPay in a cash-and-stock transaction (0.9287 FIS shares and $11 cash for each share held) that closed in July 2019. Third Point had a ~3% of the portfolio (2.2M shares) position in WorldPay. It was established in the 2017-2018 timeframe at a cost-basis of ~$70 per share. The resultant FIS stake was also increased by ~25% in Q3 2019 at prices between $125 and $140. Q2 2020 saw another ~37% stake increase at prices between ~$115 and ~$143. This quarter saw a similar reduction at prices between ~$124 and ~$151. It currently trades at ~$145.JD.com (JD) and Facebook Inc. (FB): These two positions were purchased in Q2 2020. JD is a 2.30% of the portfolio stake established at prices between $40 and $62 and the stock currently trades at ~$90. There was a ~35% stake increase last quarter at prices between ~$60 and ~$83 while this quarter saw a ~25% selling at prices between ~$76 and ~$93. The 2.32% FB position was purchased at prices between $154 and $242 and the stock is now at ~$274. Last quarter saw a one-third stake increase at prices between ~$230 and ~$304. There was minor trimming this quarter.Adobe Systems (ADBE): ADBE is a 1.75% stake that saw a ~75% increase in Q2 2018 at prices between $212 and $258 and another ~30% increase next quarter at prices between $242 and $275. There was a ~30% selling in Q1 2020 at prices between $285 and $383. This quarter saw another ~30% selling at prices between ~$445 and ~$514. The stock is now at ~$451.Salesforce.com (CRM): The 1.54% CRM position was more than doubled in Q4 2018 at prices between $121 and $160. Q3 2019 saw the position almost doubled again at prices between $140 and $160. H1 2020 had seen a ~37% selling at prices between $124 and $192. That was followed with a similar reduction this quarter at prices between ~$220 and ~$267. The stock is now at ~$216.Expedia Group Inc. (EXPE) and Pinterest Inc. (PINS): The 1.22% EXPE position was established last quarter at prices between ~$80 and ~$103 and it is now well above that range at ~$171. There was a ~25% selling this quarter at prices between ~$90 and ~$132. PINS is a 0.51% stake purchased at prices between ~$23 and ~$45 and the stock currently trades at $71.88. The stake was reduced by ~70% this quarter at prices between ~$43 and ~$73.Kept Steady:PG&E Corp (PCG): PCG is currently the largest 13F stake at ~8% of the portfolio. The stock currently trades at $11.45. Third Point’s Q2 2020 letter had the following regarding the investment in PG&E – the position came about as a result of participating in a PIPE (terms for the exit financing called for up to $10.50 per share purchase price). They believed the stock was undervalued as there are several risk mitigation measures in place – wildfire fund (insurance against wildfires), $3B per year investments in wildfire safety, ESG plans, etc.Danaher Corp. (DHR): The top five ~5% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. There was a ~20% stake increase in Q1 2019 at prices between $98 and $132 while the H1 2020 saw a ~20% selling at prices between $129 and $177. It currently trades at ~$219.Note: The prices quoted above are adjusted for the Fortive (FTV) spin-off in July 2016.Charter Communications (CHTR): The large 3.83% CHTR position was established in Q1 2020 at prices between $372 and $543 and increased by ~150% next quarter at prices between $424 and $547. It is now at ~$624.Burlington Stores (BURL): The 3.37% portfolio stake in BURL was established in Q2 2019 at prices between $146 and $177. The position saw a ~115% stake increase next quarter at prices between $168 and $205. Q1 2020 saw a ~20% selling at prices between $121 and $248 while next quarter there was a similar increase at prices between $141 and $217. Last quarter also saw a ~20% stake increase at prices between ~$171 and ~$217. The stock currently trades at ~$303.Visa Inc. (V): The 2.61% Visa stake was established in Q2 2018 at prices between $118 and $136. The stock is now well above that range at ~$226. H1 2020 had seen a ~17% reduction at prices between $136 and $213 while last quarter there was a ~25% stake increase at prices between ~$189 and ~$217.Iqvia Holdings (IQV): The 2.50% IQV position was purchased in Q3 2018 at prices between $99 and $131 and increased by ~25% in Q3 2019 at prices between $143 and $162. The stock currently trades at ~$189.Ferrari NV (RACE): RACE is now a ~2% of the portfolio position. A small position was purchased in Q4 2019. H2 2020 saw the stake built at prices between ~$130 and ~$180. The stock currently trades at ~$197.TE Connectivity (TEL): The 1.45% TEL stake was established in Q1 2020 at prices between $53 and $100 and it is now at ~$132. Last two quarters had seen a ~15% stake increase.Bristol Myers Squibb Rights (BMY.RT), Black Knight Inc. (BKI), Cohn Robbins Holdings (CRHCU), Equitrans Midstream (ETRN), Go Acquisition (GOAC) Units, Global Blue Group Holding AG (GB), Kadmon Holdings (KDMN), and Palantir Technologies (PLTR): These small (less than ~1.3% of the portfolio each) stakes were kept steady this quarter.Note 1: Third Point has a ~7% of the business stake in Global Blue Group Holding AG. Cohn Robbins and Go Acquisition are pre-deal SPACs.Note 2: The bulk of the stake in Kadmon Holdings is from prior to its IPO in July 2016 (PE investment). The biopharma was founded in 2010 by Sam Waksal (ImClone insider trading conviction and 7-year prison term infamy, circa 2003). Loeb controls ~6.5% of Kadmon Holdings (KDMN).The spreadsheet below highlights changes to Loeb’s 13F stock holdings in Q4 2020:Q3 2020 Letter, Oct Report, etc.: .: Performance: thru October 3% vs 2.8% for S&P 500 index. 14.1 since 1996 inception vs 8.3% for S&P 500 Index. Exposure: 109.7% long and 38.1% short for a net exposure of 71.6% as of October. Thinks Prudential plc is undervalued. Commentary focused on Third Point Ventures investments (Yellowbrick Data, Aryaka, Kentik, Kumu Networks, Ushur) and specifically two unicorns – SentinelOne and Upstart.Regulatory filings thru 11/22/2020: Form 4 – 9/4 – Far Point Acquisition (FPAC) – 10.42M shares plus others and derivatives. 13D – 9/4 – Global Blue Group AG – 11.75M shares – 6.9% of business. Far Point Acquisition transaction related filing."

"Tracking Dan Loeb’s Third Point Portfolio – Q3 2020 Update"

"Dan Loeb's 13F portfolio value increased from ~$7.30B to ~$10B this quarter. The number of positions increased from 36 to 47.Third Point added PG&E while dropping Baxter International and Raytheon Technologies during the quarter.The top three positions are at ~22% of the portfolio: PG&E Corp, Alibaba Group Holdings, and Walt Disney.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s 13F stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 11/16/2020. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q2 2020.The 13F portfolio is very concentrated with the top three holdings accounting for ~22% of the entire portfolio. Recent 13F reports show around 40 long positions. This quarter, Loeb’s 13F portfolio value increased ~37% from $7.30B to $10B as the equity portion of the portfolio shifted significantly to the long-side during the quarter. The number of holdings increased from 36 to 47. The largest five individual stock positions are PG&E, Alibaba Group Holdings, Walt Disney, Danaher Corp, and Amazon.com.Third Point returned 3% thru October this year compared to a 2.8% for the S&P 500 Index. Annualized returns since December 1996 inception are at 14.1% compared to 8.3% for the S&P 500 Index. AUM is distributed among several strategies of which the long/short equity portion accounts for ~40%. In addition to partner stakes, Third Point also invests the float of Third Point Reinsurance (TPRE) and capital from London listed closed-end fund Third Point Offshore (TPNTF). To know more about Dan Loeb's Third Point, check-out his letters to shareholders at their site. His activist investing style is covered in the book "".Note: Large equity investments not in the 13F report include Sony (SNE), EssilorLuxottica (ESLOY), and Nestle (NSRGY). All three are activist stakes. SNE is a $1.5B investment made in June 2019 when the stock was trading at around $50 per share. It is currently at ~$90. The ESLOY investment was made in early 2019 when the stock was trading at ~$62.50 per share. It currently trades at $68.30. The NSRGY position is from 2017 and the stock has rallied ~50% since. Also, they have a significant portfolio of investments thru their venture firm . Such stakes include investments in Yellowbrick Data, Aryaka, Kentik, Kumu Networks, Ushur, etc. Also, there are a couple of investments that have already achieved Unicorn status – SentinelOne (~10% of the business) and Upstart (~15% of the business).New Stakes:PG&E Corp (PCG): PCG is currently the largest 13F stake at ~8% of the portfolio. The stock currently trades at $12.66. Third Point’s Q2 2020 letter had the following regarding the investment in PG&E – the position came about as a result of participating in a PIPE (terms for the exit financing called for up to $10.50 per share purchase price). They believed the stock was undervalued as there are several risk mitigation measures in place – wildfire fund (insurance against wildfires), $3B per year investments in wildfire safety, ESG plans, etc.Microsoft Corp (MSFT), Fortive Corp (FTV), and TransDigm Group (TDG): These are medium-sized new positions established this quarter. The 2.31% of the portfolio MSFT stake was purchased at prices between ~$200 and ~$232 and the stock currently trades at ~$210. FTV is a 2.29% of the portfolio position established at prices between ~$56 and ~$65 and it is now well above that range at $71.32. The ~2% TDG stake was purchased at prices between ~$411 and ~$519 and it is currently well above that range at $574.Expedia Group Inc. (EXPE), Pinterest Inc. (PINS), and Avantor Inc. (AVTR): These are small new stakes purchased during the quarter. The ~1.5% EXPE position was established at prices between ~$80 and ~$103 and it is now well above that range at ~$120. PINS is a ~1.5% stake purchased at prices between ~$23 and ~$45 and the stock currently trades well above that range at $66.85. The ~1% AVTR stake was established at prices between ~$17 and ~$23 and it now goes for $25.92.Note: Avantor is back in the portfolio after a quarter’s gap.Global Blue Group Holding AG (GB) and WTS, Caesars Entertainment (CZR), Foley Transamine Acquisition (WPFU) Units, Planet Fitness (PLNT), Reinvent Technology (RTPU) Units, GoodRx Holdings (GDRX), Cohn Robbins Holdings (CRHCU), Palantir Technologies (PLTR), 10x Genomics (TXG), Pactiv Evergreen Inc. (PTVE), and Chindata Group holdings (CD): These are very small (less than ~0.75% of the portfolio each) new stakes established this quarter.Note: Third Point has a ~7% of the business stake in Global Blue Group Holding AG. GoodRx Holdings, Palantir Technologies, 10x Genomics, Pactiv Evergreen, and Chindata Group Holdings had IPOs during the quarter. Also, Foley Transamine Acquisition had a SPAC IPO in May and Reinvent Technology had a SPAC IPO in September.Stake Disposals:Baxter International (BAX): BAX was Loeb’s largest position at ~15% of the 13F portfolio as of Q1 2020. It was reduced by roughly two-thirds last quarter at prices between $79 and $94. The remaining 4.71% portfolio stake was disposed this quarter at prices between ~$78 and ~$91. The original position was from 2015 at a cost-basis of ~$40 per share. The stock currently trades at ~$77. Third Point realized long-term gains.Note: The position had seen selling since 2018: December 2018 saw a ~22% selling (8M shares) at $68.62 and that was followed with another ~18% selling (5M shares) in Q2 2019 at $76.37. Both these were block trades. Q3 2019 saw a ~27% selling at prices between $81 and $90. That was followed with another one-third selling in Q1 2020 at prices between $71.50 and $93.30.Raytheon Technologies (RTX): The position came about due to the merger of United Technologies with Raytheon and the separation from Carrier (CARR) & Otis (OTIS) that closed in April. Terms called for United Technologies to be renamed Raytheon Technologies and for United Technologies shareholders to receive one share of CARR and 0.5 shares of OTIS for each share held. Third Point had a 4M share position in United Technologies. They also increased the resultant stake by ~30%. This quarter saw the position eliminated at prices between $56.50 and $64. RTX currently trades at $69.76.Far Point Acquisition (FPAC) & Units: The 2.20% position established in Q2 2018 had since been kept steady. Far Point Acquisition was a SPAC that Third Point co-sponsored. They controlled 24.9% of the business. In January, FPAC merged with Global Blue in a $2.6B deal that closed in August.Activision Blizzard (ATVI), Cannae Holdings (CNNE), Evergy Inc. (EVRG), Gap Inc. (GPS), Nike Inc. (NKE), and Take-Two Interactive (TTW): These small (less than ~1.5% of the portfolio each) stakes established last quarter were disposed this quarter.Stake Increases:Alibaba Group Holdings (BABA): BABA is a large (top three) 7.42% of the portfolio position established last quarter at prices between $187 and $229 and the stock currently trades well above that range at ~$271. This quarter saw a ~25% stake increase at prices between ~$216 and ~$298.JD.com (JD) and Facebook Inc. (FB): These medium-sized positions purchased last quarter were substantially increased this quarter. JD is a 3.45% of the portfolio stake established at prices between $40 and $62 and the stock currently trades at $87.74. There was a ~35% stake increase this quarter at prices between ~$60 and ~$83. The ~3% FB position was purchased at prices between $154 and $242 and the stock is now at ~$270. This quarter saw a one-third stake increase at prices between ~$230 and ~$304.Burlington Stores (BURL): The 3.44% portfolio stake in BURL was established in Q2 2019 at prices between $146 and $177. The position saw a ~115% stake increase next quarter at prices between $168 and $205. Q1 2020 saw a ~20% selling at prices between $121 and $248 while last quarter there was a similar increase at prices between $141 and $217. This quarter also saw a ~20% stake increase at prices between ~$171 and ~$217. The stock currently trades at ~$233.Visa Inc. (V): The 3.10% V stake was established in Q2 2018 at prices between $118 and $136. The stock is now well above that range at ~$204. Last two quarters had seen a ~17% reduction at prices between $136 and $213 while this quarter there was a ~25% stake increase at prices between ~$189 and ~$217.TE Connectivity (TEL): The 1.52% TEL stake was established in Q1 2020 at prices between $53 and $100 and it is now at ~$111. Last two quarters have seen a ~15% stake increase.Black Knight Inc. (BKI), Dish Network Notes, Intuit Inc. (INTU), Equitrans Midstream (ETRN), and iShares 1-3 year treasury bond: These small (less than ~1.5% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Walt Disney (DIS): DIS is currently the third-largest 13F position at 6.58% of the portfolio. It was purchased in Q1 2020 at prices between $85 and $148. Last quarter saw a ~300% stake increase at prices between $94 and $127. The stock currently trades at ~$141. This quarter saw a ~4% trimming.Note: Third Point's bullish thesis on Disney is on the idea that Direct-to-Consumer (DTC) streaming is a big opportunity: Disney+ reached 60M subscribers in nine months. This is compared to Netflix (NFLX) which took seven years to reach this milestone.Amazon.com (AMZN): AMZN is a large (top five) ~6.5% of the portfolio position purchased in Q4 2019 at prices between $1705 and $1870. The stake saw a ~200% increase in Q1 2020 at prices between $1677 and $2170. The stock is now well above those ranges at ~$3099. Last two quarters have seen minor trimming.IAA Inc. (IAA): IAA is a large 5.49% of the portfolio stake established in Q4 2019 at prices between $36 and $47. Last quarter saw a ~63% stake increase at prices between $25 and $45. IAA is a June 2019 spinoff of the salvage auction business of KAR Auctions (KAR). It started trading at ~$40 and currently goes for $60.10. This quarter saw marginal trimming.Adobe Systems (ADBE): ADBE is a 3.14% stake that saw a ~75% increase in Q2 2018 at prices between $212 and $258 and another ~30% increase next quarter at prices between $242 and $275. There was a ~30% selling in Q1 2020 at prices between $285 and $383. The stock is now at ~$463. This quarter saw a minor ~4% trimming.Iqvia Holdings (IQV): The 2.85% IQV position was purchased in Q3 2018 at prices between $99 and $131 and increased by ~25% in Q3 2019 at prices between $143 and $162. The stock currently trades at ~$170. Last three quarters have seen only minor adjustments.Kept Steady:Danaher Corp. (DHR): The top five 6.46% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. There was a ~20% stake increase in Q1 2019 at prices between $98 and $132 while the last two quarters saw a ~20% selling at prices between $129 and $177. It currently trades at ~$226.Note: The prices quoted above are adjusted for the Fortive (FTV) spin-off in July 2016.Fidelity National Information Services (FIS): The 4.71% FIS position came about as a result of FIS acquiring WorldPay in a cash-and-stock transaction (0.9287 FIS shares and $11 cash for each share held) that closed in July 2019. Third Point had a ~3% of the portfolio (2.2M shares) position in WorldPay. It was established in the 2017-2018 timeframe at a cost-basis of ~$70 per share. The resultant FIS stake was also increased by ~25% in Q3 2019 at prices between $125 and $140. Last quarter saw another ~37% stake increase at prices between ~$115 and ~$143. It currently trades at ~$144.Charter Communications (CHTR): The large 4.68% CHTR position was established in Q1 2020 at prices between $372 and $543 and increased by ~150% last quarter at prices between $424 and $547. It is now at ~$655.Salesforce.com (CRM): The 4.68% CRM position was more than doubled in Q4 2018 at prices between $121 and $160. Q3 2019 saw the position almost doubled again at prices between $140 and $160. Last two quarters had seen a ~37% selling at prices between $124 and $192. The stock is now at ~$258.S&P Global (SPGI): SPGI is a 2.80% position established in Q2 2016 at prices between $96 and $128. The position has wavered. Recent activity follows: the five quarters thru Q1 2019 saw a combined ~60% selling at prices between $164 and $213. Since then, the activity has been minor. The stock is now at ~$338.Ferrari NV (RACE): RACE is now a ~2% of the portfolio position. A small position was purchased in Q4 2019. Last quarter saw the stake built at prices between ~$130 and ~$180. The stock currently trades at ~$210.Bristol Myers Squibb Rights (BMY.RT), Kadmon Holdings (KDMN), Replay Acquisition Corp (RPLA), and Square Inc. (SQ): These small (less than ~1.3% of the portfolio each) stakes were kept steady this quarter.Note: The bulk of the stake in Kadmon Holdings is from prior to its IPO in July 2016 (PE investment). The biopharma was founded in 2010 by Sam Waksal (ImClone insider trading conviction and 7-year prison term infamy, circa 2003). Loeb controls ~6.5% of Kadmon Holdings (KDMN).The spreadsheet below highlights changes to Loeb’s 13F stock holdings in Q3 2020:Q2 2020 Letter, July Report, etc.: Performance: thru July negative 3.7% vs positive 2.4% for S&P 500 index. 13.8% since 1996 inception vs 8.2% for S&P 500 Index. Exposure: 97.2% long and 32.3% short for a net exposure of 64.9% as of July. This is compared to 91.7% long and 38.7% short for a net exposure of 53% in April. Commentary on Alibaba & JD.com – bullish on both… Amazon – one of the highest cash returns on capital invested (“CROCI”). Although, shares are up, their cost basis is lower and so they continue to benefit. Walt Disney – Direct-to-Consumer (DTC) streaming is a big opportunity – Disney+ reached 60M subscribers in nine months – this is compared to Netflix which took seven years to reach this milestone - bullish. PG&E – participated as a PIPE investor (exit financing called for up to $10.50 per share purchase price) - significantly undervalued – several risk mitigation measures: Wildfire Fund (insurance against wildfires), $3B per year investments in wildfire safety, ESG plans, etc. Prudential plc – thinks an independent Jackson can unlock significant value by closing the still-large complexity discount in the stock – fast-growing Asia business should re-rate higher as it gets valued as a pure-play – looking for restructuring updates around August 11 earnings call. S&P Global – cost control, prudent reinvestment, and efficient capital allocation – attributes that strengthen our view that it is a highly defensive, long-term compounder.Regulatory filings thru 8/26/2020: 13D/A – 8/17 – FPAC – 19.69M shares – 24.9% of business."

"Tracking Dan Loeb’s Third Point Portfolio – Q2 2020 Update"

"Dan Loeb's 13F portfolio value increased from $6.27B to $7.30B this quarter. The number of positions increased from 30 to 36.Third Point added Alibaba Group Holdings, JD.com, and Facebook while reducing Baxter International and dropping Centene. They also increased Walt Disney, Charter Communications, and IAA Inc.The top three positions are at ~24% of the portfolio: Walt Disney, Amazon.com, and Danaher.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s 13F stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 08/17/2020. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q1 2020.The 13F portfolio is very concentrated with the top three holdings accounting for ~24% of the entire portfolio. Recent 13F reports show around 35 long positions. This quarter, Loeb’s 13F portfolio value increased ~17% from $6.27B to $7.30B. The number of holdings increased from 30 to 36. The largest five individual stock positions are Walt Disney, Amazon.com, Danaher Corp, Alibaba Group Holdings, and Fidelity National Information Services.Third Point lost 3.7% thru July this year compared to a positive 2.4% return for the S&P 500 Index. Annualized returns since December 1996 inception are at 13.8% compared to 8.2% for the S&P 500 Index. AUM is distributed among several strategies of which the long/short equity portion accounts for ~40%. In addition to partner stakes, Third Point also invests the float of Third Point Reinsurance (TPRE) and capital from London listed closed-end fund Third Point Offshore (TPNTF). To know more about Dan Loeb's Third Point, check-out his letters to shareholders at their site. His activist investing style is covered in the book "".Note: Large equity investments not in the 13F report include Sony (SNE), EssilorLuxottica (ESLOY), and Nestle (NSRGY). All three are activist stakes. SNE is a $1.5B investment made in June 2019 when the stock was trading at around $50 per share. It is currently at ~$80. The ESLOY investment was made in early 2019 when the stock was trading at ~$62.50 per share. It currently trades at ~$67. The NSRGY position is from 2017 and the stock has rallied over 50% since.New Stakes:Alibaba Group Holdings (BABA): BABA is a large (top five) 5.91% of the portfolio position established this quarter at prices between $187 and $229 and the stock currently trades well above that range at $284.Raytheon Technologies (RTX): The position came about due to the merger of United Technologies with Raytheon and the separation from Carrier (CARR) & Otis (OTIS) that closed in April. Terms called for United Technologies to be renamed Raytheon Technologies and for United Technologies shareholders to receive one share of CARR and 0.5 shares of OTIS for each share held. Third Point had a 4M share position in United Technologies. They also increased the resultant stake by ~30%. RTX currently trades at $60.90.JD.com (JD) and Facebook Inc. (FB): These are medium-sized new positions purchased this quarter. JD is a 2.68% of the portfolio stake established at prices between $40 and $62 and the stock currently trades at $79.30. The 2.64% FB position was purchased at prices between $154 and $242 and the stock is now at $293.Activision Blizzard (ATVI), Equitrans Midstream (ETRN), Evergy Inc. (EVRG), Nike Inc. (NKE), and Square Inc. (SQ): These are small (less than ~1.75% of the portfolio each) new positions established during the quarter.Black Knight Inc. (BKI), Cannae Holdings (CNNE), Dish Network Notes, Gap Inc. (GPS), Intuit Inc. (INTU), and Take-Two Interactive (TTW): These are very small (less than ~1% of the portfolio each) stakes purchased this quarter.Note: Cannae Holdings and Black Knight Inc. are back in the portfolio after a quarter’s gap.Stake Disposals:Allergan plc: Allergan was a large (top five) merger arbitrage stake established in Q3 2019 at prices between $156 and $170. Last quarter saw a ~20% stake increase. In June 2019, AbbVie (ABBV) agreed to acquire Allergan in a cash-and-stock ($120.30 per share cash and 0.8660 shares of ABBV for each share of Allergan held) and that transaction closed in May.Centene Corp (CNC): The large 6.18% CNC stake was purchased in May 2019 at around ~$55 per share. Last quarter saw a ~170% stake increase at prices between $45.55 and $68 while this quarter saw the position disposed at prices between $55 and $73. The stock currently trades at $60.49.Note: On Centene, it was reported that Third Point had wanted the company to consider selling itself before spending $15.3B for the acquisition of WellCare Health. That transaction closed in January.Roper Technologies (ROP), ServiceMaster Global Holdings (SERV), and Sherwin Williams (SHW): These small (less than ~1.5% of the portfolio each) positions established last quarter were eliminated this quarter. ROP was a 1.37% of the portfolio position purchased at prices between $254 and $393 and disposed at prices between $294 and $406. It currently trades at ~$428. SERV is a 1.34% of the portfolio position purchased at prices between $20.25 and $38.75 and disposed at prices between $24.75 and $36. It currently goes for $40.20. The 1.10% SHW stake was established at prices between $397 and $597 and sold at prices between $420 and $597. It is now at ~$672.United Technologies: United Technologies was a large ~6% of the portfolio position established in Q1 2019 at prices between $104 and $129. Q2 2019 saw a ~7% trimming while in Q4 2019 there was a ~13% stake increase. There was a ~23% reduction last quarter. The merger of United Technologies with Raytheon and the separation from Carrier (CARR) & Otis (OTIS) closed in April. The new entity is Raytheon Technologies (RTX). Terms called for United Technologies to be renamed Raytheon Technologies and for United Technologies shareholders to receive one share of CARR and 0.5 shares of OTIS for each share held. CARR currently trades at $30.28 and OTIS at $63.23.Avantor Inc. (AVTR), Raytheon, and Sony Corp (SNE): These very small (less than ~1% of the portfolio each) stakes were disposed this quarter.Note: Third Point has a large position in Sony. The 13F only shows the ADR stake.Stake Increases:Walt Disney (DIS) and Charter Communications (CHTR): DIS is currently the largest 13F position at 8.40% of the portfolio. It was purchased last quarter at prices between $85 and $148. This quarter saw a ~300% stake increase at prices between $94 and $127. The stock currently trades at ~$134. The large 5.24% CHTR position was established last quarter at prices between $372 and $543 and increased by ~150% this quarter at prices between $424 and $547. It is now at ~$614.Note: Third Point's bullish thesis on Disney is on the idea that Direct-to-Consumer (DTC) streaming is a big opportunity: Disney+ reached 60M subscribers in nine months. This is compared to Netflix (NFLX) which took seven years to reach this milestone.Fidelity National Information Services (FIS): The 5.87% FIS position came about as a result of FIS acquiring WorldPay in a cash-and-stock transaction (0.9287 FIS shares and $11 cash for each share held) that closed in July 2019. Third Point had a ~3% of the portfolio (2.2M shares) position in WorldPay. It was established in the 2017-2018 timeframe at a cost-basis of ~$70 per share. The resultant FIS stake was also increased by ~25% in Q3 2019 at prices between $125 and $140. It currently trades at ~$151. This quarter saw another ~37% stake increase at prices between ~$115 and ~$143.IAA Inc. (IAA): IAA is a large 5.59% of the portfolio stake established in Q4 2019 at prices between $36 and $47. This quarter saw a ~63% stake increase at prices between $25 and $45. IAA is a June 2019 spinoff of the salvage auction business of KAR Auctions (KAR). It started trading at ~$40 and currently goes for $51.37.Burlington Stores (BURL): The 3.77% portfolio stake in BURL was established in Q2 2019 at prices between $146 and $177. The position saw a ~115% stake increase next quarter at prices between $168 and $205. Last quarter saw a ~20% selling at prices between $121 and $248 while this quarter there was a similar increase at prices between $141 and $217. The stock currently trades at ~$202.Iqvia Holdings (IQV): The 3.69% IQV position was purchased in Q3 2018 at prices between $99 and $131 and increased by ~25% in Q3 2019 at prices between $143 and $162. The stock currently trades at ~$159. Last quarter saw a ~8% trimming while this quarter there was a ~4% stake increase.TE Connectivity (TEL): The 1.62% TEL stake was established last quarter at prices between $53 and $100 and it is now at $95.45. This quarter saw a ~7% stake increase.Stake Decreases:Amazon.com (AMZN): AMZN is a large (top three) ~8% of the portfolio position purchased in Q4 2019 at prices between $1705 and $1870. The stake saw a ~200% increase last quarter at prices between $1677 and $2170. The stock is now well above those ranges at ~$3400. This quarter saw minor trimming.Danaher Corp. (DHR): The top three ~7.26% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. It currently trades well above those ranges at ~$204. There was a ~20% stake increase in Q1 2019 at prices between $98 and $132. Last two quarters have seen a ~20% selling at prices between $129 and $177.Note: The prices quoted above are adjusted for the Fortive (FTV) spin-off in July 2016.Baxter International (BAX): BAX was Loeb’s largest position at ~15% of the 13F portfolio as of last quarter. It was reduced by roughly two-thirds to a 4.71% portfolio stake this quarter at prices between $79 and $94. The original position was from 2015 at a cost-basis of ~$40 per share. The stock currently trades at ~$86. Third Point is realizing long-term gains.Note: The position has seen selling since 2018: December 2018 saw a ~22% selling (8M shares) at $68.62 and that was followed with another ~18% selling (5M shares) in Q2 2019 at $76.37. Both these were block trades. Q3 2019 saw a ~27% selling at prices between $81 and $90. That was followed with another one-third selling last quarter at prices between $71.50 and $93.30.Salesforce.com (CRM): The 3.65% CRM position was more than doubled in Q4 2018 at prices between $121 and $160. Q3 2019 saw the position almost doubled again at prices between $140 and $160. The stock is now at ~$276. Last two quarters have seen a ~37% selling at prices between $124 and $192.Visa Inc. (V): The 3.31% V stake was established in Q2 2018 at prices between $118 and $136. The stock is now well above that range at ~$211. Last two quarters have seen a ~17% reduction at prices between $136 and $213.Bristol Myers Squibb Rights (BMY.RT), iShares 1-3 year treasury bond, and Kadmon Holdings (KDMN): These very small (less than ~0.5% of the portfolio each) stakes were reduced this quarter.Note: The bulk of the stake in Kadmon Holdings is from prior to its IPO in July 2016 (PE investment). The biopharma was founded in 2010 by Sam Waksal (ImClone insider trading conviction and 7-year prison term infamy, circa 2003). Loeb controls ~6.5% of Kadmon Holdings (KDMN).Kept Steady:Adobe Systems (ADBE): ADBE is a ~4% stake that saw a ~75% increase in Q2 2018 at prices between $212 and $258 and another ~30% increase next quarter at prices between $242 and $275. There was a ~30% selling last quarter at prices between $285 and $383. The stock is now at ~$510.S&P Global (SPGI): SPGI is a 3.50% position established in Q2 2016 at prices between $96 and $128. The position has wavered. Recent activity follows: the five quarters thru Q1 2019 saw a combined ~60% selling at prices between $164 and $213. Since then, the activity has been minor. The stock is now at ~$364.Ferrari NV (RACE): RACE is now a 2.54% of the portfolio position. A small position was purchased in Q4 2019. Last quarter saw the stake built at prices between ~$130 and ~$180. The stock currently trades at ~$196.Far Point Acquisition (FPAC) & Units: The 2.20% position established in Q2 2018 has since been kept steady. Far Point Acquisition is a SPAC that Third Point co-sponsored. They control 24.9% of the business. In January, FPAC merged with Global Blue in a $2.6B deal that is expected to close this week – majority have opted to redeem the shares.Replay Acquisition Corp (RPLA): The minutely small 015% position was kept steady during the quarter.The spreadsheet below highlights changes to Loeb’s 13F stock holdings in Q2 2020:Q1 2020 Letter, April Report, etc.: Performance: thru April negative 10.4% vs negative 9.3% for S&P 500 index. 13.5% since 1996 inception vs 7.4% for S&P 500 Index. Commentary on Prudential plc, EssilorLuxotica, and Sony – bullish on all three…Regulatory filings thru 5/23/2020: None."

"Tracking Dan Loeb’s Third Point Portfolio – Q1 2020 Update"

"Dan Loeb's 13F portfolio value decreased from $8.70B to $6.27B this quarter. The number of positions decreased from 37 to 30.Third Point increased Amazon and Centene while dropping Campbell Soup.The top three positions are at just over one-third of the portfolio: Baxter International, Allergan plc, and Danaher.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s 13F stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 05/15/2020. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q4 2019.The 13F portfolio is very concentrated with the top three holdings accounting for ~35% of the entire portfolio. Recent 13F reports show around 35 long positions. This quarter, Loeb’s 13F portfolio value decreased ~28% from $8.70B to $6.27B. The number of holdings decreased from 37 to 30. The largest five individual stock positions are Baxter International, Allergan plc, Danaher Corp, Amazon.com, and Centene Corp.Third Point lost 10.4% thru April this year compared to a negative 9.3% return for the S&P 500 Index. Annualized returns since December 1996 inception are at 13.5% compared to 7.4% for the S&P 500 Index. AUM is distributed among several strategies of which the long/short equity portion accounts for ~40%. In addition to partner stakes, Third Point also invests the float of Third Point Reinsurance (TPRE) and capital from London listed closed-end fund Third Point Offshore (TPNTF). To know more about Dan Loeb's Third Point, check-out his letters to shareholders at their site. His activist investing style is covered in the book "".Note: Large equity investments not in the 13F report include Sony (SNE), Essilor Luxottica (ESLOY), and Nestle (NSRGY). All three are activist stakes. SNE is a $1.5B investment made in June 2019 when the stock was trading at around $50 per share. It is currently at ~$62. The ESLOY investment was made in early 2019 when the stock was trading at ~$62.50 per share. It currently trades at ~$61. The NSRGY position is from 2017 and the stock has rallied over 50% since.New Stakes:Walt Disney (DIS) and Charter Communications (CHTR): DIS is a 2.20% of the portfolio position purchased at prices between $85 and $148 and the stock currently trades at ~$121. The ~2% CHTR position was established at prices between $372 and $543 and it is now at ~$510.Roper Technologies (ROP), TE Connectivity (TEL), ServiceMaster Global Holdings (SERV), and Sherwin Williams (SHW): These are small (less than ~1.5% of the portfolio each) new positions established this quarter. ROP is a 1.37% of the portfolio position purchased at prices between $254 and $393 and it currently trades at ~$370. The 1.36% TEL stake was established at prices between $53 and $100 and it is now at $80.62. SERV is a 1.34% of the portfolio position purchased at prices between $20.25 and $38.75 and it currently goes for $30.12. The 1.10% SHW stake was established at prices between $397 and $597 and it is now at ~$583.Stake Disposals:Campbell Soup (CPB): The large (top three) ~8% CPB stake was established in Q2 & Q3 2018 at prices between $35 and $42. There was a ~17% stake increase in Q1 2019 at prices between $32 and $41. Last three quarters had seen a one-third reduction at prices between $35.80 and $49.50. The disposal this quarter was at prices between $41.40 and $53.85. The stock is now at $47.36.Note: CPB position was an activist stake. Third Point initially pursued the replacement of the entire 12-member board. They succeeded in replacing three board members and top management (CEO and CFO).Boston Scientific Corp (BSX): the 2.60% BSX stake was established in Q1 2019 at prices between $33 and $41. There was a ~10% stake increase in Q2 2019 while last quarter saw similar trimming. The position was eliminated this quarter at prices between $25.85 and $45.75. The stock is now at $36.19.Five Below (FIVE): FIVE was a 1.76% of the portfolio stake purchased in Q3 2019 at prices between $104 and $135. Last quarter saw the position increased by ~40% at prices between $123 and $134. The stake was disposed this quarter at prices between $52.50 and $128. The stock is currently at ~$100.Fox Corp (FOX): FOX was a ~2% of the portfolio position purchased in Q1 2019 at prices between $28.75 and $39.55. Last two quarters had seen a ~50% selling at prices between $30 and $38. That was followed with the elimination this quarter at prices between $20 and $38. The stock is now at ~$29.Black Knight Inc. (BKI), Cannae Holdings (CNNE), Charles Schwab (SCHW), Clear Channel Outdoor (CCO), GTT Communications (GTT), Grocery Outlet (GO), TD Ameritrade (AMTD), ViacomCBS (VIAC), and XP Inc. (XP): These small (less than ~1.5% of the portfolio each) positions were disposed during the quarter.Stake Increases:Allergan plc (AGN): AGN was a large (top five) merger arbitrage stake established in Q3 2019 at prices between $156 and $170. This quarter saw a ~20% stake increase. Last June, AbbVie (ABBV) agreed to acquire Allergan in a cash-and-stock ($120.30 per share cash and 0.8660 shares of ABBV for each share of AGN held) and that transaction closed earlier this month.Amazon.com (AMZN): AMZN is a large 6.69% of the portfolio position purchased last quarter at prices between $1705 and $1870. The stake saw a ~200% increase this quarter at prices between $1677 and $2170. The stock is now well above those ranges at ~$2422.Centene Corp (CNC): The large 6.18% CNC stake was purchased in May 2019 at around ~$55 per share compared to the current price of $64.49. This quarter saw a ~170% stake increase at prices between $45.55 and $68.Note: On Centene, it was reported that Third Point had wanted the company to consider selling itself before spending $15.3B for the acquisition of WellCare Health. That transaction closed in January.Ferrari NV (RACE): RACE is now a 2.64% of the portfolio position. A small position was purchased last quarter. This quarter saw the stake built at prices between ~$130 and ~$180. The stock currently trades at ~$163.iShares 1-3 year treasury bond: The minutely small 0.07% position was increased during the quarter.Stake Decreases:Baxter International (BAX): BAX is Loeb’s largest position at ~15% of the 13F portfolio. The stake was established in Q2 2015 and increased substantially the following quarter. Recent activity follows: December 2018 saw a ~22% selling (8M shares) at $68.62 and that was followed with another ~18% selling (5M shares) in Q2 2019 at $76.37. Both these were block trades. Q3 2019 saw a ~27% selling at prices between $81 and $90. That was followed with another one-third selling this quarter at prices between $71.50 and $93.30. The stock currently trades at ~$85. Loeb’s cost-basis on BAX is ~$40.Danaher Corp. (DHR): The top three ~8% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. It currently trades well above those ranges at ~$159. There was a ~20% stake increase in Q1 2019 at prices between $98 and $132. This quarter saw a ~4% trimming.Note: The prices quoted above are adjusted for the Fortive (FTV) spin-off in July 2016.United Technologies (UTX): UTX was a large ~6% of the portfolio position established in Q1 2019 at prices between $104 and $129. Q2 2019 saw a ~7% trimming while last quarter there was a ~13% stake increase. There was a ~23% reduction this quarter. The merger of United Technologies with Raytheon and the separation from Carrier (CARR) & Otis (OTIS) closed last month. The new entity is Raytheon Technologies (RTX) which currently trades at ~$65. Terms called for United Technologies to be renamed Raytheon Technologies and for UTX shareholders to receive one share of CARR and 0.5 shares of OTIS for each share held. CARR currently trades at $19.51 and OTIS at $50.89.Fidelity National Information Services (FIS): The 4.55% FIS position came about as a result of FIS acquiring WorldPay in a cash-and-stock transaction (0.9287 FIS shares and $11 cash for each share held) that closed in July 2019. Third Point had a ~3% of the portfolio (2.2M shares) position in WorldPay. It was established in the 2017-2018 timeframe at a cost-basis of ~$70 per share. The resultant FIS stake was also increased by ~25% in Q3 2019 at prices between $125 and $140. It currently trades at ~$137. This quarter saw a ~6% trimming.Visa Inc. (V): The 3.60% V stake was established in Q2 2018 at prices between $118 and $136. The stock is now well above that range at ~$193. This quarter saw a ~7% trimming.Salesforce.com (CRM): The 3.50% CRM position was more than doubled in Q4 2018 at prices between $121 and $160. Q3 2019 saw the position almost doubled again at prices between $140 and $160. The stock is now at ~$177. This quarter saw a ~12% trimming.Adobe Systems (ADBE): ADBE is a 3.38% stake that saw a ~75% increase in Q2 2018 at prices between $212 and $258 and another ~30% increase next quarter at prices between $242 and $275. There was a ~30% selling this quarter at prices between $285 and $383. The stock is now at ~$377.Iqvia Holdings (IQV): The 3.16% IQV position was purchased in Q3 2018 at prices between $99 and $131 and increased by ~25% in Q3 2019 at prices between $143 and $162. The stock currently trades at ~$144. This quarter saw a ~8% trimming.S&P Global (SPGI): SPGI is a ~3% position established in Q2 2016 at prices between $96 and $128. The position has wavered. Recent activity follows: the five quarters thru Q1 2019 saw a combined ~60% selling at prices between $164 and $213. Since then, the activity has been minor. The stock is now at ~$312.Burlington Stores (BURL): The 2.84% portfolio stake in BURL was established in Q2 2019 at prices between $146 and $177. The position saw a ~115% stake increase next quarter at prices between $168 and $205. This quarter saw a ~20% selling at prices between $121 and $248. The stock currently trades at ~$209.Avantor Inc. (AVTR) and Raytheon (RTN): These very small (less than ~1% of the portfolio each) stakes were reduced this quarter.Kept Steady:IAA Inc. (IAA): IAA is a medium-sized ~3% of the portfolio stake established last quarter at prices between $36 and $47. IAA is a June 2019 spinoff of the salvage auction business of KAR Auctions (KAR). It started trading at ~$40 and currently goes for $39.26.Far Point Acquisition (FPAC) & Units: The 2.53% position established in Q2 2018 has since been kept steady.Note: Far Point Acquisition is a SPAC that Third Point co-sponsored. They control 24.9% of the business. In January, FPAC merged with Global Blue in a $2.6B deal. Ex-NYSE (Intercontinental Exchange subsidiary) President Tom Farley is CEO.Kadmon Holdings (KDMN): The very small 0.63% stake in KDMN was kept steady this quarter.Note: The bulk of the stake in Kadmon Holdings is from prior to its IPO in July 2016 (PE investment). The biopharma was founded in 2010 by Sam Waksal (ImClone insider trading conviction and 7-year prison term infamy, circa 2003). Loeb controls ~8% of Kadmon Holdings (KDMN).Bristol Myers Squibb Rights (BMY.RT) and Replay Acquisition Corp (RPLA): These very small (less than 0.5% of the portfolio each) positions were kept steady during the quarter.The spreadsheet below highlights changes to Loeb’s 13F stock holdings in Q1 2020:Q4 2019 Letter, January Report, etc.: Performance: 17.1% for 2019 compared to 31.5% for S&P, 14.5% annualized since 12/1996 inception compared to 8.5% for S&P. Net Equity exposure is roughly two-thirds. 50% of equity exposure is activist stakes and it has been going up since 2011. Sony – still believes separation of semiconductor and media businesses will unlock much more value. CPB – biggest 2019 winner – 55% in 2019.Regulatory filings thru 2/14/2020: 13D/A – 1/22 – FPAC – 19.69M shares – 24.9% of business. 13D/A – 1/7 – CPB – 12.5M shares – 4.14% of business – success in activism: 3 new board members, new CEO & CFO, leverage reduced from 5x to 3.5x by divesting International Snack Business, multi-year turnaround underway. Took profits & stake is now below ~5%, but still enthusiastic."

"Tracking Dan Loeb’s Third Point Portfolio – Q4 2019 Update"

"Dan Loeb's 13F portfolio value increased from $8.42B to $8.70B this quarter. The number of positions decreased from 40 to 37.Third Point added IAA Inc. while decreasing Fox Corp, Campbell Soup, & United Technologies. They also dropped PayPal.The top three positions are at just over one-third of the portfolio: Baxter International, United Technologies, and Campbell Soup.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s 13F stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 02/13/2020. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2019.The 13F portfolio is very concentrated with the top three holdings accounting for ~34% of the entire portfolio. Recent 13F reports show around 40 long positions. This quarter, Loeb’s 13F portfolio value increased ~3% from $8.42B to $8.70B. The number of holdings decreased from 40 to 37. The largest five individual stock positions are Baxter International, United Technologies, Campbell Soup, Allergan plc, and Danaher Corp.Per their Q4 2019 letter, Third Point gained 17.1% for 2019 compared to 31.5% for the S&P 500 Index. Annualized returns since December 1996 inception are at 14.5% compared to 8.5% for the S&P 500 Index. AUM is distributed among several strategies of which the long/short equity portion accounts for ~40%. In addition to partner stakes, Third Point also invests the float of Third Point Reinsurance (TPRE) and capital from London listed closed-end fund Third Point Offshore (TPNTF). To know more about Dan Loeb's Third Point, check-out his letters to shareholders at their site. His activist investing style is covered in the book "".Note: Large equity investments not in the 13F report include Sony (SNE), Essilor Luxottica (ESLOY), and Nestle (NSRGY). All three are activist stakes. SNE is a $1.5B investment made in June 2019 when the stock was trading at around $50 per share. It is currently at ~$69. In a presentation on Sony released later that month, Third Point urged management to split the semiconductor business so as to transform Sony’s core businesses into an entertainment behemoth (PlayStation, Music, and Video). The ESLOY investment was made in early 2019 when the stock was trading at ~$62.50 per share. It currently trades at ~$76. For investors attempting to follow, ESLOY is a good option to consider for further research. The NSRGY position is from 2017 and the stock has rallied over 50% since.New Stakes:IAA Inc. (IAA): IAA is a medium-sized 3.5% of the portfolio stake established this quarter at prices between $36 and $47. IAA is a June 2019 spinoff of the salvage auction business of KAR Auctions (KAR). It started trading at ~$40 and currently goes for $50.34.TD Ameritrade (AMTD), Amazon.com (AMZN), Avantor Inc. (AVTR), Raytheon (RTN), and ViacomCBS (VIAC): These are small (between ~1% and ~2% of the portfolio each) new stakes purchased this quarter.Note: Charles Schwab is acquiring TD Ameritrade in an all-stock deal (1.0837 shares of SCHW for each AMTD held) announced in November.Charles Schwab (SCHW), XP Inc. (XP), Ferrari NV (RACE), Bristol Myers Squibb Rights, and Cannae Holdings (CNNE): These are minutely small (less than ~0.5% of the portfolio each) positions established during the quarter.Stake Disposals:PayPal Holdings (PYPL): PYPL was a 3.32% of the portfolio stake established in Q2 2018 in the low-80s price range. The stake saw a ~55% reduction in Q4 2018 at prices between $75 and $89 and that was followed with a ~13% trimming next quarter. The disposal this quarter was at prices between $96 and $110. The stock currently trades at $123.Sotheby’s (BID): BID was a 4.51% of the portfolio position first purchased in Q1 2013. The bulk of the stake was purchased in Q3 2013 at prices between $39 and $51. Third Point’s ownership stake in BID was ~14%. In June 2019, the stock spiked following an acquisition agreement at $57 per share in a going-private deal. The transaction closed in October.Microsoft Corp. (MSFT): MSFT was a small ~1% position purchased in Q1 2019 and increased by ~20% next quarter at prices between $97 and $138. The stake was eliminated this quarter at prices between $135 and $159. The stock is currently at ~$185.AmeriCold Realty (COLD), Ansys Inc. (ANSS), Afya Ltd. (AFYA), Colfax Corp (CFX), Envista Holdings (NVST), Essential Properties (EPRT), GoDaddy Inc. (GDDY), HD Supply Holdings (HDS), SmileDirectClub Inc. (SDC), Tradeweb Markets (TW), and Zendesk (ZEN): These minutely small positions were disposed during the quarter.Stake Increases:Baxter International (BAX): BAX is Loeb’s largest position at ~17% of the 13F portfolio. The stake was established in Q2 2015 and increased substantially the following quarter. Recent activity follows: December 2018 saw a ~22% selling (8M shares) at $68.62 and that was followed with another ~18% selling (5M shares) in Q2 2019 at $76.37. Both these were block trades. Loeb’s cost-basis on BAX is $40.05. Last quarter also saw a ~27% selling at prices between $81 and $90. The stock currently trades at ~$93. There was a ~4% stake increase this quarter.Adobe Systems (ADBE): ADBE is a 3.60% stake that saw a ~75% increase in Q2 2018 at prices between $212 and $258 and another ~30% increase next quarter at prices between $242 and $275. Last quarter saw a ~11% trimming while this quarter there was a similar increase. The stock is now at ~$380.Five Below (FIVE): FIVE is a 1.76% of the portfolio stake purchased last quarter at prices between $104 and $135. This quarter saw the position increased by ~40% at prices between $123 and $134. The stock is currently at ~$116Black Knight Inc. (BKI), Grocery Outlet (GO), and iShares 1-3 year treasury bond: These very small (less than 0.5% of the portfolio each) positions were increased during the quarter.Stake Decreases:United Technologies (UTX): UTX is a large (top three) ~9% of the portfolio position established in Q1 2019 at prices between $104 and $129. The stock currently trades at ~$154. Q2 2019 saw a ~7% trimming while this quarter there was a ~13% stake increase.Note: UTX has seen a previous roundtrip. A similarly sized large stake was disposed in Q4 2018 and the position was rebuilt next quarter.Campbell Soup (CPB): The large (top three) ~8% CPB stake was established in Q2 & Q3 2018 at prices between $35 and $42. There was a ~17% stake increase in Q1 2019 at prices between $32 and $41. The stock is now at $48.64. Last three quarters have seen a one-third reduction at prices between $35.80 and $49.50.Note 1: Regulatory filings since the quarter ended show them owning 12.5M shares (~4.1% of the business). This is compared to 14.4M hares in the 13F report.Note 2: CPB position is an activist stake. Third Point initially pursued the replacement of the entire 12-member board. They succeeded in replacing three board members and top management (CEO and CFO).Salesforce.com (CRM): The 4.11% CRM position was more than doubled in Q4 2018 at prices between $121 and $160. Last quarter saw the position almost doubled again at prices between $140 and $160. The stock is now at ~$190. This quarter saw a ~12% trimming.Burlington Stores (BURL): The 3.67% portfolio stake in BURL was established in Q2 2019 at prices between $146 and $177. The position saw a ~115% stake increase last quarter at prices between $168 and $205. The stock currently trades at $246. There was a ~7% trimming this quarter.Fox Corp (FOX): FOX is a ~2% of the portfolio position purchased in Q1 2019 at prices between $28.75 and $39.55 and the stock is now at $37.31. Last two quarters have seen a ~50% selling at prices between $30 and $38.Clear Channel Outdoor (CCO) and GTT Communications (GTT): These very small (less than 0.5% of the portfolio each) positions were reduced during the quarter.Kept Steady:Allergan plc (AGN): AGN is large (top five) merger arbitrage stake established last quarter at prices between $156 and $170. The stock currently trades at ~$198. In June, AbbVie (ABBV) agreed to acquire Allergan in a cash-and-stock ($120.30 per share cash and 0.8660 shares of ABBV for each share of AGN held). The transaction is expected to close this quarter (Q1 2020).Danaher Corp. (DHR): The ~6% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. It currently trades well above those ranges at ~$166. There was a ~20% stake increase in Q1 2019 at prices between $98 and $132.Note: The prices quoted above are adjusted for the Fortive (FTV) spin-off in July 2016.Fidelity National Information Services (FIS): The ~4% FIS position came about as a result of FIS acquiring WorldPay in a cash-and-stock transaction (0.9287 FIS shares and $11 cash for each share held) that closed in July 2019. Third Point had a ~3% of the portfolio (2.2M shares) position in WorldPay. It was established in the 2017-2018 timeframe at a cost-basis of ~$70 per share. The FIS stake was also increased by ~25% last quarter at prices between $125 and $140. It currently trades at $157.Iqvia Holdings (IQV): The 3.55% IQV position was purchased in Q3 2018 at prices between $99 and $131 and increased by ~25% last quarter at prices between $143 and $162. The stock currently trades above that at ~$164.Visa Inc. (V): The 3.24% V stake was established in Q2 2018 at prices between $118 and $136. The stock is now well above that range at ~$210.Boston Scientific Corp (BSX): the 2.60% BSX stake was established in Q1 2019 at prices between $33 and $41. The stock is now at $42.31. There was a ~10% stake increase in Q2 2019 while last quarter saw similar trimming.S&P Global (SPGI): SPGI is a 2.51% position established in Q2 2016 at prices between $96 and $128. The position has wavered. Recent activity follows: the five quarters thru Q1 2019 saw a combined ~60% selling at prices between $164 and $213. The stock is now at ~$308. Since then, the activity has been minor.Far Point Acquisition (FPAC) & Units: The ~2% position established in Q2 2018 has since been kept steady.Note: Far Point Acquisition is a SPAC that Third Point co-sponsored. They control 24.9% of the business. Last month, FPAC merged with Global Blue in a $2.6B deal. Ex-NYSE (Intercontinental Exchange subsidiary) President Tom Farley is CEO.Centene Corp (CNC): The 1.73% CNC stake was purchased in May 2019 at around ~$55 per share compared to the current price of ~$65. Last quarter saw a ~4% trimming.Note: On Centene, it was reported that Third Point wants the company to consider selling itself before spending $15.3B for the acquisition of WellCare Health (WCG).Kadmon Holdings (KDMN): The minutely small 0.49% stake in KDMN was kept steady this quarter.Note: The bulk of the stake in Kadmon Holdings is from prior to its IPO in July 2016 (PE investment). The biopharma was founded in 2010 by Sam Waksal (ImClone insider trading conviction and 7-year prison term infamy, circa 2003). Loeb controls ~8% of Kadmon Holdings (KDMN).Replay Acquisition Corp (RPLA) and Sony Corp (SNE): These very small (less than 0.5% of the portfolio each) positions were kept steady during the quarter.The spreadsheet below highlights changes to Loeb’s 13F stock holdings in Q4 2019:Regulatory filings thru 11/25/2019: 13D/A – 9/4 – CPB – 17.3M shares – 5.74%.Q3 2019 Letter, October Report, etc.: Performance – 14.5% annualized since 1996 inception compared to 8.5% for S&P 500 index. YTD up 12.7% compared to 20.6% for S&P. Commentary: EssilorLuxottica (ESLOY) - $700M investment in early 2019. Stock in the low-60s at the time – poor corporate governance framework and a dead-locked board are the focus of their activism. World’s largest eyecare company formed by the merger of a lens behemoth with a frames behemoth – wonderful synergy opportunities. Sony (SNE) – Disappointed with Sony’s conclusion of a strategic review in late September to maintain the status-quo – still engaged with management.Sony Letter & Presentation dated 6/13/2019 – $1.5B investment at ~$50 per share. recommends spinning off the semiconductor business which they believe should have a valuation of $35B in five years. Sees the stock trading at roughly half its intrinsic value. It was trading at ~$51 at the time."

"Tracking Dan Loeb’s Third Point Portfolio – Q3 2019 Update"

"Dan Loeb's 13F portfolio value decreased from $8.54B to $8.42B this quarter. The number of positions decreased from 42 to 40.Third Point doubled Burlington Stores and Salesforce.com while dropping Netflix and Marathon Petroleum.The top three positions are Baxter International, United Technologies, and Campbell Soup. They are at ~37% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s 13F stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 11/14/2019. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2019.The 13F portfolio is very concentrated with the top three holdings accounting for ~37% of the entire portfolio. Recent 13F reports show around 40 long positions. This quarter, Loeb’s portfolio value decreased marginally from $8.54B to $8.42B. The number of holdings decreased from 42 to 40. The largest five individual stock positions are Baxter International, United Technologies, Campbell Soup, Allergan plc, and Danaher Corp.Per their Q3 2019 letter, Third Point gained 12.7% YTD compared to 20.6% for the S&P 500 Index. Annualized returns since December 1996 inception are at 14.5% compared to 8.5% for the S&P 500 Index. AUM is distributed among several strategies of which the long/short equity portion accounts for ~40%. In addition to partner stakes, Third Point also invests the float of Third Point Reinsurance (TPRE) and capital from London listed closed-end fund Third Point Offshore (TPNTF). To know more about Dan Loeb's Third Point, check-out his letters to shareholders at their site. His activist investing style is covered in the book "".Note: Large equity investments not in the 13F report include Sony (SNE), EssilorLuxottica (ESLOY), and Nestle (NSRGY). All three are activist stakes. SNE is a $1.5B investment made in June when the stock was trading at around $50 per share. It is currently at ~$62. In a presentation on Sony released later that month, Third Point urged management to split the semiconductor business so as to transform Sony’s core businesses into an entertainment behemoth (PlayStation, Music, and Video). The ESLOY investment was made early this year when the stock was trading at ~$62.50 per share. It currently trades at ~$77. For investors attempting to follow, these two are good options to consider for further research. The NSRGY position is from 2017 and the stock has rallied over 50% since.New Stakes:Allergan plc (AGN): AGN is large (top five) merger arbitrage stake established this quarter at prices between $156 and $170. The stock currently trades at $185. In June, AbbVie (ABBV) agreed to acquire Allergan in a cash-and-stock ($120.30 per share cash and 0.8660 shares of ABBV for each share of AGN held).Fidelity National Information Services (FIS) and Five Below (FIVE): The 3.94% FIS position came about as a result of FIS acquiring WorldPay in a cash-and-stock transaction (0.9287 FIS shares and $11 cash for each share held) that closed in July. Third Point had a ~3% of the portfolio (2.2M shares) position in WorldPay. It was established in the 2017-2018 timeframe at a cost-basis of ~$70 per share. FIS currently trades at $137. The FIS stake was also increased by ~25% during the quarter at prices between $125 and $140. FIVE is a small 1.27% of the portfolio stake purchased at prices between $104 and $135 and the stock is currently at ~$125.Ansys Inc. (ANSS), Afya Ltd. (AFYA), Envista Holdings (NVST), Essential Properties (EPRT), GoDaddy Inc. (GDDY), HD Supply Holdings (HDS), SmileDirectClub Inc. (SDC), and Zendesk (ZEN): These are minutely small positions established during the quarter.Stake Disposals:Worldpay Inc. (WP): WP was a ~3% portfolio stake built in H2 2017 at prices between $60 and $76. There was a ~30% reduction in Q2 2018 at prices between $78 and $85. Q1 2019 also saw a ~14% selling. Fidelity National Information Services (FIS) acquired WorldPay in a cash-and-stock transaction (0.9287 FIS shares and $11 cash for each share held) that closed in July thereby eliminating this position.Marathon Petroleum (MPC) and Netflix Inc. (NFLX): These two medium-sized positions established in Q1 2019 were disposed this quarter. The 2.67% MPC stake was purchased at prices between $57.50 and $67 and disposed at prices between $44.50 and $62.50. The stock currently trades at $62.43. NFLX was a 2.15% position established at prices between $268 and $378 and disposed at prices between $255 and $382. The stock now goes for $316.Note: These two have seen previous round-trips. The stakes were at 2.18% and 3.64% respectively as of Q3 2018 but were disposed next quarter.Chemours Co (CC): CC was a 1.23% of the portfolio stake established in Q1 2019 at prices between $29 and $41. It saw a stake doubling last quarter at prices between $21 and $41. The position was eliminated this quarter at prices between $12 and $22.50. The stock currently trades at $16.60.Ross Stores (ROST): ROST was a 1.66% portfolio stake established in Q1 2019 at prices between $83 and $95. The disposal this quarter was at prices between $98 and $110. The stock is now at $113.CrowdStrike Holdings (CRWD), Franks International (FI), Linx S A (LINX) ADR, Parsons Corp (PSN), Pinterest Inc. (PINS), Twilio Inc. (TWLO), VICI Properties (VICI), and Zoom Video Communications (ZM): These very small positions (less than ~0.5% of the portfolio each) were disposed during the quarter.Stake Increases:Salesforce.com (CRM): The 2.31% CRM position was more than doubled in Q4 2018 at prices between $121 and $160. Last quarter saw a ~11% further increase. This quarter saw the position almost doubled again at prices between $140 and $160. The stock is now at $162.Burlington Stores (BURL): The 3.56% portfolio stake in BURL was established last quarter at prices between $146 and $177. The position saw a ~115% stake increase this quarter at prices between $168 and $205. The stock currently trades at $208.Iqvia Holdings (IQV): The 3.55% IQV position was purchased in Q3 2018 at prices between $99 and $131 and increased by ~25% this quarter at prices between $143 and $162. The stock currently trades above that at ~$147.S&P Global (SPGI): SPGI is a 2.33% position established in Q2 2016 at prices between $96 and $128. The position has wavered. Recent activity follow: the five quarters thru Q1 2019 had seen a combined ~58% reduction at prices between $164 and $213. The stock is now at ~$266. There was a ~5% stake increase this quarter.iShares 1-3 year treasury bond: The iShares 1-3 year treasury bond position is a minutely small 0.04% stake that was increased during the quarter.Stake Decreases:Baxter International (BAX): BAX is Loeb’s largest position at ~18% of the 13F portfolio. The stake was established in Q2 2015 and increased substantially the following quarter. Recent activity follow: December 2018 saw a ~22% selling (8M shares) at $68.62 and that was followed with another ~18% selling (5M shares) last quarter at $76.37. Both these were block trades. Loeb’s cost-basis on BAX is $40.05. This quarter also saw a ~27% selling at prices between $81 and $90. The stock currently trades at ~$82. Loeb is harvesting huge long-term gains.Campbell Soup (CPB): The large (top three) ~9.5% CPB stake was established in Q2 2018 and increased next quarter. The bulk of the position was purchased at prices between $35 and $42. There was a ~17% stake increase in Q1 2019 at prices between $32 and $41. The stock is now at $46.80. Last two quarters have seen a combined ~20% selling at prices between $36 and $47.Note: CPB position is an activist stake. Third Point initially pursued the replacement of the entire 12-member board but has since settled for two board seats in a truce with management. The standstill agreement thru this month also stipulates Third Point not to raise ownership stake beyond ~9%. The ownership position is currently at 5.74%.PayPal Holdings (PYPL): PYPL is a 3.32% of the portfolio stake established in Q2 2018 in the low-80s. The stock is currently at ~$105. The stake saw a ~55% reduction in Q4 2018 at prices between $75 and $89 and that was followed with a ~13% trimming next quarter.Fox Corp (FOX): FOX is a ~3% of the portfolio position purchased in Q1 2019 at prices between $28.75 and $39.55 and the stock is now at $34.85. There was a ~8% stake increase last quarter while this quarter there was a ~24% selling at prices between $31 and $38.Adobe Systems (ADBE): ADBE is a 2.71% stake that saw a ~75% increase in Q2 2018 at prices between $212 and $258 and another ~30% increase next quarter at prices between $242 and $275. Last quarter saw a minor ~3% further increase while this quarter there was a ~11% trimming. The stock is now at $305.Boston Scientific Corp (BSX): the 2.42% BSX stake was established in Q1 2019 at prices between $33 and $41. That was followed with a ~10% increase last quarter. The stock is now at $42.85. This quarter saw a ~9% trimming.Centene Corp (CNC): The 1.54% CNC stake was purchased in May at around ~$55 per share compared to the current price of $61.17. This quarter saw a ~4% trimming.Note: On Centene, it was reported in May that Third Point wants the company to consider selling itself before spending $15.3B for the acquisition of WellCare Health (WCG).Clear Channel Outdoor (CCO) and Tradeweb Markets (TW): These very small positions (less than ~0.5% of the portfolio each) were decreased during the quarter.Kept Steady:United Technologies (UTX): UTX is a large (top three) ~10% of the portfolio position established in Q1 2019 at prices between $104 and $129. The stock currently trades at ~$148. Last quarter saw a ~7% trimming.Note: UTX has seen a previous roundtrip. A similarly sized large stake was disposed in Q4 2018 and the position was rebuilt next quarter.Danaher Corp. (DHR): The ~6% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. It currently trades well above those ranges at ~$145. There was a ~20% stake increase in Q1 2019 at prices between $98 and $132.Note: The prices quoted above are adjusted for the Fortive (FTV) spin-off in July 2016.Sotheby’s (BID): BID was a 4.51% of the portfolio position first purchased in Q1 2013. The bulk of the stake was purchased in Q3 2013 at prices between $39 and $51. Third Point’s ownership stake in BID was ~14%. In June, the stock spiked following an acquisition agreement at $57 per share in a going-private transaction. The transaction closed last month.Visa Inc. (V): The ~3% V stake was established in Q2 2018 at prices between $118 and $136. The stock is now well above that range at ~$181.Far Point Acquisition (FPAC) & Units: The ~2% position established in Q2 2018 has since been kept steady.Note: Far Point Acquisition is a SPAC that Third Point co-sponsored. It will have a focus on Financial Technology. Ex-NYSE (Intercontinental Exchange subsidiary) President Tom Farley is CEO.Microsoft Corp. (MSFT): MSFT is a small ~1% position purchased in Q1 2019 and increased by ~20% last quarter at prices between $97 and $138. The stock is currently at ~$151.Kadmon Holdings (KDMN): The minutely small 0.28% stake in KDMN was kept steady this quarter.Note: The bulk of the stake in Kadmon Holdings is from prior to its IPO in July 2016 (PE investment). The biopharma was founded in 2010 by Sam Waksal (ImClone insider trading conviction and 7-year prison term infamy, circa 2003). Loeb controls ~8% of Kadmon Holdings (KDMN).AmeriCold Realty (COLD), Black Knight Inc. (BKI), Colfax Corp (CFX), GTT Communications (GTT), Grocery Outlet (GO), Replay Acquisition Corp (RPLA), and Sony Corp (SNE): These very small (less than 0.5% of the portfolio each) positions were kept steady during the quarter.The spreadsheet below highlights changes to Loeb’s 13F stock holdings in Q3 2019:7/25/2019 – : Performance: 3.8% in Q2 2019 and 13.1% for H1 2019 – this is compared to 4.3% and 18.5% for the S&P 500 index, 14.7% since 1996 inception compared to 8.2% for S&P 500 index.Regulatory filings thru 8/14/2019: 13D/A 6/17 – BID – merger related, 13D/A 5/17 – BAX – 5M shares disposed."

"Tracking Dan Loeb’s Third Point Portfolio – Q2 2019 Update"

"Dan Loeb's 13F portfolio value decreased from $8.99B to $8.54B this quarter. The number of positions increased from 31 to 42.Third Point doubled Chemours while dropping DowDuPont.The top three positions are Baxter International, United Technologies, and Campbell Soup. They are at ~40% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s 13F stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 08/13/2019. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2019.The 13F portfolio is very concentrated with the top three holdings accounting for ~40% of the entire portfolio. Recent 13F reports show around 35 long positions. This quarter, Loeb’s portfolio value decreased ~5% from $8.99B to $8.54B. The number of holdings increased from 31 to 42. The largest five individual stock positions are Baxter International, United Technologies, Campbell Soup, Danaher Corp, and PayPal.Per their Q2 2019 letter, Third Point gained 3.8% for the quarter compared to 4.3% for the S&P 500 Index. Annualized returns since December 1996 inception are at 14.7% compared to 8.2% for the S&P 500 Index. In addition to partner stakes, Third Point also invests the float of Third Point Reinsurance (TPRE) and capital from London listed closed-end fund Third Point Offshore (TPNTF).To know more about Dan Loeb's Third Point, check-out his . His activist investing style is covered in the book "".Note: Third Point has a large (top three) investment in Nestle (NSRGY). It is not reported in the 13F report as it is not a 13F security. In July 2018, Third Point released a calling for a three-way internal split (Beverages, Nutrition, and Grocery) of Nestle’s businesses along with divestitures of non-core assets (primarily L’Oréal).New Stakes:Centene Corp (CNC) and Burlington Stores (BURL): These are new medium-sized positions established this quarter. The 1.54% CNC stake was purchased in May at around ~$55 per share compared to the current price of $49.73. For investors attempting to follow Third Point, CNC is a good option to consider for further research. The 1.39% portfolio position in BURL was established at prices between $146 and $177 and the stock currently trades at $174.Note: On Centene, it was reported in May that Third Point wants the company to consider selling itself before spending $15.3B for the acquisition of WellCare Health (WCG).Tradeweb Markets (TW), Pinterest Inc. (PINS), Zoom Video Communications (ZM), Parsons Corp (PSN), Replay Acquisition Corp (RPLA), CrowdStrike Holdings (CRWD), and Grocery Outlet (GO): These are very small positions (less than ~0.5% of the portfolio each) established this quarter. Each had an IPO during the quarter.GTT Communications (GTT), AmeriCold Realty (COLD), Clear Channel Outdoor (CCO), Twilio Inc. (TWLO), VICI Properties (VICI), Linx S A (LINX) ADR, and Franks International (FI): These are very small (less than 0.5% of the portfolio each) positions purchased during the quarter. Linx, an ERP Software vendor from Sao Paulo, Brazil launched ADRs in May.Stake Disposals:DowDuPont (DWDP): DWDP was a large (top five) ~5% portfolio position. The original Dow Chemical stake was established in Q4 2013 at prices between $38 and $45. In Q2 & Q3 2014, the position was increased by just over 220% at prices between $47 and $55. Q4 2014 saw an about-turn as ~24% of the position was disposed at prices between $43 and $53. Q2 & Q3 2016 saw another ~40% reduction at prices between $49 and $59. Since then, the position had been reduced by ~30% thru minor trimming in most quarters. Last three quarters saw a ~40% selling at prices between $33 and $48. The remaining stake was disposed during the quarter.Note 1: DowDuPont completed the previously announced three-way split in May following which the shares of Dow (DOW), DuPont (DD), and Corteva (CTVA) started trading.Note 2: Third Point’s Q1 2018 letter discussed the position: Materials, Specialty & Ag Co future spins has strong parallels to LyondellBasell (LYB), 3M (MMM), and Monsanto (MON) respectively - 2020 estimates are identical but valuation is ~40% lower. At the time, they expected the valuation gap ($92 FVE) to narrow by Q1 2019.Note 3: DowDuPont was an activist stake. In December 2015, Dow and DuPont announced a merger of equals and that transaction closed last September forming the new entity DowDuPont. The plan was to then split into three separate businesses. In May last year, Third Point suggested an : their main contention was that carve-outs of DOW and DD had performed very well in the past (Example Trinseo & Olin from Dow and Axalta & Chemours from DuPont) and so a similar strategy would be more appropriate than a three-way split. In September 2018, partly in response, DowDuPont announced certain adjustments to the original three-way split.Constellation Brands (STZ): The fairly large 4.32% STZ position was established in 2012 at very low prices. The position had wavered since 2016. Recent activity follow: There was a ~27% reduction in Q4 2018 at prices between $157 and $229 and that was followed with a ~40% selling last quarter at prices between $151 and $178. The disposal this quarter was at prices between $177 and $213. The stock is currently at ~$197. Loeb harvested huge long-term gains.American Express (AXP): AXP was a fairly large ~4% portfolio stake established in Q3 2018 at prices between $98 and $111. Q4 2018 saw a 42% selling at prices between $89.50 and $113 and that was followed with a ~50% reduction last quarter at prices between $93 and $114. The elimination this quarter was at prices between $110 and $125. The stock is now at $126.Note: The AXP investment was profiled in Third Point’s Q3 2018 . They believed sustainable double‐digit EPS growth will be achieved under new CEO Stephen Squeri as he focuses on topline growth and under‐appreciated structural opportunities in Commercial and International. That should result in a share price of ~$135 in eighteen months.Celgene Corp (CELG) and Intl Flavors & Fragrances (IFF) Puts: These are small (less than ~2% of the portfolio each) positions established last quarter but disposed this quarter.Stake Increases:Fox Corp (FOX): FOX is a 4.51% of the portfolio position purchased last quarter at prices between $28.75 and $39.55 and the stock is now at $35. There was a ~8% stake increase this quarter.Adobe Systems (ADBE): ADBE is a 3.19% stake that saw a ~75% increase in Q2 2018 at prices between $212 and $258 and another ~30% increase next quarter at prices between $242 and $275. It is now at $293. This quarter saw a minor ~3% further increase.Boston Scientific Corp (BSX): the 2.77% BSX stake was established last quarter at prices between $33 and $41. That was followed with a ~10% increase this quarter. The stock is now at $42.86.Marathon Petroleum (MPC), Netflix Inc. (NFLX), and Microsoft Corp. (MSFT): The 2.67% MPC stake was purchased last quarter at prices between $57.50 and $67 and increased by ~14% this quarter at prices between $46 and $64. The stock is now near the low end of those ranges at $47.15. NFLX is a 2.15% position established last quarter at prices between $268 and $378 and increased by ~25% this quarter at prices between $337 and $385. The stock now goes for $312. MSFT is a small 0.94% position purchased last quarter and increased by ~20% this quarter at prices between $97 and $138. The stock is currently at ~$139.Note: These three have seen previous round-trips. The stakes were at 2.18%, 3.64%, and 3.65% respectively as of Q3 2018 but were disposed next quarter.Salesforce.com (CRM): The 2.31% CRM position was more than doubled in Q4 2018 at prices between $121 and $160. This quarter also saw a ~11% stake increase. The stock is now at $144.Chemours Co (CC): The 1.23% CC stake established last quarter at prices between $29 and $41 saw a stake doubling this quarter at prices between $21 and $41. The stock currently trades well below those ranges at $12.60.Ross Stores (ROST): ROST is a 1.66% portfolio stake established last quarter at prices between $83 and $95. The stock is now well above that range at ~$106. The position saw a minor ~3% stake increase during the quarter.Stake Decreases:Baxter International (BAX): BAX is Loeb’s largest position at ~22% of the 13F portfolio. The stake was established in Q2 2015 and increased substantially the following quarter. Recent activity follow: December 2018 saw a ~22% selling (8M shares) at $68.62 and that was followed with another ~18% selling (5M shares) this quarter at $76.37. Both these were block trades. Loeb’s cost-basis on BAX is $40.05. The stock currently trades at $88.18. Loeb is harvesting huge long-term gains.Note: Third Point still controls 4.5% of the business.United Technologies (UTX): UTX is a large (top three) ~9% of the portfolio position established last quarter at prices between $104 and $129. The stock currently trades at $129. This quarter saw a ~7% trimming.Note: UTX has seen a previous roundtrip. A similarly sized large stake was disposed in Q4 2018 and the position was rebuilt last quarter.Campbell Soup (CPB): The large (top three) ~9% CPB stake was established in Q2 2018 and increased next quarter. The bulk of the position was purchased at prices between $35 and $42. There was a ~17% stake increase last quarter at prices between $32 and $41. The stock is now at $42.26. There was a ~12% trimming this quarter.Note: CPB position is an activist stake. Third Point initially pursued the replacement of the entire 12-member board but has since settled for two board seats in a truce with management. The standstill agreement thru November 2019 also stipulates Third Point not to raise ownership stake beyond ~9%. The ownership position is currently at ~6%.Iqvia Holdings (IQV): The 3% IQV position was purchased in Q3 2018 at prices between $99 and $131 and the stock currently trades above that at $157. This quarter saw a ~2% trimming.iShares 1-3 year treasury bond: The iShares 1-3 year treasury bond position is a minutely small 0.05% stake that saw minor trimming in the last three quarters.Kept Steady:Danaher Corp. (DHR): The ~6% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. It currently trades well above those ranges at ~$141. There was a ~20% stake increase last quarter at prices between $98 and $132.Note: The prices quoted above are adjusted for the Fortive (FTV) spin-off in July 2016.PayPal Holdings (PYPL): PYPL is a 4.69% of the portfolio stake established in Q2 2018 in the low-80s. The stock is currently at ~$106. The stake saw a ~55% reduction in Q4 2018 at prices between $75 and $89 and that was followed with a ~13% trimming last quarter.Sotheby’s (BID): BID is a 4.53% of the portfolio position first purchased in Q1 2013. The bulk of the current stake was purchased in Q3 2013 at prices between $39 and $51. Third Point’s ownership stake in BID is ~14%. In June, the stock spiked following an acquisition agreement at $57 per share in a going-private transaction. The stock is currently trading over that at $58.56 as there is speculation that there will be a competing offer.Note: BID is an activist stake and Third Point has three board seats.Worldpay Inc. (WP): WP is a ~3% portfolio stake built in H2 2017 at prices between $60 and $76. There was a ~30% reduction in Q2 2018 at prices between $78 and $85. Last quarter also saw a ~14% selling.Note: Fidelity National Information Services (FIS) agreed to acquire WorldPay in a cash-and-stock transaction (0.9287 FIS shares and $11 cash for each share held) announced in March. The transaction closed on July 31st. FIS currently trades at ~$135.Visa Inc. (V): The ~3% V stake was established in Q2 2018 at prices between $118 and $136. The stock is now well above that range at ~$179.S&P Global (SPGI): SPGI is a 2% position established in Q2 2016 at prices between $96 and $128. The position has wavered. Recent activity follow: Last five quarters had seen a combined ~58% reduction at prices between $164 and $213. The stock is now at ~$258.Far Point Acquisition (FPAC) & Units: The ~2% position established in Q2 2018 has since been kept steady.Note: Far Point Acquisition is a SPAC that Third Point co-sponsored. It will have a focus on Financial Technology. Ex-NYSE (Intercontinental Exchange subsidiary) President Tom Farley is CEO.Kadmon Holdings (KDMN): The minutely small 0.23% stake in KDMN was kept steady this quarter.Note: The bulk of the stake in Kadmon Holdings is from prior to its IPO in July 2016 (PE investment). The biopharma was founded in 2010 by Sam Waksal (ImClone insider trading conviction and 7-year prison term infamy, circa 2003). Loeb controls ~8% of Kadmon Holdings (KDMN).Black Knight Inc. (BKI), Sony Corp (SNE), and Colfax Corp (CFX): These are small (less than ~1.25% of the portfolio each) positions established last quarter and kept steady this quarterThe spreadsheet below highlights changes to Loeb’s 13F stock holdings in Q2 2019:4/17/2019 - : Performance: 8.81% in Q1 2019 compared to 13.6% for S&P 500 index, 14.7% since 1996 inception compared to 8.1% for S&P 500 index.Regulatory Filings thru 5/27/2019: 13D/A – 5/10 – BID - 6.67M shares – 14.3% of business, 13D/A – 5/17 – BAX – 23M shares – 4.5% of business, Form 4 – 5M disposed at $76.37."

"Tracking Dan Loeb’s Third Point Portfolio – Q1 2019 Update"

"Dan Loeb's 13F portfolio value increased from $6.51B to $8.99B this quarter. The number of positions increased from 22 to 31.Third Point dropped Merck while reducing Constellation Brands and American Express.The top three positions are Baxter International, United Technologies, and Campbell Soup. They are at ~44% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s 13F stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 05/15/2019. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2018.The 13F portfolio is very concentrated with the top three holdings accounting for ~44% of the entire portfolio. Recent 13F reports show around 30 long positions. This quarter, Loeb’s portfolio value increased ~38% from $6.51B to $8.99B. The number of holdings increased from 22 to 31. The largest five individual stock positions are Baxter International, United Technologies, Campbell Soup, Danaher Corp, and DowDuPont.Per their Q1 2019 letter, Third Point gained 8.8% for the quarter compared to 13.6% for the S&P 500 Index. Annualized returns since December 1996 inception are at 14.7% compared to 8.1% for the S&P 500 Index. In addition to partner stakes, Third Point also invests the float of Third Point Reinsurance (TPRE) and capital from London listed closed-end fund Third Point Offshore (TPNTF).To know more about Dan Loeb's Third Point, check-out his . His activist investing style is covered in the book "".Note: Third Point has a large (top three) investment in Nestle (NSRGY). It is not reported in the 13F report as it is not a 13F security. In July 2018, Third Point released a calling for a three-way internal split (Beverages, Nutrition, and Grocery) of Nestle’s businesses along with divestitures of non-core assets (primarily L’Oréal).New Stakes:United Technologies (UTX), Marathon Petroleum (MPC), Netflix Inc. (NFLX), and Microsoft Corp. (MSFT): These four positions are back in the portfolio after a quarter’s gap. UTX is a large (top three) ~9% of the portfolio position established at prices between $104 and $129. The stock currently trades at $131. The 2.33% MPC stake was purchased at prices between $57.50 and $67 and it is now at $50.29. NFLX is a 1.59% position established at prices between $268 and $378 and the stock now goes for $354. MSFT is a very small 0.66% position.Note: UTX, MPC, NFLX, and MSFT stakes were at 9.14%, 2.18%, 3.64%, and 3.65% respectively as of Q3 2018.Fox Corp (FOX): FOX is a ~4% of the portfolio position purchased this quarter at prices between $28.75 and $39.55 and the stock is now at $36.45.Boston Scientific Corp (BSX): the 2.13% BSX stake was established this quarter at prices between $33 and $41 and it is now at $38.47.Black Knight Inc. (BKI), Celgene Corp (CELG), Chemours Co (CC), Intl Flavors & Fragrances (IFF) Puts, Sony Corp (SNE), Colfax Corp (CFX), Microsoft Corporation (MSFT), and Ross Stores (ROST): These are small (less than ~2% of the portfolio each) positions established this quarter.Stake Disposals:Cigna Corp (CI): CI is a new 1.68% of the portfolio position established last quarter at prices between $178 and $225 and disposed this quarter at prices between $159 and $200. The stock currently trades below those ranges at $150.Merck & Co (MRK): The 3.26% MRK position was purchased in Q3 2018 at prices between $60.50 and $71 and the stock is now above that at $81.17. Last quarter saw a ~38% reduction at prices between $68 and $79 and the disposal this quarter was at prices between $73 and $83.Dover Corp. (DOV): The very small 0.66% DOV activist stake had seen a 140% increase in Q1 2018 at prices between $77 and $88. The stake was sold down by ~85% last quarter at prices between $66.50 and $88 and eliminated this quarter at prices between $70 and $96. The stock currently trades at $90.90.Note: The prices quoted above are adjusted to reflect the spinoff of Apergy (APY) that closed in May last year.Shire plc and: Shire plc was a 4.60% stake established in Q3 2018 at prices between $166 and $181 - Takeda’s acquisition of Shire plc closed in January thereby eliminating this position.Stake Increases:Danaher Corp. (DHR): The ~5% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. It currently trades well above those ranges at ~$132. Last quarter saw a minor ~4% trimming. There was a ~20% stake increase this quarter at prices between $98 and $132.Note: The prices quoted above are adjusted for the Fortive (FTV) spin-off in July 2016.Stake Decreases:DowDuPont (DWDP): DWDP is a large (top five) ~5% portfolio position. The original Dow Chemical stake was established in Q4 2013 at prices between $38 and $45. In Q2 & Q3 2014, the position was increased by just over 220% at prices between $47 and $55. Q4 2014 saw an about-turn as ~24% of the position was disposed at prices between $43 and $53. Q2 & Q3 2016 saw another ~40% reduction at prices between $49 and $59. Since then, the position had been reduced by ~30% thru minor trimming in most quarters. Last three quarters saw a ~40% selling at prices between $33 and $48. The stock currently trades at $31.08.Note 1: Third Point’s Q1 2018 letter discussed the position: Materials, Specialty & Ag Co future spins has strong parallels to LyondellBasell (LYB), 3M (MMM), and Monsanto (MON) respectively - 2020 estimates are identical but valuation is ~40% lower. At the time, they expected the valuation gap ($92 FVE) to narrow by Q1 2019.Note 2: DowDuPont is an activist stake. In December 2015, Dow and DuPont announced a merger of equals and that transaction closed last September forming the new entity DowDuPont. The plan was to then split into three separate businesses. In May last year, Third Point suggested an : their main contention was that carve-outs of DOW and DD had performed very well in the past (Example Trinseo & Olin from Dow and Axalta & Chemours from DuPont) and so a similar strategy would be more appropriate than a three-way split. In September 2018, partly in response, DowDuPont announced certain adjustments to the original three-way split.PayPal Holdings (PYPL): PYPL is a ~4% of the portfolio stake established in Q2 2018 in the low-80s. The stock is currently at ~$110. The stake saw a ~55% reduction last quarter at prices between $75 and $89 and that was followed with a ~13% trimming this quarter.Worldpay Inc. (WP) previously Vantiv: WP is a ~3% portfolio stake built in H2 2017 at prices between $60 and $76. The stock currently trades well above that range at $120. There was a ~30% reduction in Q2 2018 at prices between $78 and $85. Last quarter saw a minor ~5% increase while this quarter saw a ~14% selling.Constellation Brands (STZ): The fairly large 4.32% STZ position was established in 2012. The three quarters thru Q3 2016 had seen a combined ~38% increase at prices between $135 and $168. There was another ~36% increase in Q4 2016 at prices between $145 and $171. Q2 2017 saw an about-turn: ~17% selling at prices between $161 and $194. The stock is currently at $199. H1 2018 had seen a ~20% selling at prices between $208 and $234 while next quarter saw a similar increase at prices between $200 and $222. There was a ~27% reduction last quarter at prices between $157 and $229 and that was followed with a ~40% selling this quarter at prices between $151 and $178.American Express (AXP): AXP is a fairly large ~4% portfolio stake established in Q3 2018 at prices between $98 and $111 and the stock currently trades at ~$120. Last quarter saw a 42% selling at prices between $89.50 and $113 and that was followed with a ~50% reduction this quarter at prices between $93 and $114.Note: The AXP investment was profiled in Third Point’s Q3 2018 . They believed sustainable double‐digit EPS growth will be achieved under new CEO Stephen Squeri as he focuses on topline growth and under‐appreciated structural opportunities in Commercial and International. That should result in a share price of ~$135 in eighteen months.S&P Global (SPGI): SPGI is a 1.78% position established in Q2 2016 at prices between $96 and $128. Q4 2016 saw a ~20% reduction at prices between $108 and $127 and that was followed with another ~17% selling in Q3 2017 at prices between $146 and $157. There was an about-turn in the following quarter: ~45% increase at prices between $155 and $173. The stock is now at ~$214. Last five quarters have seen a combined ~58% reduction at prices between $164 and $213. Loeb is harvesting gains.iShares 1-3 year treasury bond: The iShares 1-3 year treasury bond position is a minutely small 0.05% stake that saw minor trimming in the last two quarters.Kept Steady:Baxter International (BAX): BAX is Loeb’s largest position at ~25% of the 13F portfolio. The stake was established in Q2 2015 and increased substantially the following quarter. There was a ~11% selling in Q1 2017 at $50.35 and another similar trimming the following quarter at $59.50. Q4 2017 saw another ~12% trimming at $64.23. December 2018 saw another ~22% selling (8M shares) in a block trade at $68.62. Loeb’s cost-basis on BAX is $40.05. The stock currently trades at $75.10.Note: Regulatory filings since the quarter ended show them owning 23M shares of Baxter International. This is compared to 28M shares in the 13F report - 5M shares sold at $76.37. Third Point still controls 4.5% of the business.Campbell Soup (CPB): The large (top three) ~9% CPB stake was established in Q2 2018 and increased next quarter. The bulk of the position was purchased at prices between $35 and $42. There was a ~17% stake increase last quarter at prices between $32 and $41. The stock is now at $37.53. For investors attempting to follow, CPB is a good option to consider for further research.Note: CPB position is an activist stake. Third Point initially pursued the replacement of the entire 12-member board but has since settled for two board seats in a truce with management. The standstill agreement thru November 2019 also stipulates Third Point not to raise ownership stake beyond ~9%. The ownership position is currently at ~7%.Sotheby’s (BID): BID is a ~3% of the portfolio position first purchased in Q1 2013. The bulk of the current stake was purchased in Q3 2013 at prices between $39 and $51. The stock currently trades at $37.80. Third Point’s ownership stake in BID is ~14%.Note: BID is an activist stake. Third Point has three board seats and in March 2015 Tad Smith was appointed as the CEO.Iqvia Holdings (IQV): The 2.61% IQV position was purchased in Q3 2018 at prices between $99 and $131 and the stock currently trades at $136.Adobe Systems (ADBE): ADBE is a 2.67% stake that saw a ~75% increase in Q2 2018 at prices between $212 and $258 and another ~30% increase next quarter at prices between $242 and $275. It is now at $275.Visa Inc. (V): The 2.60% V stake saw a ~11% trimming last quarter. The position is from Q2 2018 established at prices between $118 and $136. The stock is now well above that range at ~$163.Salesforce.com (CRM): The ~2% CRM position was more than doubled last quarter at prices between $121 and $160. It had seen a ~20% selling in Q3 2018 at prices between $137 and $160. The stock is now at $155.Far Point Acquisition (FPAC) & Units: The ~2% position established in Q2 2018 has since been kept steady.Note: Far Point Acquisition is a SPAC that Third Point co-sponsored. It will have a focus on Financial Technology. Ex-NYSE (Intercontinental Exchange subsidiary) President Tom Farley is CEO.Kadmon Holdings (KDMN): The minutely small 0.28% stake in KDMN was kept steady this quarter.Note: The bulk of the stake in Kadmon Holdings is from prior to its IPO in July 2016 (PE investment). The biopharma was founded in 2010 by Sam Waksal (ImClone insider trading conviction and 7-year prison term infamy, circa 2003). Loeb controls ~8% of Kadmon Holdings (KDMN).The spreadsheet below highlights changes to Loeb’s 13F stock holdings in Q1 2019:Regulatory Filings thru 2/10/2019: 13G/A – 2/8 – Kadmon (KDMN) – 9.4M shares – 8.3% of business, 13D/A – 12/4/2018 – BAX - ~28M shares – 5.3% of business – on Dec 3, 8M shares sold in a block trade at $68.62. 13D/1 – 12/4/2018 – CPB – 21M shares – 6.98% of business – standstill agreement thru Nov 26, 2019 – won’t increase stake above 9% of business –gets two board seats as board expands from 12 to at-least 14."

"Tracking Dan Loeb’s Third Point Portfolio – Q4 2018 Update"

"Dan Loeb's 13F portfolio value decreased from $12.84B to $6.5B this quarter. The number of positions decreased from 31 to 22.Third Point increased Campbell Soup and Saleforce.com while dropping United Technologies, Netflix, Microsoft, and Alibaba Group Holdings.The top three positions are Baxter International, Campbell Soup, and DowDuPont. Together, they are at ~47% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s 13F stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 02/08/2019. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2018.The 13F portfolio is very concentrated with the top three holdings accounting for ~47% of the entire portfolio. Recent 13F reports show around 30 long positions. This quarter, Loeb’s portfolio value decreased ~50% from $12.84B to $6.51B. The number of holdings decreased from 31 to 22. The largest five individual stock positions are Baxter International, Campbell Soup, DowDuPont, PayPal Holdings, and Danaher Corp.Per their Dec 2018 investor update, Third Point lost 11.1% for the year compared to 4.4% loss for the S&P 500 Index. Annualized returns since December 1996 inception are at 14.4% compared to 7.6% for the S&P 500 Index. In addition to partner stakes, Third Point also invests the float of Third Point Reinsurance (TPRE) and capital from London listed closed-end fund Third Point Offshore (TPNTF).To know more about Dan Loeb's Third Point, check-out his . His activist investing style is covered in the book "".Note: Third Point has large (top three) investment in Nestle (NSRGY). It is not reported in the 13F report as it is not a 13F security. In July 2018, Third Point released a calling for a three-way internal split (Beverages, Nutrition, and Grocery) of Nestle’s businesses along with divestitures of non-core assets (primarily L’Oréal).New Stakes:Cigna Corp (CI): CI is a new 1.68% of the portfolio position established this quarter at prices between $178 and $225 and the stock currently trades at $183. For investors attempting to follow Third Point, CI is a good option to consider for further research.Stake Disposals:United Technologies (UTX): UTX was large (top three) ~9% of the portfolio position as of last quarter. It was established in Q1 2018 at prices between $122 and $138. The disposal this quarter was at prices between $102 and $142. The stock currently trades at $123.Note: United Technologies was an activist stake. Third Point pursued a three-way split and in November, the company announced plans to do so.Alibaba Group Holdings (BABA): BABA was a large 5% position established in Q2 2017 at prices between $107 and $144 and increased by ~47% in the following quarter at prices between $141 and $180. The stock currently trades at ~$166. There was a ~9% trimming in Q4 2017 and that was followed with a one-third reduction in Q1 2018 at prices between $174 and $205. The disposal this quarter was at prices between $132 and $164.Note: Alibaba has seen several previous roundtrips in the portfolio over the years.Microsoft Corp. (MSFT): The 3.65% MSFT stake saw a ~300% increase in Q2 2018 at prices between $88 and $103 and that was followed with a ~80% increase last quarter at prices between $99 and $115. The stake was eliminated this quarter at prices between $94 and $116. It is now at ~$105.Marathon Petroleum (MPC): MPC is a ~2% stake established in Q2 2018 at prices between $63 and $74 and increased by ~55% the following quarter at prices between $69 and $83. The stock is currently at $61.72. There was another ~13% increase last quarter but the positon was sold out this quarter at prices between $54 and $86.Deere & Co. (DE): The 1.58% DE position was established in Q2 2018 at prices between $125 and $159 and increased by ~23% last quarter at prices between $135 and $154. The stake was disposed this quarter at prices between $131 and $162. The stock is currently at ~$162.Netflix Inc. (NFLX): NFLX was a 3.64% portfolio position purchased in Q4 2017 at prices between $177 and $203. The stake was reduced by ~40% last quarter at prices between $317 and $419 and disposed this quarter at prices between $234 and $381. It is currently at ~$346. Loeb harvested short-term gains.Lennar Corp. (LEN): The ~2% LEN stake was established in Q4 2017 at prices between $52.75 and $64 and increased by ~18% next quarter at prices between $56.50 and $72. Last two quarters had seen a combined ~17% selling at prices between $47 and $64. This quarter saw the position eliminated at prices between $38 and $47. It currently trades at $46.Diamondback Energy (FANG), WPX Energy (WPX), and Arco Platform Ltd (ARCE): These very small (less than ~0.5% of the portfolio each) positions established last quarter was disposed this quarter.Stake Increases:Campbell Soup (CPB): The large (top three) ~11% CPB stake was established in Q2 2018 and increased last quarter. The bulk of the position was purchased at prices between $35 and $42. There was a ~17% stake increase this quarter at prices between $32 and $41. The stock is now near the low end of those ranges at $34.16. For investors attempting to follow, CPB is a good option to consider for further research.Note: CPB position is an activist stake. Third Point initially pursued the replacement of the entire 12-member board but has since settled for two board seats in a truce with management. The standstill agreement thru November 2019 also stipulates Third Point not to raise ownership stake beyond ~9%. The ownership position is currently at ~7%.Shire plc and Iqvia Holdings (IQV): These small stakes established last quarter were both increased by ~8% this quarter. Shire plc was a 4.60% stake established at prices between $166 and $181 - Takeda’s acquisition of Shire plc closed last month. The 2.91% IQV position was purchased at prices between $99 and $131 and the stock currently trades at $129.Salesforce.com (CRM): The 2.47% CRM position was more than doubled this quarter at prices between $121 and $160. It had seen a ~20% selling last quarter at prices between $137 and $160. The stock is now at $160.Stake Decreases:Baxter International (BAX): BAX is Loeb’s largest position at ~28% of the 13F portfolio. The stake was established in Q2 2015 and increased substantially the following quarter. There was a ~11% selling in Q1 2017 at $50.35 and another similar trimming the following quarter at $59.50. Q4 2017 saw another ~12% trimming at $64.23. December 2018 saw another ~22% selling (8M shares) in a block trade at $68.62. Loeb’s cost-basis on BAX is $40.05. The stock currently trades at $71.73.Note: Third Point controls 5.3% of the business.DowDuPont (DWDP): DWDP is currently Third Point’s third-largest individual stock position at ~8% of the portfolio. The original Dow Chemical stake was established in Q4 2013 at prices between $38 and $45. In Q2 & Q3 2014, the position was increased by just over 220% at prices between $47 and $55. Q4 2014 saw an about-turn as ~24% of the position was disposed at prices between $43 and $53. Q2 & Q3 2016 saw another ~40% reduction at prices between $49 and $59. Since then, the position had been reduced by ~30% thru minor trimming in most quarters. Last two quarters also saw a one-third selling at prices between $49 and $71. The stock currently trades at $52.Note 1: Third Point’s Q1 2018 letter discussed the position: Materials, Specialty & Ag Co future spins has strong parallels to LyondellBasell (LYB), 3M (MMM), and Monsanto (MON) respectively - 2020 estimates are identical but valuation is ~40% lower. At the time, they expected the valuation gap ($92 FVE) to narrow by Q1 2019.Note 2: DowDuPont is an activist stake. In December 2015, Dow and DuPont announced a merger of equals and that transaction closed last September forming the new entity DowDuPont. The plan was to then split into three separate businesses. In May last year, Third Point suggested an : their main contention was that carve-outs of DOW and DD had performed very well in the past (Example Trinseo & Olin from Dow and Axalta & Chemours from DuPont) and so a similar strategy would be more appropriate than a three-way split. In September 2018, partly in response, DowDuPont announced certain adjustments to the original three-way split.PayPal Holdings (PYPL): PYPL is a large (top five) ~5% of the portfolio stake established in Q2 2018 in the low-80s. The stock is currently at ~$93. The stake saw a ~55% reduction this quarter at prices between $75 and $89.Danaher Corp. (DHR): The ~5% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. It currently trades well above those ranges at ~$110. This quarter saw a minor ~4% trimming.Note: The prices quoted above are adjusted for the Fortive (FTV) spin-off in July 2016.Constellation Brands (STZ): The fairly large ~4% STZ position was established in 2012. The three quarters thru Q3 2016 had seen a combined ~38% increase at prices between $135 and $168. There was another ~36% increase in Q4 2016 at prices between $145 and $171. Q2 2017 saw an about-turn: ~17% selling at prices between $161 and $194. The stock is currently at $173. H1 2018 had seen a ~20% selling at prices between $208 and $234 while last quarter saw a similar increase at prices between $200 and $222. There was a ~27% reduction this quarter at prices between $157 and $229.American Express (AXP): AXP is a fairly large ~4% portfolio stake established last quarter at prices between $98 and $111 and the stock currently trades at ~$105. This quarter saw a 42% selling at prices between $89.50 and $113.Note: The AXP investment was profiled in Third Point’s Q3 2018 . They believe sustainable double‐digit EPS growth will be achieved under new CEO Stephen Squeri as he focuses on topline growth and under‐appreciated structural opportunities in Commercial and International. That should result in a share price of ~$135 in eighteen months.Merck & Co (MRK): The ~3% MRK position was purchased last quarter at prices between $60.50 and $71 and the stock is now above that at $76.71. This quarter saw a ~38% reduction at prices between $68 and $79.Worldpay Inc. (WP) previously Vantiv: WP is a ~3% portfolio stake built in H2 2017 at prices between $60 and $76. The stock currently trades well above that range at $85.83. There was a ~30% reduction in Q2 2018 at prices between $78 and $85. Last quarter saw a minor ~5% increase while this quarter saw a ~14% selling. .Visa Inc. (V): The ~3% V stake saw a ~11% trimming this quarter. The position is from Q2 2018 established at prices between $118 and $136. The stock is now at ~$141.S&P Global (SPGI): SPGI is a ~2% position established in Q2 2016 at prices between $96 and $128. Q4 2016 saw a ~20% reduction at prices between $108 and $127 and that was followed with another ~17% selling in Q3 2017 at prices between $146 and $157. There was an about-turn in the following quarter: ~45% increase at prices between $155 and $173. The stock is now at ~$194. Last four quarters have seen a combined ~55% reduction at prices between $160 and $215. Loeb is harvesting gains.Dover Corp. (DOV): The very small 0.66% DOV stake had seen a 140% increase in Q1 2018 at prices between $77 and $88. The stake was sold down by ~85% this quarter at prices between $66.50 and $88. The stock currently trades at $87.Note 1: The prices quoted above are adjusted to reflect the spinoff of Apergy (APY) that closed in May.Note 2: Dover Corp is an activist stake. Third Point’s Q1 2018 letter discussed the position: a) spin-off of energy business Apergy should reduce volatility, b) cash-EPS reporting change should show strong cash generation, and c) Transition to new CEO Richard Tobin should be a positive – strong background operating industrial assets. They believed Dover is trading at a ~30% discount to peers.iShares 1-3 year treasury bond: The iShares 1-3 year treasury bond position is a minutely small 0.05% stake that saw minor trimming this quarter.Kept Steady:Sotheby’s (BID): BID is a ~4% of the portfolio position first purchased in Q1 2013. The bulk of the current stake was purchased in Q3 2013 at prices between $39 and $51. The stock currently trades at $40.30. Third Point’s ownership stake in BID is ~13%.Note: BID is an activist stake. Third Point has three board seats and in March 2015 Tad Smith was appointed as the CEO.Adobe Systems (ADBE): ADBE is a 1.89% stake that saw a ~75% increase in Q2 2018 at prices between $212 and $258 and another ~30% increase last quarter at prices between $242 and $275. It is now at $258.Far Point Acquisition (FPAC) & Units: The ~3% position established in Q2 2018 has since been kept steady.Note: Far Point Acquisition is a SPAC that Third Point co-sponsored. It will have a focus on Financial Technology. Ex-NYSE (Intercontinental Exchange subsidiary) President Tom Farley is CEO.Kadmon Holdings (KDMN): The minutely small 0.30% stake in KDMN was kept steady this quarter.Note: The bulk of the stake in Kadmon Holdings is from prior to its IPO in July 2016 (PE investment). The biopharma was founded in 2010 by Sam Waksal (ImClone insider trading conviction and 7-year prison term infamy, circa 2003). Loeb controls ~8% of Kadmon Holdings (KDMN).The spreadsheet below highlights changes to Loeb’s 13F stock holdings in Q4 2018:Q3 2018 – Performance – 0.6% YTD as of Q3 2018 vs 10.6% for the S&P 500 index, 15.2% annualized since Dec 1996 inception compared to 8.4% for the S&P 500 Index. Market Commentary/Positioning: Valuation (16x one-year forward PE) not overly demanding although late in the cycle – doubling down on quality driven growth ideas – expect to be net sellers over next few months - We have delevered our portfolio, reduced our tech exposure meaningfully, and grown our short book AXP – Expects shares to be at $135 in eighteen months. New CEO Stephen Squeri is re‐energizing Amex by focusing on topline growth and under‐appreciated structural opportunities in Commercial and International – efforts we think will lead to more sustainable double‐digit EPS growth going forward.Regulatory Filings thru 11/12/2018 – 13D/A – 11/9, 10/9, 9/7 – CPB – 21M shares - ~7% of business (9/7 – 17M shares), 13D/A – 11/2 – BID – 6.67M shares – 13.6% of business,10/11/2018 – – wants directors out and new CEO election after new board is elected. Increased stake from 5.65% to 6.98% per ."

"Tracking Dan Loeb’s Third Point Portfolio – Q3 2018 Update"

"Dan Loeb's 13F portfolio value decreased from $14.35B to $12.84B this quarter. The number of positions decreased from 38 to 31.Third Point added American Express and increased Campbell Soup while dropping NXP Semiconductors and Facebook.The top three positions are Baxter International, United Technologies, and PayPal Holdings. Together, they are at ~37% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s 13F stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 11/09/2018. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2018.The 13F portfolio is very concentrated with the top three holdings accounting for ~37% of the entire portfolio. Recent 13F reports show around 35 long positions. This quarter, Loeb’s portfolio value decreased ~11% from $14.35B to $12.84B. The number of holdings decreased from 38 to 31. The largest five individual stock positions are Baxter International, United Technologies, PayPal Holdings, DowDuPont, and Alibaba Group Holdings.Per their Q3 2018 investor letter, Third Point gained 0.6% YTD compared to 10.6% gain for the S&P 500 Index. Annualized returns since December 1996 inception are at 15.2% compared to 8.4% for the S&P 500 Index. In addition to partner stakes, Third Point also invests the float of Third Point Reinsurance (TPRE) and capital from London listed closed-end fund Third Point Offshore (TPNTF).To know more about Dan Loeb's Third Point, check-out his . His activist investing style is covered in the book "".Note: Third Point has a huge $3.5B investment (40M shares including options) in Nestle (NSRGY). It is not reported in the 13F report as it is not a 13F security. In July 2018, Third Point released a calling for a three-way internal split (Beverages, Nutrition, and Grocery) of Nestle’s businesses along with divestitures of non-core assets (primarily L’Oréal).New Stakes:American Express (AXP): AXP is a fairly large ~4% portfolio stake established this quarter at prices between $98 and $111 and the stock currently trades at $108.Note: The AXP investment was profiled in Third Point’s Q3 2018 . They believe sustainable double‐digit EPS growth will be achieved under new CEO Stephen Squeri as he focuses on topline growth and under‐appreciated structural opportunities in Commercial and International. That should result in a share price of ~$135 in eighteen months.Merck & Co (MRK), Shire plc (SHPG), and Iqvia Holdings (IQV): These are small new stakes established this quarter. The ~2.5% MRK position was purchased at prices between $60.50 and $71 and the stock is now above that at $74.86. SHPG is a ~2.25% stake established at prices between $166 and $181 and it now goes for ~$180. The 1.52% IQV position was purchased at prices between $99 and $131 and the stock currently trades at $124.Diamondback Energy (FANG), WPX Energy (WPX), and Arco Platform Ltd (ARCE): These are very small (less than ~0.5% of the portfolio each) positions established during the quarter.Stake Disposals:NXP Semiconductors (NXPI): NXPI was a top three ~8% position purchased last quarter at prices between $92 and $120 and disposed this quarter at prices between $85 and $110. The stock currently trades at $83.69.Note: NPXI has seen a recent round-trip. It was a 1.82% of the portfolio stake purchased in Q2 2017 at prices between $103 and $110. There was a ~20% reduction in Q4 2017 at prices between $113 and $118 and the elimination in Q1 2018 was at prices between $115 and $126.Electronic Arts (EA): The 1.62% EA position was purchased in Q1 2018 at prices between $105 and $129 and increased by around one-third last quarter at prices between $117 and $147. The disposal this quarter was at prices between $111 and $149. The stock is now at $88.89.Facebook Inc. (FB): FB was a large ~4% of the portfolio stake established in Q2 2016 at prices between $109 and $121 and increased by ~45% the following quarter at prices between $114 and $131. The next two quarters saw the positon reduced by ~50% at prices between $115 and $143. Q2 2017 saw an about turn: ~17% stake increase at prices between $139 and $155 and that was followed with a similar increase in Q1 2018 at prices between $152 and $193. There was a ~25% selling last quarter at prices between $155 and $202 and the elimination this quarter was at prices between $160 and $218. The stock is now at ~$145.BlackRock Inc. (BLK): BLK was a 2.26% portfolio stake purchased in Q2 2017 at prices between $377 and $428. The position was sold down by ~30% in Q1 2018 at prices between $509 and $593 and another ~40% last quarter at prices between $500 and $550. The disposal this quarter was at prices between $470 and $513. The stock is now at ~$414. Third Point harvested gains.Note: BlackRock was profiled in Third Point’s Q2 2017 letter. Their undervaluation thesis was based on the belief that BLK is valued as an asset manager (low margins) while their earnings power is driven by oligopoly businesses - ETFs (via iShares) and data & analytic services (via Aladdin). The stock was trading at ~$420 per share at the time.Vulcan Materials (VMC): The 2.47% VMC stake was purchased in Q2 2017 at prices between $117 and $134 and increased by ~47% the following quarter at prices between $113 and $130. The position was disposed this quarter at prices between $107 and $130. The stock is now at ~$106.Wynn Resorts (WYNN): The 1.78% WYNN stake was purchased in Q1 2018 at prices between $162 and $201 and sold this quarter at prices between $126 and $167. It is now at ~$98.32.Sherwin Williams (SHW): The 1.56% SHW stake was acquired in Q2 2016 at prices between $280 and $312. The following quarter saw a 25% increase at prices between $274 and $312. That was followed with another ~14% increase in Q4 2016 at prices between $241 and $278. The position saw significant selling last year: 40% reduction over the first three quarters at prices between $269 and $361. The remaining stake was disposed this quarter at prices between $407 and $478. The stock is currently at ~$415. Loeb harvested gains.Dell Technologies (DVMT), Energen Corp. (EGN), PVH Corp. (PVH), iShares China Large Cap ETF (FXI) Calls, Camping World Holdings (CWH), Agilent Technology (A), and Braskem S A (BAK): These very small (less than ~1% of the portfolio each) stakes were eliminated this quarter.Stake Increases:United Technologies (UTX): UTX is large (top three) ~9% of the portfolio position established in Q1 2018 at prices between $122 and $138 and the stock currently trades at ~$131. There was a ~7% stake increase last quarter and that was followed with a ~11% increase this quarter. For investors attempting to follow Loeb, UTX is a good option to consider for further research.Note: United Technologies is an activist stake. Third Point is pursuing a three-way split of the business.Alibaba Group Holdings (BABA): BABA is a large ~5% position established in Q2 2017 at prices between $107 and $144 and increased by ~47% in the following quarter at prices between $141 and $180. The stock currently trades at ~$145. There was a ~9% trimming in Q4 2017 and that was followed with a one-third reduction in Q1 2018 at prices between $174 and $205. This quarter saw a marginal increase.Note: Alibaba has seen several previous roundtrips in the portfolio over the years.Campbell Soup (CPB): The large ~5% CPB stake was established last quarter and increased this quarter. The bulk of the position was purchased at prices between $35 and $42 and the stock is now at $38.97.Note 1: Regulatory filings since the quarter ended show them owning 21M shares of Campbell Soup (6.98% of the business). This is compared to 18M shares in the 13F.Note 2: CPB position is an activist stake. Third Point initially pursued the replacement of the entire 12-member board but has since settled on seeking five board seats.Constellation Brands (STZ): The fairly large ~4% STZ position was established in 2012. The three quarters thru Q3 2016 had seen a combined ~38% increase at prices between $135 and $168. There was another ~36% increase in Q4 2016 at prices between $145 and $171. Q2 2017 saw an about-turn: ~17% selling at prices between $161 and $194. The stock is currently at $203. Last two quarters had seen a ~20% selling at prices between $208 and $234 while this quarter saw a similar increase at prices between $200 and $222.Microsoft Corp. (MSFT): The 3.65% MSFT stake saw a ~300% increase last quarter at prices between $88 and $103 and that was followed with a ~80% increase this quarter at prices between $99 and $115. It is now at ~$110.Worldpay Inc. (WP) previously Vantiv (VNTV): WP is a 2.40% portfolio stake built in H2 2017 at prices between $60 and $76. The stock currently trades well above that range at $90.11. There was a ~30% reduction last quarter at prices between $78 and $85. This quarter saw a minor ~5% increase.Marathon Petroleum (MPC): MPC is a ~2% stake established in Q2 2018 at prices between $63 and $74 and increased by ~55% last quarter at prices between $69 and $83. The stock is currently at $67.18. There was another ~13% increase this quarter.Adobe Systems (ADBE), Deere & Co. (DE), and iShares 1-3 year treasury bond: These small (less than ~2% of the portfolio each) positions saw significant increases this quarter. ADBE is a 1.89% stake that saw a ~75% increase last quarter at prices between $212 and $258 and another ~30% increase this quarter at prices between $242 and $275. It is now at $245. The 1.58% DE position was established last quarter at prices between $125 and $159 and increased by ~23% this quarter at prices between $135 and $154. The stock is currently at ~$145. The iShares 1-3 year treasury bond position is a minutely small 0.03% stake.Stake Decreases:PayPal Holdings (PYPL): PYPL is a large (top three) ~6% of the portfolio stake established last quarter in the low-80s and increased by ~10% this quarter. The stock is currently at $86.76.Note: On PayPal, Loeb has said that he sees parallels with Amazon and Netflix. Also he sees $125 PPS in eighteen months.DowDuPont (DWDP): DWDP is currently Third Point’s fourth-largest individual stock position at ~6% of the portfolio. The original Dow Chemical stake was established in Q4 2013 at prices between $38 and $45. In Q2 & Q3 2014, the position was increased by just over 220% at prices between $47 and $55. Q4 2014 saw an about-turn as ~24% of the position was disposed at prices between $43 and $53. Q2 & Q3 2016 saw another ~40% reduction at prices between $49 and $59. Since then, the position had been reduced by ~30% thru minor trimming in most quarters. This quarter also saw a ~15% selling at prices between $64 and $72. The stock currently trades at $58.68.Note 1: Third Point’s Q1 2018 letter discussed the position: Materials, Specialty & Ag Co future spins has strong parallels to LyondellBasell (LYB), 3M (MMM), and Monsanto (MON) respectively - 2020 estimates are identical but valuation is ~40% lower. They expect the valuation gap ($92 FVE) to narrow by Q1 2019.Note 2: DowDuPont is an activist stake. In December 2015, Dow and DuPont announced a merger of equals and that transaction closed last September forming the new entity DowDuPont. The plan was to then split into three separate businesses. In May last year, Third Point suggested an : their main contention was that carve-outs of DOW and DD had performed very well in the past (Example Trinseo & Olin from Dow and Axalta & Chemours from DuPont) and so a similar strategy would be more appropriate than a three-way split. In mid-September, partly in response, DowDuPont announced certain adjustments to the original three-way split.Netflix Inc. (NFLX): NFLX is a 3.64% portfolio position purchased in Q4 2017 at prices between $177 and $203. The stake was reduced by ~40% this quarter at prices between $317 and $419. It is currently at ~$304. Loeb is harvesting short-term gains.Lennar Corp. (LEN): The ~2% LEN stake was established in Q4 2017 at prices between $52.75 and $64 and increased by ~18% next quarter at prices between $56.50 and $72. Last two quarters saw a ~17% selling at prices between $47 and $64. It currently trades at $41.90.S&P Global (SPGI): SPGI is a 1.50% position established in Q2 2016 at prices between $96 and $128. Q4 2016 saw a ~20% reduction at prices between $108 and $127 and that was followed with another ~17% selling in Q3 2017 at prices between $146 and $157. There was an about-turn in the following quarter: ~45% increase at prices between $155 and $173. The stock is now at ~$186. Last three quarters have seen a combined ~45% reduction at prices between $166 and $215. Loeb is opportunistically harvesting gains.Salesforce.com (CRM): The very small 0.62% CRM position saw a ~20% selling this quarter at prices between $137 and $160. Last quarter had seen a ~40% stake increase at prices between $115 and $140. The stock is now at $137.Kept Steady:Baxter International (BAX): BAX is Loeb’s largest position at ~22% of the 13F portfolio. The stake was established in Q2 2015 and increased substantially the following quarter. There was a ~11% selling in Q1 2017 at $50.35 and another similar trimming the following quarter at $59.50. Q4 2017 saw another ~12% trimming at $64.23. Loeb’s cost-basis on BAX is $40.05. The stock currently trades at $63.48.Note: Third Point controls ~6.6% of the business.Dover Corp. (DOV): The 2.76% DOV stake saw a 140% increase in Q1 2018 at prices between $77 and $88. The stock currently trades at $86.42. There was a very minor ~2% stake increase last quarter.Note 1: The prices quoted above are adjusted to reflect the spinoff of Apergy (APY) that closed in May.Note 2: Dover Corp is an activist stake. Third Point’s Q1 2018 letter discussed the position: a) spin-off of energy business Apergy should reduce volatility, b) cash-EPS reporting change should show strong cash generation, and c) Transition to new CEO Richard Tobin should be a positive – strong background operating industrial assets. They believed Dover is trading at a ~30% discount to peers.Danaher Corp. (DHR): The 2.75% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. It currently trades well above those ranges at ~$104.Note: The prices quoted above are adjusted for the Fortive (FTV) spin-off in July 2016.Sotheby’s (BID): BID is a 2.55% of the portfolio position first purchased in Q1 2013. The bulk of the current stake was purchased in Q3 2013 at prices between $39 and $51. The stock currently trades at $40.96. Third Point’s ownership stake in BID is ~13%.Note: BID is an activist stake. Third Point has three board seats and in March 2015 Tad Smith was appointed as the CEO.Visa Inc. (V) and Far Point Acquisition (FPAC) & Units: These are small (less than ~2% of the portfolio each) positions established last quarter and kept steady this quarter.Note: Far Point Acquisition is a SPAC that Third Point co-sponsored. It will have a focus on Financial Technology. Ex-NYSE (Intercontinental Exchange subsidiary) President Tom Farley is CEO.Kadmon Holdings (KDMN): The minutely small 0.24% stake in KDMN was kept steady this quarter.Note: The bulk of the stake in Kadmon Holdings is from prior to its IPO in July 2016 (PE investment). The biopharma was founded in 2010 by Sam Waksal (ImClone insider trading conviction and 7-year prison term infamy, circa 2003). Loeb controls ~13% of Kadmon Holdings (KDMN).The spreadsheet below highlights changes to Loeb’s 13F stock holdings in Q3 2018:7/31/2018 - $300M CPB built.7/24/2018 – – Performance: 0.8% for first half vs 2.6% for S&P 500, 15.4% since December 1996 inception compared to 8.1% for S&P 500 Index. DWDP & NSRGY lost money in the quarter although they expect them to rebound. NEW POSITION: PayPal (PYPL) – sees parallels with Amazon, Netflix – sees $125 in 18 months – so cost-basis might be in the low-80s. New Equity Strategy: co-sponsoring the SPAC Far Point – Financial Technology focus (ex-NYSE – ICE president Tom Farley is CEO).Regulatory Filings thru 8/11/2018: 13D 8/9 – CPB – 17M shares – 5.65% of business - $35 to $42 price range from 6/11 to 8/8, Form 4 & 13D/A – 6/26 – GBRK – 7.14M shares disposed @ ~$9 per share. 13D 6/25, Form 4 6/18, Form 3 6/11 – FPAC – 19.69M shares – 24.9% of business – SPAC IPO related acquisition,"

"Tracking Dan Loeb’s Third Point Portfolio – Q2 2018 Update"

"Dan Loeb's 13F portfolio value increased from $13.32B to $14.35B this quarter. The number of positions decreased from 40 to 38.Third Point added NXP Semiconductors and PayPal Holdings while dropping Alphabet.The top three positions are Baxter International, NXP Semiconductors, and United Technologies. Together, they are at one-third of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s 13F stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 08/10/2018. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2018.The 13F portfolio is very concentrated with the top three holdings accounting for one-third of the entire portfolio. Recent 13F reports show around 40 long positions. This quarter, Loeb’s portfolio value increased ~8% from $13.32B to $14.35B. The number of holdings decreased from 40 to 38. The largest five individual stock positions are Baxter International, NXP Semiconductors, United Technologies, DowDuPont, and PayPal Holdings.Per their Q2 2018 investor letter, Third Point gained 0.8% thru Q2 2018 YTD compared to 2.6% gain for the S&P 500 Index. Annualized returns since December 1996 inception are at 15.4% compared to 8.1% for the S&P 500 Index. In addition to partner stakes, Third Point also invests the float of Third Point Reinsurance (TPRE) and capital from London listed closed-end fund Third Point Offshore (TPNTF).To know more about Dan Loeb's Third Point, check-out his . His activist investing style is covered in the book "".Note: Third Point has a huge $3.5B investment (40M shares including options) in Nestle (NSRGY). It is not reported in the 13F as it is not a 13F security.New Stakes:NXP Semiconductors (NXPI) and PayPal Holdings (PYPL): These two are large stakes established this quarter. The top three ~8% NXPI position was purchased at prices between $92 and $120 and the stock currently trades near the low end of that range at $95. PYPL is a ~6% of the portfolio stake established in the low-80s. The stock is currently at $87.Note 1: NPXI is back in the portfolio after a quarter’s gap. NXPI was a 1.82% of the portfolio stake purchased in Q2 2017 at prices between $103 and $110. There was a ~20% reduction in Q4 2017 at prices between $113 and $118 and the elimination last quarter was at prices between $115 and $126.Note 2: On the PayPal stake establishment, Loeb has said that he sees parallels with Amazon and Netflix. Also he sees $125 in eighteen months.Visa Inc. (V), Campbell Soup (CPB), Dell Technologies (DVMT), Deere & Co. (DE), and Far Point Acquisition (FPAC) & Units: These are small (less than ~1.5% of the portfolio each) new positions established this quarter.Note 1: Regulatory filings since the quarter ended show them owning 17M shares of Campbell Soup (5.65% of the business). This is compared to 5.5M shares in the 13F. The purchases were made at prices between $35 and $42.Note 2: Far Point Acquisition is a SPAC that Third Point co-sponsored. It will have a focus on Financial Technology. Ex-NYSE (Intercontinental Exchange subsidiary) President Tom Farley is CEO.Note 3: DVMT is back in the portfolio after a quarter’s gap.Energen Corp. (EGN), PVH Corp. (PVH), iShares China Large Cap ETF (FXI) Calls, Camping World Holdings (CWH), Agilent Technology (A), and Braskem S A (BAK): These are very small (less than ~1% of the portfolio each) stakes established this quarter.Stake Disposals:Alphabet Inc. (GOOG): GOOG was a large 4.48% stake established in Q1 2016 at prices between $678 and $765. It was reduced by ~43% in the following quarter at prices between $668 and $767. Q3 2016 saw a ~38% increase at prices between $692 and $787 while there was a ~23% selling the following quarter at prices between $736 and $813. Q2 2017 saw a ~26% increase at prices between $823 and $984 while the following quarter there was a ~45% reduction at prices between $899 and $980. Q4 2017 saw a huge ~120% stake increase at prices between $952 and $1077. There was a ~16% selling last quarter at prices between $1001 and $1176 and the disposal this quarter was at prices between $1007 and $1175. The stock is currently at ~$1238.Note: GOOG has seen a previous roundtrip in the portfolio. A fairly large 3.44% of portfolio stake was established in Q3 2013 at prices between $423 and $435. It was sold in Q2 2014 at prices between $510 and $579.Time Warner Inc. (TWX): The ~4% TWX stake was established in Q4 2016 at prices between $78.50 and $97 and increased by ~17% in the following quarter. Q3 2017 saw an about turn: ~27% selling at prices between $99 and $103. There was a huge ~120% stake increase in Q4 2017 at prices between $87 and $104. In October 2016, AT&T (T) agreed to acquire Time Warner in a cash-and-stock ($53.75 cash) deal worth $107.50 per share and that transaction closed in June.Intercontinental Exchange (ICE): ICE was a 2.72% portfolio stake established in Q4 2017 at prices between $65 and $72 and the stock currently trades at $73.27. There was a ~9% trimming last quarter and the position was disposed this quarter at prices between $70 and $76.Mohawk Industries (MHK): The 1.46% MHK position was established in Q4 2014 at prices between $125 and $158 and increased by ~220% in H1 2015 at prices between $153 and $194. The five quarters thru Q3 2016 had seen a combined ~60% selling at prices between $150 and $215. There was an about-turn in Q4 2016: one-third increase at prices between $177 and $205. The pattern reversed again in Q1 2017: ~21% sold at prices between $202 and $232. The stock currently trades at $182. There was a ~11% increase in Q4 2017 while last quarter saw a ~17% reduction. The position was disposed this quarter at prices between $204 and $246.Anthem Inc. (ANTM): ANTM was a small ~1.3% of the portfolio stake. The position saw a stake doubling last quarter at prices between $216 and $258. There was an about turn this quarter: position eliminated at prices between $220 and $245. The stock currently trades at ~$260.Monsanto Company (MON): The bulk of the ~1% MON position was purchased last quarter at prices between $117 and $124. Bayer AG (BAYRY) closed the acquisition of Monsanto at $128 per share in June.PagSeguro Digital (PAGS): PAGS was a 1.31% portfolio stake established last quarter at prices between $27 and $39 and disposed this quarter at around the same price range. The stock currently trades at $28.39.Black Knight Inc. (BKI), Green Brick Partners (GRBK), Grupo Financiero Galicia SA (GGAL), Grupo Supervielle SA (SUPV), Mercadolibre Inc. (MELI), Nexa Resources (NEXA), Pampa Energia SA (PAM), and PBF Energy (PBF): These are very small (less than ~1% of the portfolio each) positions disposed this quarter.Note: Loeb had a ~16% ownership stake in Green Brick Partners (previously BioFuel Energy) as of Q1 2018. The disposal was at ~$9 per share.Stake Increases:United Technologies (UTX): UTX is large (top three) 6.62% of the portfolio position established last quarter at prices between $122 and $138 and the stock currently trades at $133. There was a ~7% stake increase this quarter. For investors attempting to follow Loeb, UTX is a good option to consider for further research.Note: United Technologies is an activist stake. Third Point is pursuing a three-way split of the business.DowDuPont (DWDP): DWDP is currently Third Point’s fourth-largest individual stock position at 6.57% of the portfolio. The original Dow Chemical stake was established in Q4 2013 at prices between $38 and $45. In Q2 & Q3 2014, the position was increased by just over 220% at prices between $47 and $55. Q4 2014 saw an about-turn as ~24% of the position was disposed at prices between $43 and $53. Q2 & Q3 2016 saw another ~40% reduction at prices between $49 and $59. Since then, the position had been reduced by ~30% thru minor trimming in most quarters. This quarter saw a marginal increase. The stock currently trades at $67.74.Note 1: Third Point’s Q1 2018 letter discussed the position: Materials, Specialty & Ag Co future spins has strong parallels to LyondellBasell (LYB), 3M (MMM), and Monsanto (MON) respectively - 2020 estimates are identical but valuation is ~40% lower. They expect the valuation gap ($92 FVE) to narrow by Q1 2019.Note 2: DowDuPont is an activist stake. In December 2015, Dow and DuPont announced a merger of equals and that transaction closed last September forming the new entity DowDuPont. The plan was to then split into three separate businesses. In May last year, Third Point suggested an : their main contention was that carve-outs of DOW and DD had performed very well in the past (Example Trinseo & Olin from Dow and Axalta & Chemours from DuPont) and so a similar strategy would be more appropriate than a three-way split. In mid-September, partly in response, DowDuPont announced certain adjustments to the original three-way split.Dover Corp. (DOV): The ~2% DOV stake saw a 140% increase last quarter at prices between $77 and $88. The stock currently trades at $81.55. There was a very minor ~2% stake increase this quarter.Note 1: The prices quoted above are adjusted to reflect the spinoff of Apergy (APY) that closed in May.Note 2: Dover Corp is an activist stake. Third Point’s Q1 2018 letter discussed the position: a) spin-off of energy business Apergy should reduce volatility, b) cash-EPS reporting change should show strong cash generation, and c) Transition to new CEO Richard Tobin should be a positive – strong background operating industrial assets. They believe Dover is trading at a ~30% discount to peers.Electronic Arts (EA) and Marathon Petroleum (MPC): The 1.62% EA position was purchased last quarter at prices between $105 and $129 and increased by around one-third this quarter at prices between $117 and $147. The stock is now at ~$131. MPC is a 1.52% stake established last quarter at prices between $63 and $74 and increased by ~55% this quarter at prices between $69 and $83. The stock is currently at $80.93.Adobe Systems (ADBE), iShares 1-3 year treasury bond, Microsoft Corp. (MSFT), and Salesforce.com (CRM): These small (less than ~1.5% of the portfolio each) positions saw significant increases this quarter. The 1.55% MSFT stake saw a ~300% increase at prices between $88 and $103 and it is now above that at $109. ADBE is a 1.19% stake that saw a ~75% increase at prices between $212 and $258. It is now at $254. The very small 0.59% CRM position saw a ~40% stake increase at prices between $115 and $140 and it currently goes for $146.Stake Decreases:Facebook Inc. (FB): FB is a large ~4% of the portfolio stake established in Q2 2016 at prices between $109 and $121 and increased by ~45% the following quarter at prices between $114 and $131. Q4 2016 saw the position reduced by ~36% at prices between $115 and $133 and that was followed with a ~14% trimming the following quarter at prices between $117 and $143. Q2 2017 saw an about turn: ~17% stake increase at prices between $139 and $155 and that was followed with a similar increase last quarter at prices between $152 and $193. There was a ~25% selling this quarter at prices between $155 and $202. The stock is now at ~$180.Constellation Brands (STZ): The fairly large ~3% STZ position was established in 2012. The three quarters thru Q3 2016 had seen a combined ~38% increase at prices between $135 and $168. There was another ~36% increase in Q4 2016 at prices between $145 and $171. Q2 2017 saw an about-turn: ~17% selling at prices between $161 and $194. The stock is currently at $213. There was a ~8% trimming last quarter and that was followed with a ~13% selling this quarter.Vulcan Materials (VMC): The 2.47% VMC stake was purchased in Q2 2017 at prices between $117 and $134 and increased by ~47% the following quarter at prices between $113 and $130. The stock is now just below those ranges at ~$111. There was a ~11% increase in Q4 2017 and that was followed with a similar increase last quarter. This quarter saw a ~7% trimming.BlackRock Inc. (BLK): BLK is a 2.26% portfolio stake purchased in Q2 2017 at prices between $377 and $428. The position was sold down by ~30% last quarter at prices between $509 and $593 and another ~40% this quarter at prices between $500 and $550. The stock is now at ~$479. Third Point is harvesting gains.Note: BlackRock was profiled in Third Point’s Q2 2017 letter. Their undervaluation thesis was based on the belief that BLK is valued as an asset manager (low margins) while their earnings power is driven by oligopoly businesses - ETFs (via iShares) and data & analytic services (via Aladdin). The stock was trading at ~$420 per share at the time.Lennar Corp. (LEN): The ~2% LEN stake was established in Q4 2017 at prices between $52.75 and $64 and increased by ~18% last quarter at prices between $56.50 and $72. It currently trades near the low end of those ranges at $53.38. For investors attempting to follow Loeb, Lennar is a good option to consider for further research. There was a ~4% trimming this quarter.Note: Third Point believes the 6x pro forma earnings they paid was a bargain considering that Lennar is the best homebuilder managed by the best veteran team.S&P Global (SPGI): SPGI is a 1.85% position established in Q2 2016 at prices between $96 and $128. Q4 2016 saw a ~20% reduction at prices between $108 and $127 and that was followed with another ~17% selling in Q3 2017 at prices between $146 and $157. There was an about-turn in the following quarter: ~45% increase at prices between $155 and $173. The stock is now at ~$201. Last quarter saw a ~17% selling at prices between $166 and $196 and that was followed with a ~13% reduction this quarter at prices between $187 and $209. Loeb is opportunistically harvesting gains.Wynn Resorts (WYNN): The 1.78% WYNN stake was purchased last quarter at prices between $162 and $201 and it is now below that range at ~$149. This quarter saw marginal trimming.Worldpay Inc. (WP) previously Vantiv (VNTV): WP is a 1.65% portfolio stake built in H2 2017 at prices between $60 and $76. The stock currently trades well above that range at $92.14. There was a ~30% reduction this quarter at prices between $78 and $85.Sherwin Williams (SHW): The 1.56% SHW stake was acquired in Q2 2016 at prices between $280 and $312. The following quarter saw a 25% increase at prices between $274 and $312. That was followed with another ~14% increase in Q4 2016 at prices between $241 and $278. The position saw significant selling last year: 40% reduction over the first three quarters at prices between $269 and $361. The stock is currently at ~$443. There was a ~3% trimming last quarter and that was followed with a ~6% reduction this quarter. Loeb is starting to harvest gains.Kept Steady:Baxter International (BAX): BAX is Loeb’s largest position at ~19% of the 13F portfolio. The stake was established in Q2 2015 and increased substantially the following quarter. There was a ~11% selling in Q1 2017 at $50.35 and another similar trimming the following quarter at $59.50. Q4 2017 saw another ~12% trimming at $64.23. Loeb’s cost-basis on BAX is $40.05. The stock currently trades at $71.50.Note: Third Point controls ~6.6% of the business.Netflix Inc. (NFLX): NFLX is a large 5.45% portfolio position purchased in Q4 2017 at prices between $177 and $203 and it is currently well above that range at ~$346.Alibaba Group Holdings (BABA): BABA is a large ~5% position established in Q2 2017 at prices between $107 and $144 and increased by ~47% in the following quarter at prices between $141 and $180. The stock currently trades at ~$180. There was a ~9% trimming in Q4 2017 and that was followed with a one-third reduction last quarter at prices between $174 and $205.Note: Alibaba has seen several previous roundtrips in the portfolio over the years.Sotheby’s (BID): BID is a 2.52% of the portfolio position first purchased in Q1 2013. The bulk of the current stake was purchased in Q3 2013 at prices between $39 and $51. The stock currently trades at ~$47. Third Point’s ownership stake in BID is ~13%.Note: BID is an activist stake. Third Point has three board seats and in March 2015 Tad Smith was appointed as the CEO.Danaher Corp. (DHR): The 2.23% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. It currently trades well above those ranges at ~$100. There was a ~2% trimming last quarter.Note: The prices quoted above are adjusted for the Fortive (FTV) spin-off in July 2016.Kadmon Holdings (KDMN): The minutely small 0.26% stake in KDMN was kept steady this quarter.Note: The bulk of the stake in Kadmon Holdings is from prior to its IPO in July 2016 (PE investment). The biopharma was founded in 2010 by Sam Waksal (ImClone insider trading conviction and 7-year prison term infamy, circa 2003). Loeb controls ~13% of Kadmon Holdings (KDMN).The spreadsheet below highlights changes to Loeb’s 13F stock holdings in Q2 2018:Regulatory Filings thru 5/22/2018: Form 4 – 5/16 & 2/26 – BID – 6.66M shares – minor transaction,5/4/2018 – - – Performance: Lost 0.6% for Q1 2018 (offshore fund) compared to a loss of 0.8% for the S&P 500. 15.6% annualized since inception (12/1996) compared to 8% for S&P. AUM ~$17.7B. Alternative to equity: riskless two-year money. Do not think recession is close but it is definitely closer. S&P is range bound and so selectivity will matter. Net exposure reduced by 20%. 15% taken out of long book and short exposure increased to 25%. Will continue to look to enhance short-book. Winners: Netflix, PagSeguro, Airbus, Blackrock, CGG SA. Losers: Nestle, DowDupont, Facebook, Fannie/Freddie, Vulcan Materials. NEW POSITION: UTX – strong franchise but lagged index by ~45% over last five years. 3-way split recommended – Otis, CCS, and Aerospace. Sum-of-parts EOY 2019 projected at ~$210 per share. UPDATES: DowDupont – DWDP – Materials, Specialty & Ag Co future spins has strong parallels to LYB, MMM, and MON. 2020 estimates are identical but valuation is 40% higher for them. So, $92 FVE is reasonable – expects to fill that gap in the next twelve months. Lennar – LEN – considers it the best homebuilder managed by the best veteran team. CalAtlantic acquisition & ancillary investments early in the cycle not valued as they do not contribute to earnings yet. Overall, paid 6x pro forma earnings which is a bargain. Dover – DOV – Several positive announcements: a) spin-off of energy business Apergy should reduce volatility, b) cash-EPS reporting change should show strong cash generation, and c) Transition to new CEO Richard Tobin – strong background operating industrial assets. Remain Co trading at ~30% discount to peers.NOTE: Read the latest investor letters.Q1 2018 – UTX, Lennar, DoverQ4 2017 - NestleQ3 2017 – DOV, DowDupont, Honeywell, Nestle.Q2 2017 – BAX, BABA, and BLK.Q1 2017 - Honeywell, Unicredit spA, and E.On commentary. Also, note on FRAC Sand Miners.Q4 2016 - General banking & structured credit commentary.Q3 2016 - Apigee & Akarna - PE portfolio businesses that IPOed and were acquired. 2008 Apigee investment generated ~20% IRR (2.4x) until acquisition by Google. Akarna - 3.1x return after acquisition by Allergan over 18 months.Q2 2016 - Baxter - BAX, Didi (ride sharing China private),"

"Tracking Dan Loeb’s Third Point Portfolio – Q1 2018 Update"

"Dan Loeb's 13F portfolio value decreased from $13.86B to $13.32B this quarter. The number of positions decreased from 44 to 40.Third Point added United Technologies while reducing BlackRock and Alibaba Group Holdings.The top three positions are Baxter International, DowDuPont, and United Technologies. Together, they are at ~31% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s 13F stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 05/15/2018. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2017.The 13F portfolio is very concentrated with the top three holdings accounting for ~31% of the entire portfolio. Recent 13F reports show around 40 long positions. This quarter, Loeb’s portfolio value decreased ~4% from $13.86B to $13.32B. The number of holdings decreased from 44 to 40. The largest five individual stock positions are Baxter International, DowDuPont, United Technologies, Alibaba Group Holdings, and Facebook.Per their Q1 2018 investor letter, Third Point lost 0.6% in Q1 2018 compared to a loss of 0.8% for the S&P 500 Index. Annualized returns since December 1996 inception are at ~15.6% compared to ~8% for the S&P 500 Index. In addition to partner stakes, Third Point also invests the float of Third Point Reinsurance (TPRE).To know more about Dan Loeb's Third Point, check-out his . His activist investing style is covered in the book "".Note 1: Third Point reduced their net long-exposure by ~20% during the quarter. Also, the short book was enhanced to ~25%. Total AUM is at $17.7B.Note 2: Third Point has a huge $3.5B investment (40M shares including options) in Nestle (NSRGY). It is not reported in the 13F as it is not a 13F security.New Stakes:United Technologies (UTX): UTX is large (top three) 6.71% of the portfolio position established this quarter at prices between $122 and $138 and the stock currently trades at $128. For investors attempting to follow Loeb, UTX is a good option to consider for further research.Note: United Technologies is an activist stake. Third Point is pursuing a three-way split of the business.Wynn Resorts (WYNN), PagSeguro Digital (PAGS), Electronic Arts (EA), and Marathon Petroleum (MPC): The 2.10% WYNN stake was purchased at prices between $162 and $201 and it is now at $194. PAGS is a 1.31% portfolio stake established at prices between $27 and $39 and the stock currently trades at $31.98. The ~1% EA position was purchased at prices between $105 and $129 and it is now above that range at ~$133. MPC is a ~1% stake established at prices between $63 and $74 and the stock is currently well above that range at $78.85.Adobe Systems (ADBE), Black Knight Inc. (BKI), Salesforce.com (CRM), Microsoft Corp. (MSFT), PBF Energy (PBF), and Mercadolibre Inc. (MELI): These are minutely small (less than ~0.5% of the portfolio each) positions established this quarter.Stake Disposals:Aetna Inc. (AET): AET was a medium-sized 2.41% portfolio position purchased last quarter at prices between $151 and $183. It was disposed this quarter at prices between $168 and $194. The stock is now at ~$178.Note: In December CVS Health agreed to acquire Aetna in a cash-and-stock deal ($145 per share cash and 0.8378 CVS shares for each share held).FMC Corp (FMC): FMC was a 1.50% position established in Q2 2017 at prices between $70 and $77 and increased by ~10% the following quarter. The stake was disposed this quarter at prices between $73 and $98. It is now at $91.33.NXP Semiconductors NV (NXPI): NXPI was a 1.82% of the portfolio stake purchased in Q2 2017 at prices between $103 and $110. There was a ~20% reduction last quarter at prices between $113 and $118 and the elimination this quarter was at prices between $115 and $126. The stock is now at ~$115.Note: In October 2016, Qualcomm (QCOM) agreed to acquire NXP Semiconductors for $110 per share cash. In November last year, Broadcom (AVGO) offered to acquire Qualcomm for $70 per share ($60 in cash) – the offer was independent of whether the NXP deal goes through. In February this year, the deal was sweetened to $82 per share. Qualcomm rejected the modified offer and turned around to offer $127.50 for NXP Semiconductors. They also gained the backing of Elliott Management that had previously opposed the deal.Altaba Inc. (AABA), Dell Technologies (DVMT), Dentsply Sirona (XRAY), General Dynamics (GD), Honeywell International (HON), MGM Resorts International (MGM), Macerich Company (MAC), Parsley Energy (PE), Pinnacle Foods Inc. (PF), PG&E Corp. (PCG), RSP Permian (RSPP), and Southwestern Energy (SWN): These small positions (less than ~1.5% of the portfolio each) were disposed this quarter.Stake Increases:Facebook Inc. (FB): FB is a large 4.80% of the portfolio stake established in Q2 2016 at prices between $109 and $121 and increased by ~45% the following quarter at prices between $114 and $131. Q4 2016 saw the position reduced by ~36% at prices between $115 and $133 and that was followed with a ~14% trimming the following quarter at prices between $117 and $143. Q2 2017 saw an about turn: ~17% stake increase at prices between $139 and $155 and that was followed with a similar increase this quarter at prices between $152 and $193. The stock is now at ~$185.Dover Corp. (DOV): The 2.89% DOV stake saw a 140% increase this quarter at prices between $77 and $88. The stock currently trades at $80.39.Note 1: The prices quoted above are adjusted to reflect the spinoff of Apergy (APY) that closed earlier this month.Note 2: Dover Corp is an activist stake. Third Point’s Q1 2018 letter discussed the position: a) spin-off of energy business Apergy should reduce volatility, b) cash-EPS reporting change should show strong cash generation, and c) Transition to new CEO Richard Tobin should be a positive – strong background operating industrial assets. They believe Dover is trading at a ~30% discount to peers.Lennar Corp. (LEN): The 2.78% LEN stake was established last quarter at prices between $52.75 and $64 and increased by ~18% this quarter at prices between $56.50 and $72. It currently trades just below those ranges at $52.27. For investors attempting to follow Loeb, Lennar is a good option to consider for further research.Note: Third Point believes the 6x pro forma earnings they paid was a bargain considering that Lennar is the best homebuilder managed by the best veteran team.Worldpay Inc. (WP) previously Vantiv (VNTV): WP is a 2.53% portfolio stake built over the last two quarters at prices between $60 and $76. The stock currently trades well above that range at $82.12. There was a minor ~3% increase this quarter.Vulcan Materials (VMC): The 2.52% VMC stake was purchased in Q2 2017 at prices between $117 and $134 and increased by ~47% the following quarter at prices between $113 and $130. The stock is now at ~$130. There was a ~11% increase last quarter and that was followed with a similar increase this quarter.Anthem Inc. (ANTM): ANTM is a small ~1.3% of the portfolio stake. The position saw a stake doubling this quarter at prices between $216 and $258. The stock currently trades at ~$234.Monsanto Company (MON): The ~1% MON position saw a ~500% increase this quarter at prices between $117 and $124 and it is now at ~$126.iShares 1-3 year treasury bond: This is a minutely small 0.02% portfolio position that was increased this quarter.Stake Decreases:DowDuPont (DWDP): DWDP is currently Third Point’s second-largest individual stock position at 6.73% of the portfolio. The original Dow Chemical stake was established in Q4 2013 at prices between $38 and $45. In Q2 & Q3 2014, the position was increased by just over 220% at prices between $47 and $55. Q4 2014 saw an about-turn as ~24% of the position was disposed at prices between $43 and $53. Q2 & Q3 2016 saw another ~40% reduction at prices between $49 and $59. Since then, the position has been reduced by ~30% thru minor trimming in most quarters. The stock currently trades at $68.63.Note 1: Third Point’s Q1 2018 letter discussed the position: Materials, Specialty & Ag Co future spins has strong parallels to LyondellBasell (LYB), 3M (MMM), and Monsanto (MON) respectively - 2020 estimates are identical but valuation is ~40% lower. They expect the valuation gap ($92 FVE) to narrow in the next twelve months.Note 2: DowDuPont is an activist stake. In December 2015, Dow and DuPont announced a merger of equals and that transaction closed last September forming the new entity DowDuPont. The plan was to then split into three separate businesses. In May last year, Third Point suggested an : their main contention was that carve-outs of DOW and DD had performed very well in the past (Example Trinseo & Olin from Dow and Axalta & Chemours from DuPont) and so a similar strategy would be more appropriate than a three-way split. In mid-September, partly in response, DowDuPont announced certain adjustments to the original three-way split.Alibaba Group Holdings (BABA): BABA is a top five 5.51% position established in Q2 2017 at prices between $107 and $144 and increased by ~47% in the following quarter at prices between $141 and $180. The stock currently trades at ~$198. There was a ~9% trimming last quarter and that was followed with a one-third reduction this quarter at prices between $174 and $205. Third Point is realizing gains.Note: Alibaba has seen several previous roundtrips in the portfolio over the years.Alphabet Inc. (GOOG): GOOG is a large 4.48% stake established in Q1 2016 at prices between $678 and $765. It was reduced by ~43% in the following quarter at prices between $668 and $767. Q3 2016 saw a ~38% increase at prices between $692 and $787 while there was a ~23% selling the following quarter at prices between $736 and $813. Q2 2017 saw a ~26% increase at prices between $823 and $984 while the following quarter there was a ~45% reduction at prices between $899 and $980. Last quarter saw a huge ~120% stake increase at prices between $952 and $1077. There was a ~16% selling this quarter at prices between $1001 and $1176. The stock is currently at ~$1080.Note: GOOG has seen a previous roundtrip in the portfolio. A fairly large 3.44% of portfolio stake was established in Q3 2013 at prices between $423 and $435. It was sold in Q2 2014 at prices between $510 and $579.BlackRock Inc. (BLK): BLK is a fairly large 4.41% portfolio stake purchased in Q2 2017 at prices between $377 and $428. The position was sold down by ~30% this quarter at prices between $509 and $593. The stock is now at ~$544. Third Point is harvesting gains.Note: BlackRock was profiled in Third Point’s Q2 2017 letter. Their undervaluation thesis was based on the belief that BLK is valued as an asset manager (low margins) while their earnings power is driven by oligopoly businesses - ETFs (via iShares) and data & analytic services (via Aladdin). The stock was trading at ~$420 per share at the time.Constellation Brands (STZ): The fairly large ~4% STZ position was established in 2012. The three quarters thru Q3 2016 had seen a combined ~38% increase at prices between $135 and $168. There was another ~36% increase in Q4 2016 at prices between $145 and $171. Q2 2017 saw an about-turn: ~17% selling at prices between $161 and $194. The stock is currently at $219. There was a ~8% trimming this quarter.Intercontinental Exchange (ICE): ICE is a 2.72% portfolio stake established last quarter at prices between $65 and $72 and the stock currently trades at $72.36. There was a ~9% trimming this quarter.Danaher Corp. (DHR): The 2.39% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. It currently trades well above those ranges at $102. There was a ~2% trimming this quarter.Note: The prices quoted above are adjusted for the Fortive (FTV) spin-off in July 2016.S&P Global (SPGI): SPGI is a ~2% position established in Q2 2016 at prices between $96 and $128. Q4 2016 saw a ~20% reduction at prices between $108 and $127 and that was followed with another ~17% selling last quarter at prices between $146 and $157. There was an about-turn last quarter: ~45% increase at prices between $155 and $173. The stock is now at ~$201. This quarter saw a ~17% selling at prices between $166 and $196.Mohawk Industries (MHK): The 1.46% MHK position was established in Q4 2014 at prices between $125 and $158 and increased by ~220% in H1 2015 at prices between $153 and $194. The five quarters thru Q3 2016 had seen a combined ~60% selling at prices between $150 and $215. There was an about-turn in Q4 2016: one-third increase at prices between $177 and $205. The pattern reversed again in Q1 2017: ~21% sold at prices between $202 and $232. The stock currently trades at $216. There was a ~11% increase last quarter while this quarter saw a ~17% reduction.Sherwin Williams (SHW): The 1.72% SHW stake was acquired in Q2 2016 at prices between $280 and $312. The following quarter saw a 25% increase at prices between $274 and $312. That was followed with another ~14% increase in Q4 2016 at prices between $241 and $278. The position saw significant selling last year: 40% reduction over the first three quarters at prices between $269 and $361. The stock is currently at ~$391. There was a ~3% trimming this quarter.Grupo Financiero Galicia SA (GGAL), Grupo Supervielle SA (SUPV), Nexa Resources (NEXA), and Pampa Energia SA (PAM): These are very small (less than ~1% of the portfolio each) stakes that saw reductions this quarter.Kept Steady:Baxter International (BAX): BAX is Loeb’s largest position at ~18% of the 13F portfolio. The stake was established in Q2 2015 and increased substantially the following quarter. There was a ~11% selling in Q1 2017 at $50.35 and another similar trimming the following quarter at $59.50. Last quarter saw another ~12% trimming at $64.23. Loeb’s cost-basis on BAX is $40.05. The stock currently trades at $72.10.Note: Third Point controls ~6.6% of the business.Netflix Inc. (NFLX): NFLX is a 4.44% portfolio position purchased last quarter at prices between $177 and $203 and it is currently well above that range at ~$332.Time Warner Inc. (TWX): The ~4% TWX stake was established in Q4 2016 at prices between $78.50 and $97 and increased by ~17% in the following quarter. Q3 2017 saw an about turn: ~27% selling at prices between $99 and $103. There was a huge ~120% stake increase last quarter at prices between $87 and $104. The stock is now at $94.74.Note: In October 2016, AT&T (T) agreed to acquire Time Warner in a cash-and-stock ($53.75 cash) deal worth $107.50 per share.Sotheby’s (BID): BID is a 2.57% of the portfolio position first purchased in Q1 2013. The bulk of the current stake was purchased in Q3 2013 at prices between $39 and $51. The stock currently trades at $55.50. Third Point’s ownership stake in BID is ~13%.Note: BID is an activist stake. Third Point has three board seats and in March 2015 Tad Smith was appointed as the CEO.Green Brick Partners (GRBK) and Kadmon Holdings (KDMN): These very small positions (less than ~1% of the portfolio each) were kept steady this quarter.Note 1: Loeb controls ~16% of Green Brick Partners (previously BioFuel Energy).Note 2: The bulk of the stake in Kadmon Holdings is from prior to its IPO in July 2016 (PE investment). The biopharma was founded in 2010 by Sam Waksal (ImClone insider trading conviction and 7-year prison term infamy, circa 2003). Loeb controls ~13% of Kadmon Holdings (KDMN).The spreadsheet below highlights changes to Loeb’s 13F stock holdings in Q1 2018:1/26/2018 – – Said their portfolio is well positioned despite these risks: a) bets against stocks through short-selling and b) the "event-driven" nature of his investments. Closely monitoring 4 Key risks – 1. Decelerating growth: "Since growth is already at a high level, further acceleration is less likely. That means that average returns will likely be lower and volatility higher this year.", 2. Rising inflation: "Low inflation has been a critical support for the market because it has allowed the Fed to be unhurried in its rate normalization. … We are watching closely to see how a tightening labor market and recently announced wage hikes will shape the future path of inflation.", 3. Less earnings growth: "The momentum of earnings growth is at a peak and its normalization could create greater volatility compared with the tranquility of 2017.", 4. Recession: "A recession would come as a surprise to investors and would likely lead to a substantial market decline given the expansion in valuations in recent years and the concern that the Fed would not have enough ammunition to sufficiently stimulate the economy."1/22/2018 – – Performance: 18.1% for 2017 compared to 21.8% for the S&P 500, Q4 2017 3.1% vs. 6.6% for S&P. Macro & related risks: The risks mentioned in CNBC is in the Investor Letter as well. Portfolio Update: Nestle: CEO took several steps to create shareholder value – a) commitment to reaccelerate sales growth to mid-single digits and set a formal margin target of 17.5 to 18.5%, b) CHF 20B buyback, c) plans to make portfolio adjustments of as much as 10% of sales. Mgmt. interactions well received and expects to continue. Suggestions to Nestle: 1) Clarify corporate strategy: defines “nutrition, health, and wellness” as focus but several assets are not core per this definition – brand aspiration to be “better for you” conflicts with ice-cream & frozen pizza. Also, skin-health is an outlier – acquisition seems a mistake – should be unwound, 2) Accelerate portfolio change: 3x sales price realized for confectionary business (1% of sales) was good but too little to move the needle. Other ill-fitting businesses should be sold in an accelerated fashion. Also needs to move faster into coffee, pet care, water, and nutrition – the high-growth categories they have identified. So, only very few deals. The expansion to consumer health (Atrium Innovations – Canadian vitamin maker acquisition) is confusing – management should explain the move, 3) Deploy the balance sheet: should buyback as valuation is low due to market skepticism on Nestle’s ability to reaccelerate sales growth. This should not affect deals as they can do both – below 1.0x leverage, and 4) Monetize the L’Oreal stake.Regulatory Filings thru 2/20/2018: 13G/As – 2/9 – KDMN – 10M shares – 12.6% of business, NOMD – 0, 13D/A, Form 4 – 12/8 – GRBK - ~8.1M shares – 16% of business, Form 4 – 11/17 – BID – misc."

"Tracking Dan Loeb’s Third Point Portfolio – Q4 2017 Update"

"Dan Loeb's 13F portfolio value increased from $11.90B to $13.86B this quarter. The number of positions increased from 37 to 44.Third Point increased Alphabet and Time Warner while dropping Bank of America and T-Mobile US.The top three positions are Baxter International, DowDuPont, and Alibaba Group Holdings. Together, they are at ~32% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s US stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 02/14/2018. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2017.The 13F portfolio is very concentrated with the top three holdings accounting for ~32% of the entire portfolio. Recent 13F reports show around 40 long positions. This quarter, Loeb’s portfolio value increased 16.5% from $11.90B to $13.86B. The number of holdings increased from 37 to 44. The largest five individual stock positions are Baxter International, DowDuPont, Alibaba Group Holdings, BlackRock, and Alphabet Inc.Per their Q4 2017 investor letter, Third Point returned 18.1% for 2017 compared to 21.8% for the S&P 500 Index. Annualized returns since December 1996 inception are at ~16% compared to ~8% for the S&P 500 Index. In addition to partner stakes, Third Point also invests the float of Third Point Reinsurance (TPRE).To know more about Dan Loeb's Third Point, check-out his . His activist investing style is covered in the book "".Note: Third Point has a huge $3.5B investment (40M shares including options) in Nestle (NSRGY). It is not reported in the 13F as it is not a 13F security. Nestle is an activist stake and Third Point had the following suggestions for Nestle in their Q4 investor letter: 1) Clarify corporate strategy: defines “nutrition, health, and wellness” as focus but several assets are not core per this definition - ice-cream, frozen pizza etc. Also, skin-health is an outlier and should be unwound, 2) Accelerate portfolio change: move faster into coffee, pet care, water, and nutrition while disposing ill-fitting ones, 3) Deploy the balance sheet: should look at buyback as well as M&A – below 1.0x leverage and so should be able to do both, and 4) Monetize the L’Oreal stake.New Stakes:Intercontinental Exchange (ICE), Netflix Inc. (NFLX), Lennar Corp. (LEN), and Aetna Inc. (AET): These are medium-sized (~2.5% of the portfolio each) positions established this quarter. ICE is a 2.80% portfolio stake established at prices between $65 and $72 and the stock currently trades just above that range at $72.86. NFLX is a 2.77% portfolio position purchased at prices between $177 and $203 and it is currently well above that at $279. The 2.42% LEN stake was established at prices between $52.75 and $64 and it currently trades at $59.15. AET is a 2.41% portfolio position purchased at prices between $151 and $183 and it is now at $178.Dentsply Sirona (XRAY), General Dynamics (GD), MGM Resorts International (MGM), and Southwestern Energy (SWN): These are small (less than ~1% of the portfolio each) new stakes established this quarter.Note: GD is back in the portfolio after a quarter’s gap. It was a 2.11% portfolio stake built in Q3 2016 at prices between $138 and $156. The position was disposed last quarter at prices between $194 and $207.Pinnacle Foods Inc. (PF), Nexa Resources (NEXA), PG&E Corp. (PCG), Monsanto Company (MON), and iShares 1-3 year treasury bond: These are minutely small (less than 0.5% of the portfolio each) positions established this quarter.Stake Disposals:Bank of America (BAC): The 2.61% position in BAC was established in Q4 2016 at prices between $15.50 and $23. It was reduced by ~23% in Q1 2017 at prices between $22 and $25.50. There was a ~11% increase the following quarter at prices between $22 and $24.50 while last quarter saw a ~18% selling at prices between $22.50 and $25.50. The disposal this quarter was at prices between $25 and $30. The stock is currently at $31.93.T-Mobile US (TMUS): TMUS is a 2% of the portfolio position purchased in Q1 2017 at prices between $56.50 and $65 and reduced by ~27% last quarter at prices between $59.50 and $65.50. The elimination this quarter was at prices between $55 and $64.50. The stock is now at $60.51.Note: TMUS has seen a couple of roundtrips in the portfolio over the last five years: a) a similar ~3% of the US long portfolio was established in Q2 2015 at prices between $31.50 and $40.50 and disposed of in Q4 2015 at prices between $34.50 and $41.50, and b) another similar stake was established in Q4 2013 at $25 per share and eliminated in Q3 2014 at prices between $28.50 and $34.Alexion Pharmaceuticals (ALXN), Banco Macro SA (BMA), Exela Technologies (XELA), Marathon Petroleum (MPC), and Shire plc (SHPG): These are very small (less than ~1% of the portfolio each) positions disposed this quarter.Note: Shire plc has seen several previous roundtrips. The latest was a small position established as a result of Shire’s acquisition of Baxalta last year. Third Point had a position in Baxalta. The stake was eliminated in Q3 2016.Stake Increases:Alphabet Inc. (GOOG): GOOG is a large (top five) 5.25% stake established in Q1 2016 at prices between $678 and $765. It was reduced by ~43% in the following quarter at prices between $668 and $767. Q3 2016 saw a ~38% increase at prices between $692 and $787 while there was a ~23% selling the following quarter at prices between $736 and $813. Q2 2017 saw a ~26% increase at prices between $823 and $984 while last quarter there was a ~45% reduction at prices between $899 and $980. This quarter saw a huge ~120% stake increase at prices between $952 and $1077. The stock is currently at $1103.Note: GOOG has seen a previous roundtrip in the portfolio. A fairly large 3.44% of portfolio stake was established in Q3 2013 at prices between $423 and $435. It was sold in Q2 2014 at prices between $510 and $579.Time Warner Inc. (TWX): The ~4% TWX stake was established in Q4 2016 at prices between $78.50 and $97 and increased by ~17% in the following quarter. Last quarter saw an about turn: ~27% selling at prices between $99 and $103. There was a huge ~120% stake increase this quarter at prices between $87 and $104. The stock is now at $95.07.Note: In October 2016, AT&T (T) agreed to acquire Time Warner in a cash-and-stock ($53.75 cash) deal worth $107.50 per share.Vulcan Materials (VMC): The 2.41% VMC stake was purchased in Q2 2017 at prices between $117 and $134 and increased by ~47% last quarter at prices between $113 and $130. The stock is now at ~$125. There was a ~11% increase this quarter.Danaher Corp. (DHR): The 2.22% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. It currently trades well above those ranges at $96.85. There was a marginal increase this quarter.Note: The prices quoted above are adjusted for the Fortive (FTV) spin-off in July 2016.S&P Global (SPGI): SPGI is a 2.20% position established in Q2 2016 at prices between $96 and $128. Q4 2016 saw a ~20% reduction at prices between $108 and $127 and that was followed with another ~17% selling last quarter at prices between $146 and $157. There was an about-turn this quarter: ~45% increase at prices between $155 and $173. The stock is now at $188.Worldpay Inc. (WP) previously Vantiv (VNTV): WP is a 2.12% portfolio stake built over the last two quarters at prices between $60 and $76. The stock currently trades at $75.94.Mohawk Industries (MHK): The ~2% MHK position was established in Q4 2014 at prices between $125 and $158 and increased by ~220% in H1 2015 at prices between $153 and $194. The five quarters thru Q3 2016 had seen a combined ~60% selling at prices between $150 and $215. There was an about-turn in Q4 2016: one-third increase at prices between $177 and $205. The pattern reversed again in Q1 2017: ~21% sold at prices between $202 and $232. The stock currently trades at $247. There was a ~11% increase this quarter.Grupo Supervielle SA (SUPV), Pampa Energia SA (PAM), and Parsley Energy (PE): These are very small (less than ~1% of the portfolio each) stakes that saw increases this quarter.Stake Decreases:Baxter International (BAX): BAX is Loeb’s largest position at ~17% of the 13F portfolio. The stake was established in Q2 2015 and increased substantially the following quarter. There was a ~11% selling in Q1 2017 at $50.35 and another similar trimming the following quarter at $59.50. This quarter saw another ~12% trimming at $64.23. Loeb’s cost-basis on BAX is $40.05. The stock currently trades at $67.04.Note: Third Point controls ~6.6% of the business.DowDuPont (DWDP): DWDP is currently Third Point’s second-largest individual stock position at ~7.70% of the portfolio. The original Dow Chemical stake was established in Q4 2013 at prices between $38 and $45. In Q2 & Q3 2014, the position was increased by just over 220% at prices between $47 and $55. Q4 2014 saw an about-turn as ~24% of the position was disposed at prices between $43 and $53. Q2 & Q3 2016 saw another ~40% reduction at prices between $49 and $59. Since then, the position has been reduced by ~20% thru minor trimming in most quarters. The stock currently trades at $71.62.Note: DowDuPont is an activist stake. In December 2015, Dow and DuPont announced a merger of equals and that transaction closed last September forming the new entity DowDuPont. The plan was to then split into three separate businesses. In May last year, Third Point suggested an : their main contention was that carve-outs of DOW and DD had performed very well in the past (Example Trinseo & Olin from Dow and Axalta & Chemours from DuPont) and so a similar strategy would be more appropriate than a three-way split. In mid-September, partly in response, DowDuPont announced certain adjustments to the original three-way split.Alibaba Group Holdings (BABA): BABA is a top three 7.47% position established in Q2 2017 at prices between $107 and $144 and increased by ~47% last quarter at prices between $141 and $180. The stock currently trades at $187. There was a ~9% trimming this quarter.Note 1: Alibaba was profiled in Third Point’s Q2 2017 letter. They believe BABA is undervalued and that the advertising platform (primary revenue source) overhaul in 2016 would be a catalyst.Note 2: Alibaba has seen several previous roundtrips in the portfolio.NXP Semiconductors NV (NXPI): NXPI is a 1.82% of the portfolio stake purchased in Q2 2017 at prices between $103 and $110. There was a ~20% reduction this quarter at prices between $113 and $118. The stock is now at ~$126.Note: In October 2016, Qualcomm (QCOM) agreed to acquire NXP Semiconductors for $110 per share cash. In November last year, Broadcom (AVGO) offered to acquire Qualcomm for $70 per share ($60 in cash) – the offer was independent of whether the NXP deal goes through. Earlier this month, that deal was sweetened to $82 per share. Qualcomm rejected the modified offer and turned around to offer $127.50 for NXP Semiconductors. They also gained the backing of Elliott Management that had previously opposed the deal.Anthem Inc. (ANTM) and Macerich Company (MAC): These are very small (less than ~1% of the portfolio each) positions that saw reductions this quarter.Kept Steady:BlackRock Inc. (BLK): BLK is a large (top five) 5.75% portfolio stake purchased in Q2 2017 at prices between $377 and $428. The stock is now well above that range at $543.Note: BlackRock was profiled in Third Point’s Q2 2017 letter. Their undervaluation thesis was based on the belief that BLK is valued as an asset manager (low margins) while their earnings power is driven by oligopoly businesses - ETFs (via iShares) and data & analytic services (via Aladdin).Facebook Inc. (FB): FB is a large 4.33% of the portfolio stake established in Q2 2016 at prices between $109 and $121 and increased by ~45% the following quarter at prices between $114 and $131. Q4 2016 saw the position reduced by ~36% at prices between $115 and $133 and that was followed with a ~14% trimming the following quarter at prices between $117 and $143. Q2 2017 saw an about turn: ~17% stake increase at prices between $139 and $155. The stock is now at $176.Constellation Brands (STZ): The fairly large 4.12% STZ position was established in 2012. The three quarters thru Q3 2016 had seen a combined ~38% increase at prices between $135 and $168. There was another ~36% increase in Q4 2016 at prices between $145 and $171. Q2 2017 saw an about-turn: ~17% selling at prices between $161 and $194. The stock is currently at $217.Sotheby’s (BID): BID is a 2.48% of the portfolio position first purchased in Q1 2013. The bulk of the current stake was purchased in Q3 2013 at prices between $39 and $51. The stock currently trades at $46.88. Third Point’s ownership stake in BID is ~13%.Note: BID is an activist stake. Third Point has three board seats and in March 2015 Tad Smith was appointed as the CEO.Sherwin Williams (SHW): The 1.78% SHW stake was acquired in Q2 2016 at prices between $280 and $312. The following quarter saw a 25% increase at prices between $274 and $312. That was followed with another ~14% increase in Q4 2016 at prices between $241 and $278. The position saw significant selling last year: 40% reduction over the first three quarters at prices between $269 and $361. The stock is currently at $397.FMC Corp (FMC): FMC is a 1.50% position established in Q2 2017 at prices between $70 and $77 and increased by ~10% last quarter. It is now at $83.55.Altaba Inc. (AABA), Dell Technologies (DVMT), Dover Corp. (DOV), Green Brick Partners (GRBK), Grupo Financiero Galicia SA (GGAL), Honeywell International (HON), Kadmon Holdings (KDMN), and RSP Permian (RSPP): These small positions (less than ~1.5% of the portfolio each) were kept steady this quarter.Note 1: Loeb controls ~16% of Green Brick Partners (previously BioFuel Energy).Note 2: The bulk of the stake in Kadmon Holdings is from prior to its IPO in July 2016 (PE investment). The biopharma was founded in 2010 by Sam Waksal (ImClone insider trading conviction and 7-year prison term infamy, circa 2003). Loeb controls ~13% of Kadmon Holdings (KDMN).Note 3: Dover Corp is an activist stake. They are looking for the following changes: a) separate energy segment – win-win as it would remove cyclicality from Dover while making the artificial lift franchise (energy segment) an attractive takeover target for strategic buyers, b) address under-earning in core industrial portfolio, and c) optimize capital allocation.The spreadsheet below highlights changes to Loeb’s US stock holdings in Q4 2017:Regulatory Filings thru 11/10/2017: Form 4 11/7– BAX – Disposed 5M shares @ 64.23 – 36M share ownership remain – 6.6% of business – cost basis $40.05. Form 4 8/17 – BID – very minor 300 share increase @ $47.85 – 6.66M shares remain – 12.7% of business.: Performance: 3.4% in Q3 2017, and 14.5% YTD (S&P was 4.5% & 14.2% respectively). 15.8% since 12/1996 inception compared to 8% for S&P. Constructive on markets due to more favorable conditions for businesses via deregulation and tax reform. Expects markets to move higher – strong equity bias – reduced two-thirds of credit exposure. Biggest risk is recession which is not predictable but they assess the risk is low. 20% of equity exposure are in single-name shorts that have generated significant alpha. New investment: Dover – suggested separating energy segment, address unearning in core industrial portfolio, and optimizing capital allocation. Commentary: DowDupont, Honeywell, Nestle – bullish on all and positive about upcoming changes announced in all three…"

"Tracking Dan Loeb’s Third Point Portfolio – Q3 2017 Update"

"Dan Loeb's 13F portfolio value increased 5.45% from $11.28B to $11.90B this quarter. The number of positions increased from 32 to 37.Third Point increased Alibaba Group Holdings while decreasing Alphabet and dropping General Dynamics.The top three 13F positions are Baxter International, Alibaba Group Holdings, and DowDuPont. Together, they are at ~40% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s US stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 11/09/2017. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2017.The 13F portfolio is very concentrated with the top three holdings accounting for ~40% of the entire portfolio. Recent 13F reports show around 35 long positions. This quarter, Loeb’s US long portfolio value increased 5.45% from $11.28B to $11.90B. The number of holdings increased from 32 to 37. The largest five individual stock positions are Baxter International, Alibaba Group Holdings, DowDuPont, BlackRock, and Facebook Inc.Per their Q3 2017 investor letter, Third Point returned 3.4% for the quarter and 14.5% YTD. This is compared to 4.5% and 14.2% respectively for the S&P 500 Index. Annualized returns since December 1996 inception are at 15.8% compared to 8% for the S&P 500 Index. In addition to partner stakes, Third Point also invests the float of Third Point Reinsurance (TPRE).To know more about Dan Loeb's Third Point, check-out his . His activist investing style is covered in the book "".Note: Third Point has a huge $3.5B investment (40M shares including options) in Nestle (NSRGY). It is not reported in the 13F as it is not a 13F security. Nestle is an activist stake and Third Point is looking for changes in the following areas: 1) improving productivity; 2) returning capital to shareholders; 3) re-shaping the portfolio for growth; and, 4) monetizing the L’Oréal Stake. During Nestle’s Investor Day in September, Nestle’s new CEO Dr. Ulf Mark Schneider announced several initiatives to revitalize the business. Third Point’s Q3 Investor Letter was supportive of the new initiatives and acknowledged Dr. Schneider’s willingness to specify a margin target and commitment to selling assets.New Stakes:DowDuPont (DWDP): DWDP is currently Third Point’s third-largest individual stock position at ~8.75% of the US long portfolio. The original Dow Chemical stake was established in Q4 2013 at prices between $38 and $45. In Q2 & Q3 2014, the position was increased by just over 220% at prices between $47 and $55. Q4 2014 saw an about-turn as ~24% of the position was disposed at prices between $43 and $53. Q2 & Q3 2016 saw another ~40% reduction at prices between $49 and $59. Since then, the position has been reduced by ~20% thru minor trimming in most quarters. The stock currently trades at $70.23.Note: DowDuPont is an activist stake. In December 2015, Dow and DuPont announced a merger of equals and that transaction closed this September forming the new entity DowDuPont. The plan was to then split into three separate businesses. In May this year, Third Point suggested an : their main contention was that carve-outs of DOW and DD had performed very well in the past (Example Trinseo & Olin from Dow and Axalta & Chemours from DuPont) and so a similar strategy would be more appropriate than a three-way split. In mid-September, partly in response, DowDuPont announced certain adjustments to the original three-way split.Vantiv Inc. (VNTV), Shire plc (SHPG), Marathon Petroleum (MPC), and Dover Corp. (DOV): These are small (less than ~1.5% of the portfolio each) new stakes established this quarter.Note 1: Dover Corp is an activist stake. They are looking for the following changes: a) separate energy segment – win-win as it would remove cyclicality from Dover while making the artificial lift franchise (energy segment) an attractive takeover target for strategic buyers, b) address under-earning in core industrial portfolio, and c) optimize capital allocation.Note 2: Shire plc has seen several previous roundtrips. The latest was a small position established as a result of Shire’s acquisition of Baxalta last year. Third Point had a position in Baxalta. The stake was eliminated in Q3 2016.Macerich Company (MAC), Grupo Financiero Galicia SA (GGAL), Altaba Inc. (AABA), Grupo Supervielle SA (SUPV), Exela Technologies (XELA), and Pampa Energia SA (PAM): These are very small (less than ~1% of the portfolio each) new stakes established this quarter.Stake Disposals:General Dynamics (GD): GD was a 2.11% portfolio stake built in Q3 2016 at prices between $138 and $156. The position was disposed of this quarter at prices between $194 and $207. The stock is now at $199.Charter Communications (CHTR): CHTR was a 1.49% of the portfolio position established in Q2 2016 as a result of the merger of Charter Communications and Time Warner Cable - Third Point had around 1.2M shares of Time Warner Cable. The stake was more than doubled soon after at prices between $198 and $233. Q3 2016 saw a ~30% reduction at prices between $229 and $278 and that was followed with another ~23% trimming in the following two quarters. There was a ~40% selling last quarter at prices between $313 and $353. The disposal this quarter was at prices between $329 and $403. The stock is now at $341. Third Point harvested huge gains.Humana Inc. (HUM): HUM was a 1.60% of the portfolio stake. It was established in Q3 2016 at prices between $153 and $180 and increased by ~70% the following quarter at prices between $165 and $217. Q1 2017 saw an about turn: ~40% sold at prices between $195 and $219. Last quarter saw another ~47% selling at prices between $206 and $241 and the elimination this quarter was at prices between $231 and $259. The stock is now at $247. Loeb harvested gains.Hewlett Packard Enterprise (HPE) and EQT Corp. (EQT): These are very small (less than ~1% of the portfolio each) positions established in the last two quarters but disposed of this quarter.Stake Increases:Alibaba Group Holdings (BABA): BABA is a top three 9.58% position established last quarter at prices between $107 and $144 and increased by ~47% this quarter at prices between $141 and $180. The stock currently trades above those ranges at $185.Note 1: Alibaba was profiled in Third Point’s Q2 2017 letter. They believe BABA is undervalued and that the advertising platform (primary revenue source) overhaul last year is a catalyst.Note 2: Alibaba has seen several previous roundtrips in the portfolio.Mohawk Industries (MHK): The 1.87% MHK position was established in Q4 2014 at prices between $125 and $158 and increased by ~220% in H1 2015 at prices between $153 and $194. The five quarters thru Q3 2016 had seen a combined ~60% selling at prices between $150 and $215. There was an about-turn in Q4 2016: one-third increase at prices between $177 and $205. The pattern reversed again in Q1 2017: ~21% sold at prices between $202 and $232. The stock currently trades at $265. There was a ~3% increase this quarter.Vulcan Materials (VMC) and FMC Corp (FMC): These two positions established last quarter were increased substantially this quarter. The 2.36% VMC stake was purchased at prices between $117 and $134 and increased by ~47% this quarter at prices between $113 and $130. The stock is now at $125. FMC is a 1.65% position established at prices between $70 and $77 and increased by ~10% this quarter. It is now at $92.16.RSP Permian (RSPP) and Parsley Energy (PE): These are small (less than ~1.5% of the portfolio each) positions established in Q1 2017 and increased substantially in the last two quarters. RSPP and PE are down 16% and 23% respectively YTD.Stake Decreases:Facebook Inc. (FB): FB is a large (top five) ~5% of the portfolio stake established in Q2 2016 at prices between $109 and $121 and increased by ~45% the following quarter at prices between $114 and $131. Q4 2016 saw the position reduced by ~36% at prices between $115 and $133 and that was followed with a ~14% trimming the following quarter at prices between $117 and $143. Last quarter saw an about turn: ~17% stake increase at prices between $139 and $155. The stock is now at $179. There was minor trimming this quarter.Bank of America (BAC): The 2.61% position in BAC was established in Q4 2016 at prices between $15.50 and $23. It was reduced by ~23% in Q1 2017 at prices between $22 and $25.50. There was a ~11% increase last quarter at prices between $22 and $24.50 while this quarter saw a ~18% selling at prices between $22.50 and $25.50. The stock is currently at $26.49.Alphabet Inc. (GOOG): GOOG is a 2.58% stake established in Q1 2016 at prices between $678 and $765. It was reduced by ~43% in the following quarter at prices between $668 and $767. Q3 2016 saw a ~38% increase at prices between $692 and $787 while there was a ~23% selling the following quarter at prices between $736 and $813. Last quarter saw a ~26% increase at prices between $823 and $984 while this quarter there was a ~45% reduction at prices between $899 and $980. The stock is currently at $1031.Note: GOOG has seen a previous roundtrip in the portfolio. A fairly large 3.44% of portfolio stake was established in Q3 2013 at prices between $423 and $435. It was sold in Q2 2014 at prices between $510 and $579.Time Warner Inc. (TWX): The 2.37% TWX stake was established in Q4 2016 at prices between $78.50 and $97 and increased by ~17% in the following quarter. This quarter saw an about turn: ~27% selling at prices between $99 and $103. The stock is now at $87.05.Note: In October last year, AT&T (T) agreed to acquire Time Warner in a cash-and-stock ($53.75 cash) deal worth $107.50 per share. Earlier this week, AT&T’s CEO commented that they are in active discussions with the Department of Justice and that the timing of the closing of the deal is now uncertain.T-Mobile US (TMUS): TMUS is a 2% of the portfolio position purchased in Q1 2017 at prices between $56.50 and $65 and reduced by ~27% this quarter at prices between $59.50 and $65.50. The stock is now at $56. The buy-thesis is based on the idea that a combination of TMUS with either Sprint (S) or Dish Networks (DISH) is the only real alternative to the duopoly of AT&T (T) and Verizon (VZ).Note: TMUS has seen a couple of roundtrips in the portfolio over the last five years: a) a similar ~3% of the US long portfolio was established in Q2 2015 at prices between $31.50 and $40.50 and disposed of in Q4 2015 at prices between $34.50 and $41.50, and b) another similar stake was established in Q4 2013 at $25 per share and eliminated in Q3 2014 at prices between $28.50 and $34.Sherwin Williams (SHW): The 1.81% SHW stake was acquired in Q2 2016 at prices between $280 and $312. The following quarter saw a 25% increase at prices between $274 and $312. That was followed with another ~14% increase in Q4 2016 at prices between $241 and $278. The position saw significant selling this year: 40% reduction so far at prices between $269 and $361. The stock is currently at $387.S&P Global (SPGI): SPGI is a 1.64% position established in Q2 2016 at prices between $96 and $128. Q4 2016 saw a ~20% reduction at prices between $108 and $127 and that was followed with another ~17% selling this quarter at prices between $146 and $157. The stock is now at $158.Alexion Pharmaceuticals (ALXN) and Banco Macro SA (BMA): These are very small (less than ~1% of the portfolio each) positions established last quarter and reduced this quarter.Kept Steady:Baxter International (BAX): BAX is Loeb’s largest position at ~22% of the US long portfolio. The stake was established in Q2 2015 and increased substantially the following quarter. There was a ~11% selling in Q1 2017 at $50.35 and another similar trimming last quarter at $59.50. Loeb’s cost-basis on BAX is $40.05. The stock currently trades at $65.39.Note: Regulatory filings since the quarter ended show them owning 36M shares. This is compared to 41M shares in the 13F. Third Point sold 5M shares at $64.23. They still control ~6.6% of the business.BlackRock Inc. (BLK): BLK is a large (top five) 5.83% portfolio stake purchased last quarter at prices between $377 and $428. The stock is now well above that range at $467.Note: BlackRock was profiled in Third Point’s Q2 2017 letter. Their undervaluation thesis is based on the belief that BLK is valued as an asset manager (low margins) while their earnings power is driven by oligopoly businesses - ETFs (via iShares) and data & analytic services (via Aladdin).Constellation Brands (STZ): The fairly large ~4.2% STZ position was established in 2012. The three quarters thru Q3 2016 had seen a combined ~38% increase at prices between $135 and $168. There was another ~36% increase in Q4 2016 at prices between $145 and $171. Last quarter saw an about-turn: ~17% selling at prices between $161 and $194. The stock is currently at $218.Sotheby’s (BID): BID is a 2.58% of the US long portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q3 2013 at prices between $39 and $51. The stock currently trades at $47.05. Third Point’s ownership stake in BID is ~13%.Note: BID is an activist stake. Third Point has three board seats and in March 2015 Tad Smith was appointed as the CEO.NXP Semiconductors NV (NXPI): NXPI is a 2.57% of the portfolio stake purchased last quarter at prices between $103 and $110 and the stock is now at $115.Note: Last October, Qualcomm (QCOM) agreed to acquire NXP Semiconductors for $110 per share cash. Earlier this week, Broadcom (AVGO) offered to acquire Qualcomm for $70 per share ($60 in cash) – the offer is independent of whether the NXP deal goes through.Danaher Corp. (DHR): The 2.38% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. It currently trades well above those ranges at $92.98.Note: The prices quoted above are adjusted for the Fortive (FTV) spin-off in July 2016.Anthem Inc. (ANTM): The 2% ANTM position was purchased in Q4 2016 at prices between $117 and $169 and the stock is now at $216. There was a ~9% stake increase last quarter.Dell Technologies (DVMT), Honeywell International (HON), Green Brick Partners (GRBK) and Kadmon Holdings (KDMN): These small positions (less than ~1.5% of the portfolio each) were kept steady this quarter.Note 1: Loeb controls ~25% of Green Brick Partners (previously BioFuel Energy).Note 2: The bulk of the stake in Kadmon Holdings is from prior to its IPO in July 2016 (PE investment). The biopharma was founded in 2010 by Sam Waksal (ImClone insider trading conviction and 7-year prison term infamy, circa 2003). Loeb controls ~18% of Kadmon Holdings (KDMN).The spreadsheet below highlights changes to Loeb’s US stock holdings in Q3 2017:8/13/2017: The Nestle stake (see below for details) was mentioned as the first comment in my Q2 2017 update. Should consider adding a note in the article in the Q3 2017 update…: Performance: 4.6% in Q2 2017, and 10.7% YTD. 15.8% since 12/1996 inception compared to 7.8% for S&P. Positioning: we reduced investments in bank financials, exited reflationary macro trades, and reoriented the portfolio towards investments in companies that benefit from low inflation – believes next rate hike will be on hold until growth and inflation accelerate. Europe is a bright spot led by our announcement on Nestle. M&A currently in a holding pattern waiting on clarity – tax-reform promised but not delivered. BAX – very appreciative of CEO Almeida - 60% total return in the last 18 months with EV/EBITDA unchanged at 12.5-13x. BABA – revamped advertising (primary revenue source) platform should help. The following are other catalysts: a) Personalized advertising still in infancy compared to Google’s & FB’s – that means, tremendous growth potential. B) Brand advertising, an area BABA was behind should pickup with the launch of uni-marketing – a new ad buying software targeted at brands. C) Ad-load has untapped potential – currently Taobao ad-load is at 10-15% compared to 30-50% at commercial searches on google and baidu. D) Mobile-monetization gap has narrowed, e) long monetization runway. Believes BABA is undervalued: the core-business valuation is at 15x their 2019 EPS estimate against a growth rate of more than 30%. BLK – undervaluation thesis based on the belief that it is valued as an asset manager with earnings power mostly driven by oligopoly businesses - ETFs (via iShares) and data & analytic services (via Aladdin). Shares trading at less than 15x 2019 estimated EPS – outlook is for consistent mid-teens EPS growth. Sees ~40% total return potential over the next couple of years.Regulatory Filings thru 8/12/2017: Form 4 & 13D - BAX – 6/1/2017 – 5M shares disposed at $59.5 per share. 41M shares owned – 7.5% of business – cost-basis $40.05 per share.6/28/2017 - NSRGY - - largest ever stake - Third Point said it should slim down and sell some businesses (23% stake in L’Oreal and the US candy business potentially) to focus on the most profitable areas. Letter: 40M shares held – including options 3.5B investment. Likes to see the following: 1) Improving Productivity; 2) Returning Capital to Shareholders; 3) Re-shaping the Portfolio; and, 4) Monetizing its L’Oréal Stake.5/25/2017 - Alternate Dow Chemical Du Pont merger & spinoff suggested: their main contention is that focused businesses carved out of DOW/DD has performed very well in the past - Trinseo & Olin (from Dow) and Axalta & Chemours (from DuPont) were pointed out as examples. As such, more granularity is better.NOTE: Read the latest investor letters.Q3 2017 – DOV, DowDupont, Honeywell, Nestle.Q2 2017 – BAX, BABA, and BLK.Q1 2017 - Honeywell, Unicredit spA, and E.On commentary. Also, note on FRAC Sand Miners.Q4 2016 - General banking & structured credit commentary.Q3 2016 - Apigee & Akarna - PE portfolio businesses that IPOed and were acquired. 2008 Apigee investment generated ~20% IRR (2.4x) until acquisition by Google. Akarna - 3.1x return after acquisition by Allergan over 18 months.Q2 2016 - Baxter - BAX, Didi (ride sharing China private),"

"Tracking Dan Loeb’s Third Point Portfolio – Q2 2017 Update"

"Dan Loeb's 13F portfolio value increased ~10% from $10.25B to $11.28B this quarter. The number of positions decreased from 37 to 32.Third Point added Alibaba Group Holdings & BlackRock while dropping JP Morgan Chase.The top three 13F positions are Baxter International, Dow Chemical, and BlackRock. Together, they are at ~37% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s US stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 08/11/2017. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2017.The 13F portfolio is very concentrated with the top three holdings accounting for ~37% of the entire portfolio. Recent 13F reports show around 35 long positions. This quarter, Loeb’s US long portfolio value increased ~10% from $10.25B to $11.28B. The number of holdings decreased from 37 to 32. Largest five individual stock positions are Baxter International, Dow Chemical, BlackRock, Alibaba Group Holdings, and Alphabet Inc.Per their Q2 2017 investor letter, Third Point returned 4.6% for the quarter compared to 3.1% for the S&P 500 Index. Annualized returns since December 1996 inception are at 15.8% compared to 7.8% for the S&P 500 Index. In addition to partner stakes, Third Point also invests the float of Third Point Reinsurance (TPRE).To know more about Dan Loeb's Third Point, check-out his . His activist investing style is covered in the book "".New Stakes:BlackRock Inc. (BLK): BLK is a top-three 5.8% portfolio stake purchased this quarter at prices between $377 and $428. The stock is now near the top end of that range at $424.Note: BlackRock was profiled in Third Point’s Q2 2017 letter. Their undervaluation thesis is based on the belief that BLK is valued as an asset manager (low margins) while their earnings power is driven by oligopoly businesses - ETFs (via iShares) and data & analytic services (via Aladdin). Third Point sees ~40% total return potential over the next couple of years.Alibaba Group Holdings (BABA): BABA is a top-five 5.62% position established this quarter at prices between $107 and $144 and the stock currently trades above that range at $152.Note 1: Alibaba was profiled in Third Point’s Q2 2017 letter. They believe BABA is undervalued as the core-business valuation is at 15x 2019 EPS estimate compared to a growth rate of more than 30%. Also, the advertising platform (primary revenue source) overhaul last year is a catalyst.Note 2: Alibaba has seen several previous roundtrips in the portfolio. It is back in the portfolio after a quarter’s gap.NXP Semiconductors NV (NXPI): NXPI is a 2.62% of the portfolio stake purchased this quarter at prices between $103 and $110 and the stock is now at $112.Note: Last October, Qualcomm agreed to acquire NXP Semiconductors for $110 per share cash.Vulcan Materials (VMC), Alexion Pharmaceuticals (ALXN), FMC Corp (FMC), Banco Macro SA (BMA), and EQT Corp. (EQT): These are small (less than ~2% of the portfolio each) new positions established this quarter.Stake Disposals:Salesforce.com (CRM) and Qualcomm Inc. (QCOM): CRM is a 2.41% of the portfolio position established last quarter at prices between $70.50 and $84 and disposed of this quarter at prices between $82 and $91. The stock currently goes for $88.29. QCOM is a ~2% of the portfolio stake purchased last quarter at prices between $52.50 and $67 and sold this quarter at prices between $52.50 and $59.50. The stock is currently at $52.72.JPMorgan Chase (JPM): The 3.21% portfolio stake in JPM was purchased in Q4 2016 at prices between $66.50 and $87 and reduced by ~30% last quarter at prices between $83 and $93.50. The stake was sold-out this quarter at prices between $82 and $91.50. The stock is currently at $91.42.Zayo Holdings (ZAYO): ZAYO is a ~2% position purchased in Q4 2016 at prices between $29.50 and $35 and reduced by ~14% last quarter at prices between $30 and $34. The disposal this quarter was at prices between $31 and $35.50. It currently trades at $33.82.Alcoa Corp. (AA), Celanese Corp. (CE), Enerplus Corp. (ERF), Enphase Energy (ENPH), Halcon Resources Corp. (HK), Nomad Foods (NOMD), Pioneer Natural Resources (PXD), Rice Energy (RICE), and Snap Inc. (SNAP): These very small (less than ~1% of the portfolio each) positions were disposed of this quarter.Note 1: Third Point's Q2 2017 letter noted a shift in portfolio positioning during the quarter: they reduced investments in bank financials, exited reflationary macro trades, and reoriented the portfolio towards investments in companies that benefit from low inflation – believes next rate hike is on hold until growth and inflation accelerate.Note 2: Loeb controlled ~5.1% of Enphase Energy as of Q1 2017. The disposal was at prices between 80c (bulk) and $1.10 per share.Note 3: Third Point controlled ~3.9% of Nomad Foods as of Q1 2017.Stake Increases:Dow Chemical (DOW): DOW is currently Third Point’s second-largest individual stock position at ~9% of the US long portfolio. The original stake was established in Q4 2013 at prices between $38 and $45. In Q2 & Q3 2014, the position was increased by just over 220% at prices between $47 and $55. Q4 2014 saw an about-turn as ~24% of the position was disposed at prices between $43 and $53. Q2 & Q3 2016 saw another ~40% reduction at prices between $49 and $59. The stock currently trades at $63.26. There was a ~8% further trimming last quarter. This quarter saw a marginal increase.Note: DOW is an activist stake. In December 2015, Dow and DuPont (DD) announced a merger of equals with plans to separate into three businesses after the merger. In May this year, Third Point suggested an focused on more focused businesses: their main contention is that carve-outs of DOW and DD have performed very well in the past (Example Trinseo & Olin from Dow and Axalta & Chemours from DuPont) and so a similar strategy is more appropriate than a three-way split.Alphabet Inc. (GOOG): GOOG is a top-five 4.74% stake established in Q1 2016 at prices between $678 and $765. It was reduced by ~43% in the following quarter at prices between $668 and $767. Q3 2016 saw a ~38% increase at prices between $692 and $787 while there was a ~23% selling the following quarter at prices between $736 and $813. There was a ~7% increase last quarter. This quarter saw another ~26% increase at prices between $823 and $984. The stock is currently at $914.Note: GOOG has seen a previous roundtrip in the portfolio. A fairly large 3.44% of portfolio stake was established in Q3 2013 at prices between $423 and $435. It was sold in Q2 2014 at prices between $510 and $579.Facebook Inc. (FB): FB is a large 4.68% of the portfolio stake established in Q2 2016 at prices between $109 and $121 and increased by ~45% the following quarter at prices between $114 and $131. Q4 2016 saw the position reduced by ~36% at prices between $115 and $133 and that was followed with a ~14% trimming last quarter at prices between $117 and $143. This quarter saw an about turn: ~17% stake increase at prices between $139 and $155. The stock is now at $168.Time Warner Inc. (TWX): The 3.34% TWX stake was established in Q4 2016 at prices between $78.50 and $97 and increased by ~17% last quarter. The stock is now at $102. There was a ~7% further increase this quarter.Note: In October last year, AT&T (T) agreed to acquire Time Warner in a cash-and-stock ($53.75 cash) deal worth $107.50 per share.Bank of America (BAC): The 3.23% position in BAC was established in Q4 2016 at prices between $15.50 and $23. It was reduced by ~23% last quarter at prices between $22 and $25.50. There was a ~11% increase this quarter at prices between $22 and $24.50. The stock is currently at $23.86.T-Mobile US (TMUS): TMUS is a 2.82% of the portfolio position purchased last quarter at prices between $56.50 and $65 and the stock is now near the top end of that range at $63.61. There was a 5% increase this quarter. The buy-thesis is based on the idea that a combination of TMUS with either Sprint (S) or Dish Networks (DISH) is the only real alternative to the duopoly of AT&T (T) and Verizon (VZ).Note: TMUS has seen a couple of roundtrips in the portfolio over the last five years: a) a similar ~3% of the US long portfolio was established in Q2 2015 at prices between $31.50 and $40.50 and disposed of in Q4 2015 at prices between $34.50 and $41.50, and b) another similar stake was established in Q4 2013 at $25 per share and eliminated in Q3 2014 at prices between $28.50 and $34.Danaher Corp. (DHR): The 2.47% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. It currently trades at $79.82. Q3 2016 saw a ~17% increase while the following quarter saw a ~28% selling. Last quarter saw a ~6% trimming while there was a similar increase this quarter.Note: The prices quoted above are adjusted for the Fortive (FTV) spin-off in July 2016.Anthem Inc. (ANTM): The 2.08% ANTM position was purchased in Q4 2016 at prices between $117 and $169 and the stock is now at $189. There was a ~9% stake increase this quarter.Hewlett Packard Enterprise (HPE), RSP Permian (RSPP), and Parsley Energy (PE): These are very small (less than ~1% of the portfolio each) positions established last quarter and increased this quarter.Stake Decreases:Baxter International (BAX): BAX is Loeb’s largest position at 22% of the US long portfolio. The stake was established in Q2 2015 and increased substantially the following quarter. There was a ~11% selling last quarter at $50.35 and another similar trimming this quarter at $59.50. The cost-basis on his remaining stake is $40.05. The stock currently trades at $59.84.Note: Baxter was profiled in Third Point’s Q2 2017 letter. Loeb is very appreciative of the operational progress the company has made: 60% total return in the last 18 months with EV/EBITDA unchanged at 12.5-13x.Constellation Brands (STZ): The fairly large 4.29% STZ position was established in 2012. The three quarters thru Q3 2016 had seen a combined ~38% increase at prices between $135 and $168. There was another ~36% increase in Q4 2016 at prices between $145 and $171. This quarter saw an about-turn: ~17% selling at prices between $161 and $194. The stock is currently at $196. Loeb is starting to harvest gains.Sherwin Williams (SHW): The 2.72% SHW stake was acquired in Q2 2016 at prices between $280 and $312. The following quarter saw a 25% increase at prices between $274 and $312. That was followed with another ~14% increase in Q4 2016 at prices between $241 and $278. The stock is currently at $332. Last quarter saw a ~10% trimming and that was followed with a ~17% selling this quarter at prices between $308 and $361.General Dynamics (GD): GD was a very small 0.47% portfolio stake as of Q2 2016. The following quarter saw a huge ~280% increase at prices between $138 and $156. The stock is now well above that range at $198 and the position is at 2.11% of the portfolio. Last two quarters have seen a ~4% trimming each.Mohawk Industries (MHK): The 1.87% MHK position was established in Q4 2014 at prices between $125 and $158 and increased by ~220% in H1 2015 at prices between $153 and $194. The five quarters thru Q3 2016 had seen a combined ~62% selling at prices between $150 and $215. There was an about-turn in Q4 2016: one-third increase at prices between $177 and $205. The pattern reversed again last quarter: ~21% sold at prices between $202 and $232. The stock currently trades at $245. There was a ~8% trimming this quarter.Humana Inc. (HUM): HUM is currently a 1.60% of the portfolio stake. It was established in Q3 2016 at prices between $153 and $180 and increased by ~70% the following quarter at prices between $165 and $217. Last quarter saw an about turn: ~40% sold at prices between $195 and $219. This quarter saw another ~47% selling at prices between $206 and $241. The stock is now at $250. Loeb is harvesting gains.Charter Communications (CHTR): CHTR is a 1.49% of the portfolio position established in Q2 2016 as a result of the merger of Charter Communications and Time Warner Cable that closed in May - Third Point had around 1.2M shares of Time Warner Cable. Third Point also more than doubled the stake at prices between $198 and $233. Q3 2016 saw a ~30% reduction at prices between $229 and $278 and that was followed with another ~23% trimming in the following two quarters. There was a ~40% selling this quarter at prices between $313 and $353. The stock is now at $395. Third Point is harvesting gains.Honeywell International (HON): The small ~1.5% portfolio stake in HON saw a ~7% trimming this quarter.Kept Steady:Sotheby’s (BID): BID is a 3.17% of the US long portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q3 2013 at prices between $39 and $51. The stock currently trades at $48.49. Third Point’s ownership stake in BID is at ~13%.Note: BID is an activist stake. Third Point has three board seats and in March 2015 Tad Smith was appointed as the new CEO.S&P Global (SPGI): SPGI is a 1.94% position established in Q2 2016 at prices between $96 and $128. Q4 2016 saw a ~20% reduction at prices between $108 and $127. The stock is now at $148. There was a ~6% further trimming last quarter.Dell Technologies (DVMT): DVMT is a small 1.56% stake established in Q3 2016 and increased by ~13% in Q4 2016. There was a very minor ~4% trimming last quarter.Green Brick Partners (GRBK) and Kadmon Holdings (KDMN): These small positions (less than ~1% of the portfolio each) were kept steady this quarter.Note 1: Loeb controls ~25% of Green Brick Partners (previously BioFuel Energy).Note 2: The bulk of the stake in Kadmon Holdings is from prior to its IPO in July 2016 (PE investment). The biopharma was founded in 2010 by Sam Waksal (ImClone insider trading conviction and 7-year prison term infamy, circa 2003). Loeb controls ~18% of Kadmon Holdings (KDMN).The spreadsheet below highlights changes to Loeb’s US stock holdings in Q2 2017:(Released April 27, 2017): Performance: 5.9% in the quarter compared to 6.1% for S&P 500. 15.8% annualized since inception compared to 7.8% for S&P 500. A) Several new initiatives where we believe the environment is ripe to take actions to remedy poor performance, b) actively positioned our portfolio to absorb modest S&P sell-offs in order to remain aggressive buyers at appealing prices. There is a risk of inflation catching the Fed flat-footed, but we see this surfacing later in 2018 or 2019. Chinese nominal GDP growth has potentially peaked, but the main event there will be the change of government this fall and so we expect a muted status quo until then. Expects US cyclical names to get a tailwind from US policy shifts this year. Improving global growth rather than “Trump Trade” is currently the focus. New positions primarily in the financials, industrials, and energy sectors - Honeywell, E.On, and UniCredit SpA were commented on.13G/D/A, Form 3/4 thru 5/21/2017: Form 4 - 5/16 - BID - 6.66M shares. Form 4 - 2/17 - few shares as Director Compensation. 13D/A - 5/15 - ENPH - 0 - sold 6.25M shares between 0.80 (bulk) and $1.15. 13D/A - 3/20 - 6.25M shares - 5.1%. Form 4 - 3/15 - KDMN - 1.5M shares purchased at $3.36, owns 9.4M shares. It came with 4/2018 4.5 strike warrants of 595K shares (0.4 WTS for each share purchased). 13D/A - 3/1 - BAX - 46M shares - 8.5%, 2/28 - Form 4 - 5.9M shares sold at $50.35. 13G - 2/13 - NOMD - 10.65M shares - 5.8%.NOTE: Read the latest investor letters.Q1 2017 - Honeywell, Unicredit spA, and E.On commentary. Also, note on FRAC Sand Miners.Q4 2016 - General banking & structured credit commentary.Q3 2016 - Apigee & Akarna - PE portfolio businesses that IPOed and were acquired. 2008 Apigee investment generated ~20% IRR (2.4x) until acquisition by Google. Akarna - 3.1x return after acquisition by Allergan over 18 months.Q2 2016 - Baxter - BAX, Didi (ride sharing China private),"

"Tracking Dan Loeb’s Third Point Portfolio – Q1 2017 Update"

"Dan Loeb's 13F portfolio increased from $10.19B to $10.25B this quarter. The number of positions decreased from 38 to 37.Third Point added T-Mobile, Salesforce.com, and Qualcomm while decreasing Humana and dropping Apple.The top three 13F positions are Baxter International, Dow Chemical, and Constellation Brands. Together, they are at ~38% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s US stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 05/12/2017. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2016.The 13F portfolio is very concentrated with the top three holdings accounting for ~38% of the entire portfolio. Recent 13F reports show around 40 long positions. This quarter, Loeb’s US long portfolio value increased marginally from $10.19B to $10.25B. The number of holdings decreased from 38 to 37. Largest five individual stock positions are Baxter International, Dow Chemical, Constellation Brands, Facebook, and Alphabet Inc.Per their Q1 2017 investor letter, Third Point returned 5.9% for the quarter compared to 6.1% for the S&P 500 Index. Annualized returns since December 1996 inception are at 15.8% compared to 7.8% for the S&P 500 Index. In addition to partner stakes, Third Point also invests the float of Third Point Reinsurance (TPRE).To know more about Dan Loeb's Third Point, check-out his . His activist investing style is covered in the book "".New Stakes:T-Mobile US (TMUS): TMUS is a 3.15% of the portfolio position purchased this quarter at prices between $56.50 and $65 and the stock is now just above that range at $66.37. The buy-thesis is based on the idea that a combination of TMUS with either Sprint (S) or Dish Networks (DISH) is the only real alternative to the duopoly of AT&T (T) and Verizon (VZ).Note: TMUS has seen a couple of roundtrips in the portfolio over the last five years: a) a similar ~3% of the US long portfolio was established in Q2 2015 at prices between $31.50 and $40.50 and disposed of in Q4 2015 at prices between $34.50 and $41.50, and b) another similar stake was established in Q4 2013 at $25 per share and eliminated in Q3 2014 at prices between $28.50 and $34.Salesforce.com (CRM) and Qualcomm Inc. (QCOM): CRM is a 2.41% of the portfolio position established this quarter at prices between $70.50 and $84 and the stock currently goes for $87.40. QCOM is a ~2% of the portfolio stake established at prices between $52.50 and $67 and the stock is currently at $57.67.Hewlett Packard Enterprise (HPE), Celanese Corp. (CE), Pioneer Natural Resources (PXD), Alcoa Corp. (AA), RSP Permian (RSPP), and Parsley Energy (PE): These are a very small (less than ~1% of the portfolio each) positions established this quarterSnap Inc. (SNAP), Halcon Resources Corp. (HK), and Enerplus Corp. (ERF): These are minutely small stakes (less than 0.5% of the portfolio each) purchased this quarter.Stake Disposals:Apple Inc. (AAPL) and Conagra Foods (CAG): These two small stakes (less than ~2% of the portfolio each) established in Q3 2016 were reduced last quarter and eliminated this quarter. For AAPL, the purchases were at prices between $95 and $116 while the disposal happened at prices between $106 and $144. For CAG, the acquisitions were at prices between $31.50 and $37 while the elimination was at prices between $34 and $41.50. AAPL & CAG currently trades at $153 and $37.72 respectively.Note 1: Apple has seen previous roundtrips in the portfolio.Note 2: Conagra Foods spun off Lamb Weston (LW) in a transaction that closed in November last year. The terms called for CAG shareholders to receive one LW share for every three shares held. The prices quoted above are adjusted for this transaction.Chubb Ltd. (CB) previously Ace Ltd.: CB was a 1.56% of the portfolio stake established in Q4 2015 and increased by ~60% the following quarter at prices between $101 and $123. Q3 2016 saw a ~23% reduction at prices between $124 and $131 and that was followed by a one-third selling last quarter at prices between $122 and $133. The disposal this quarter was at prices between $128 and $140. The stock currently trades at $139.Note: Ace Limited acquired Chubb and it closed in January 2016. After the transaction, Ace Limited adopted the Chubb name.PrivateBancorp (PVTB) and Goldman Sachs (GS): These two financial stocks were added last quarter but eliminated this quarter. The small 1.60% PVTB stake was purchased at prices between $44 and $55 and sold at prices between $53.50 and $59.50. It now goes for $59.94. The very small 0.94% position in GS was established at prices between $161 and $243 and eliminated at prices between $225 and $253. It currently trades at $215.Monsanto Co. (MON): The 1.14% MON stake was purchased in Q2 2016 at prices between $86 and $113. Last quarter, the position was sold down by ~70% at prices between $98 and $106. This quarter, the remaining stake was sold at prices between $105 and $116. The stock is now at $116.Note: Bayer AG (BAYRY) is acquiring Monsanto for $128 per share cash.TransDigm Group (TDG): TDG was a very small 0.61% position as of last quarter. The original stake was purchased in Q1 2016 at prices between $187 and $230. The position was reduced by ~80% last quarter at prices between $245 and $290 and sold out this quarter at prices between $210 and $256. The stock currently trades at $256.Molson Coors Brewing (TAP): The 1.62% TAP stake was established in Q2 2015 at prices between $69.50 and $79 and more than doubled the following quarter at prices between $65 and $84.50. Q2 2016 saw a ~54% reduction at prices between $92 and $104. The pattern reversed again in Q3 2016: ~70% increase at prices between $93 and $110. The entire position was sold this quarter at prices between $95 and $102. The stock currently trades at $94.13.Broadcom Ltd. (AVGO), Grupo Supervielle SA (SUPV), HD Supply Holdings (HDS), Southwestern Energy (SWN), and Union Pacific (UNP): These small stakes (less than ~1% of the portfolio each) were disposed of this quarter.Stake Increases:Alphabet Inc. (GOOG): GOOG is a 3.76% stake established in Q1 2016 at prices between $678 and $765. It was reduced by ~43% in the following quarter at prices between $668 and $767. Q3 2016 saw a ~38% increase at prices between $692 and $787 while there was a ~23% selling last quarter at prices between $736 and $813. The stock is currently at $934. There was a minor ~7% increase this quarter.Note: GOOG has seen a previous roundtrip in the portfolio. A fairly large 3.44% of portfolio stake was established in Q3 2013 at prices between $423 and $435. It was sold in Q2 2014 at prices between $510 and $579.Time Warner Inc. (TWX): The 3.34% TWX stake was established last quarter at prices between $78.50 and $97 and increased by ~17% this quarter. The stock is now at $97.63.Note: In October last year, AT&T (T) agreed to acquire Time Warner in a cash-and-stock ($53.75 cash) deal worth $107.50 per share.Anthem Inc. (ANTM) and Rice Energy (RICE): These two small stakes (less than ~2% of the portfolio each) established last quarter were substantially increased this quarter. The 1.86% ANTM position was purchased at prices between $117 and $169 and the stock is now at $176. The 1.16% RICE position was established at prices between $18.50 and $29 and it currently goes for $21.52.Kadmon Holdings (KDMN): KDMN is a minutely small 0.33% position that saw a ~20% increase this quarter at $3.36. The stock is currently at $2.39.Note 1: The bulk of the stake in Kadmon Holdings is from prior to its IPO in July 2016 (PE investment). The biopharma was founded in 2010 by Sam Waksal (ImClone insider trading conviction and 7-year prison term infamy, circa 2003).Note 2: Loeb controls ~18% of Kadmon Holdings (KDMN).Stake Decreases:Baxter International (BAX): BAX is Loeb’s largest position at 23.28% of the US long portfolio. The stake was established in Q2 2015 and increased substantially the following quarter at a cost-basis of $40.44. There was a ~11% selling this quarter at $50.35. The stock currently trades at $57.21.Dow Chemical (DOW): DOW is currently Third Point’s second-largest individual stock position at 9.73% of the US long portfolio. The original stake was established in Q4 2013 at prices between $38 and $45. In Q2 2014 and the following quarter, the position was increased by just over 220% at prices between $47 and $55. Q4 2014 saw an about-turn as ~24% of the position was disposed at prices between $43 and $53. Q2 & Q3 2016 saw another ~40% reduction at prices between $49 and $59. The stock currently trades at $61.29. There was a ~8% further trimming this quarter.Note: DOW is an activist stake. In December 2015, Dow and DuPont (DD) announced a merger of equals with plans to separate into three businesses after the merger.Facebook Inc. (FB): FB is a fairly large ~4% of the portfolio stake established in Q2 2016 at prices between $109 and $121 and increased by ~45% the following quarter at prices between $114 and $131. Last quarter saw the position reduced by ~36% at prices between $115 and $133 and that was followed with a ~14% trimming this quarter at prices between $117 and $143. The stock is now at $148.JPMorgan Chase (JPM) and Bank of America (BAC): These two financial stocks added last quarter were sold down this quarter. The 3.21% portfolio stake in JPM was purchased at prices between $66.50 and $87 and reduced by ~30% this quarter at prices between $83 and $93.50. It is now at $84.78. The 3.11% position in BAC was established at prices between $15.50 and $23 and reduced by ~23% this quarter at prices between $22 and $25.50. The stock is currently at $23.08.Humana Inc. (HUM): HUM is currently a 2.87% of the portfolio stake. It was established in Q3 2016 at prices between $153 and $180 and increased by ~70% last quarter at prices between $165 and $217. This quarter saw an about turn: ~40% sold at prices between $195 and $219. The stock is now at $228.Sherwin Williams (SHW): The 2.72% SHW stake was acquired in Q2 2016 at prices between $280 and $312. The following quarter saw a 25% increase at prices between $274 and $312. That was followed with another ~14% increase last quarter at prices between $241 and $278. The stock is currently at $332. This quarter saw a ~10% trimming.Danaher Corp. (DHR): The 2.59% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. It currently trades at $82.14. Q3 2016 saw a ~17% increase while last quarter saw a ~28% selling. There was a ~6% further trimming this quarter.Note: The investment in DHR is profiled in Third Point’s Q1 2016 partner letter. They believed the spinoff of Fortive (FTV) that closed in July 2016 will unlock significant value. The prices quoted above are adjusted for that transaction.Charter Communications (CHTR): CHTR is a 2.56% of the portfolio position established in Q2 2016 as a result of the merger of Charter Communications and Time Warner Cable that closed in May - Third Point had around 1.2M shares of Time Warner Cable. Third Point also more than doubled the stake at prices between $198 and $233. Q3 2016 saw a ~30% reduction at prices between $229 and $278 and that was followed with another ~23% trimming in the last two quarters. The stock is now at $316. Third Point is harvesting gains.General Dynamics (GD): GD was a very small 0.47% portfolio stake as of Q2 2016. The following quarter saw a huge ~280% increase at prices between $138 and $156. The stock is now above that range at $196 and the position is at 2.28% of the portfolio. There was a very minor ~4% trimming this quarter.Mohawk Industries (MHK): The 2.35% MHK position was established in Q4 2014 at prices between $125 and $158 and increased by ~220% in the following two quarters at prices between $153 and $194. The five quarters thru Q3 2016 had seen a combined ~62% selling at prices between $150 and $215. There was an about-turn last quarter: one-third increase at prices between $177 and $205. The pattern reversed again this quarter: ~21% sold at prices between $202 and $232. The stock currently trades at $230.Zayo Holdings (ZAYO): ZAYO is a ~2% position purchased last quarter at prices between $29.50 and $35 and reduced by ~14% this quarter at prices between $30 and $34. It currently trades at $31.25.S&P Global (SPGI): SPGI is a 1.91% position established in Q2 2016 at prices between $96 and $128. Last quarter saw a ~20% reduction at prices between $108 and $127. The stock is now at $138. There was a ~6% further trimming this quarter.Dell Technologies (DVMT): DVMT is a small 1.56% stake established in Q3 2016 and increased by ~13% last quarter. There was a very minor ~4% trimming this quarter.Nomad Foods (NOMD): NOMD foods is a very small 0.78% portfolio position that saw a ~40% reduction this quarter.Note: Third Point controls ~3.9% of Nomad Foods.Kept Steady:Constellation Brands (STZ) & Calls: The top three 4.74% STZ position was established in 2012. The three quarters thru Q3 2016 had seen a combined ~38% increase at prices between $135 and $168. There was another ~36% increase last quarter at prices between $145 and $171. The stock is currently well above those ranges at $183.Note: STZ investment was profiled in Third Point’s Q2 2015 partner letter. The thesis was that even after the tremendous price appreciation over the previous three years, the stock still traded at only 16x 2017 EPS forecast - there is opportunity for the multiple to re-rate as consumer staples businesses with growth in volumes, sales, and earnings trade at significantly higher multiples. At the time, the stock traded at ~$117.Sotheby’s (BID): BID is a ~3% of the US long portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q3 2013 at prices between $39 and $51. The stock currently trades at $50.01. Third Point’s ownership stake in BID is at ~13%.Note: BID is an activist stake. Third Point has three board seats and in March 2015 Tad Smith was appointed as the new CEO.Enphase Energy (ENPH), Green Brick Partners (GRBK), and Honeywell International (HON): These small positions (less than ~1.5% of the portfolio each) were kept steady this quarter.Note 1: Loeb controlled ~5.1% of Enphase Energy as of Q1 2017. Regulatory filings since the quarter ended show them no longer holding any shares - the entire stake was sold at prices between 80c (bulk) and $1.10 per share.Note 2: Loeb controls ~25% of Green Brick Partners (previously BioFuel Energy).The spreadsheet below highlights changes to Loeb’s US stock holdings in Q1 2017:13G/D/A, Form 3/4 thru 2/12/2017: None.13G/D/A, Form 3/4 thru 11/15/2016: 13D/A 9/30/2016 - Enphase Energy - 6.7M shares - 11.2% of business. Thru 9/14/2016 - several Form 4s - Kadmon - 7.9M shares - increase from 7.66M shares at overall cost-basis of ~$9. 8/16/2016 Form 4 & 13D/A - BID - 6.66M shares, 12.1% of business. APIC - Exit.Investor Letter Info - ArchiveQ1 2016 - Dow Chemical - DOW/DD, Anheuser Busch - BUD/TAP/SAB, Charter Commn. - TWX/CHTR, Chubb - CB/ACE Ltd.Q4 2015 - none.Q3 2015 - Baxter, Seven & I.Q2 2015 - AGN, Suzuki, Constellation Brands, Mohawk Industries, and Roper Technologies. PERFORMANCE - Offshore fund - Q2 2015 1.5%, H1 2015 4.9%, Annualized 17.1%.Q1 2015 - YUM, DVN, Japanese Equities Update.Q4 2014 - AMGN, FANUC, Greece Update.Q3 2014 - AMGN, EBAY, BABA. Also, SONY exit.Q2 2014 - Kroton Educacional, Fibra Uno, YPF, Royal DSM,Q1 2014 - DOW (update), Softbank (update),Q4 2013 - Softbank, Sony, T-Mobile, Dow Chemical, Ally Financial, Intrexon.Q3 2013 - Nokia,Q2 2013 - Sony Corporation, CF Industries, Yahoo,Q1 2013 - International Paper, Liberty Global,Q4 2012 - Greek Government Bonds, Murphy Oil, Herbalife, Morgan Stanley, Tesoro Corporation,Q3 2012 - Green Government Bonds, Murphy Oil, American International Group, Asset Back Securities portfolio,Q2 2012 - Europe in 2012, Yahoo (update), Delphi (update), Progress Energy Resource Corporation,Q1 2012 - Portuguese Soverign Bonds, Apple, Enphase, Express Scripts/Medco (arbitrage), Mortgage Portfolio,Q4 2010 - Paper Companies (distressed), Chrysler,Q4 2009 - Health Net, Mead Johnson Nutrition (risk arbitrage),Q4 2007 - Deutche Postbank, Microsoft.: Performance: -1.1% in Q3 compared to 3.8% for S&P 500. 6.1% YTD vs 12% YTD for S&P 500. 15.7% annualized since inception compared to 7.5% for S&P 500. Corporate Credit, Baxter, Dow Sotheby’s were winners while health sector, Allergan primarily and shorts were losers. Being heavily skewed toward certain sectors affected performance & that is something they are correcting. Exposure to financials increased from 4.4% before election to 11.8% one month after - they added to each of those positions in 2017 as well."

"Tracking Dan Loeb’s Third Point Portfolio – Q4 2016 Update"

"Dan Loeb's 13F portfolio decreased from $11.50B to $10.19B this quarter. The number of positions remained steady at 38.Third Point added JPMorgan Chase & Bank of America while increasing Humana & Constellation Brands. The large Allergan stake was dropped.The top three 13F positions are Baxter International, Dow Chemical, and Humana which together is at ~37% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s US stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 02/10/2017. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2016.The 13F portfolio is very concentrated with the top three holdings accounting for 36.94% of the entire portfolio. Recent 13F reports show around 40 long positions. This quarter, Loeb’s US long portfolio value decreased 11.42% from $11.50B to $10.19B. The number of holdings remained steady at 38. Largest five individual stock positions are Baxter International, Dow Chemical, Humana, Constellation Brands, and JPMorgan Chase.Per their Q4 2016 investor letter, Third Point returned 6.1% for the year. Annualized returns since December 1996 inception are at 15.7%. In addition to partner stakes, Third Point also invests the float of Third Point Reinsurance (TPRE).To know more about Dan Loeb's Third Point, check-out his . His activist investing style is covered in the book "".New Stakes:JPMorgan Chase (JPM), Bank of America (BAC), PrivateBancorp (PVTB), and Goldman Sachs (GS): These are the four new financial stocks added this quarter. Together, they are at ~11% of the portfolio. The top five 4.45% portfolio stake in JPM was purchased at prices between $66.50 and $87 and it is now at $87. The 3.80% position in BAC was established at prices between $15.50 and $23 and the stock is currently at $23.08. The small 1.60% PVTB stake was purchased at prices between $44 and $55 and it now goes for $56.29. The very small 0.94% position in GS was established at prices between $161 and $243 and it currently trades at $243.Note: The new stake in financials was discussed in Third Point’s Q4 2016 letter. Basically, they are very bullish and have continued purchasing shares in 2017.Time Warner Inc. (TWX) & Zayo Holdings (ZAYO): These are medium sized positions established this quarter. The 2.84% TWX stake was established at prices between $78.50 and $97 and the stock is now at $96.58. ZAYO is a 2.26% position purchased at prices between $29.50 and $35 and it currently trades at $31.35.Note: In October last year, AT&T (T) agreed to acquire Time Warner in a cash-and-stock ($53.75 cash) deal worth $107.50 per share.Honeywell International (HON), Anthem Inc. (ANTM), HD Supply Holdings (HDS), Rice Energy (RICE), Southwestern Energy (SWN), and Broadcom Ltd. (AVGO): These are small stakes (less than ~1.5% of the portfolio each) established this quarter.Stake Disposals:Allergan plc (AGN): AGN was the third-largest individual stock position at 7.58% of the US long portfolio as of last quarter. It was established in Q1 2014 at prices between $168 and $227. The stake was increased by ~15% in Q3 2014 at prices between $203 and $248 and another 20% the following quarter at prices between $217 and $271. Q4 2015 saw another ~50% increase at prices between $253 and $322. The pattern reversed last quarter: ~30% selling at prices between $230 and $260. The disposal this quarter was at prices between $188 and $243. The stock currently trades at $246.Anheuser Busch (BUD) & Calls: BUD was a 1.83% of the US long portfolio position established in Q1 2014 at prices between $94 and $107. The stake was increased by ~30% in Q2 2014 at prices between $105 and $116. The following four quarters had seen a combined ~70% increase at prices between $106 and $127. In H2 2015, the position was reduced by ~60% at prices between $104 and $129. The pattern reversed again in Q1 2016: ~25% increase at prices between $112 and $127. The entire remaining stake was sold out this quarter at prices between $100 and $131. The stock currently trades at $106.Yum! Brands (YUM) & Calls: YUM was a large position established in Q1 2015 at prices between $70 and $82 and increased by ~200% in Q3 2015 at prices between $76 and $92. In Q4 2015, the position was almost eliminated at prices between $67 and $83.50. It was built back up to a top-five 5.28% of the portfolio stake in Q1 2016 at prices between $65 and $82. In Q2 2016, the pattern reversed again: around two-thirds reduction at prices between $79 and $86. That was followed with another ~80% reduction last quarter at prices between $83 and $92. The remaining minutely small stake was disposed of this quarter. The stock is now at $68.Liberty Global (LBTYA): LBTYA was a very small 0.89% of the portfolio stake established in Q2 2016 at prices between $27 and $40 and increased by ~50% last quarter at prices between $27.50 and $34.50. The position was sold out this quarter at prices between $29.50 and $34. The stock currently trades at $35.36.Note: Liberty Global had a previous roundtrip: It was a 2.07% position established in 2011 and disposed in Q1 2016.Alibaba Group Holdings (BABA), St. Jude Medical (SJM), Visa Inc. (V), & Williams Companies (WMB): These small (less than ~2.5% of the portfolio each) stakes established last quarter was eliminated this quarter. BABA and WMB have seen previous roundtrips in the portfolio.Ametek Inc. (AME), Apigee Corp. (APIC), Citigroup Warrants (C.WS.A), & Shire plc (SHPG): These very small (less than ~1.5% of the portfolio each) stakes were disposed of this quarter.Note: Loeb controlled ~10.5% of Apigee as of last quarter. It was acquired by Alphabet for $17.40 per share and the transaction closed in November last year. Loeb profiled Apigee in his Q3 2016 letter: it was a PE portfolio business with the first investment in 2008. Overall, the investment returned 20% IRR over the holding period.Stake Increases:Humana Inc. (HUM): HUM is currently the third-largest stake at 4.81% of the portfolio. It was established last quarter at prices between $153 and $180 and increased by ~70% this quarter at prices between $165 and $217. The stock is now at $205.Constellation Brands (STZ) & Calls: The top five 4.51% STZ position was established in 2012. Last three quarters had seen a combined ~38% increase at prices between $135 and $168. There was another ~36% increase this quarter at prices between $145 and $171. The stock is currently at $156. For investors attempting to follow Loeb, STZ is a good option to consider for further research.Note: STZ investment was profiled in Third Point’s Q2 2015 partner letter. The thesis was that even after the tremendous price appreciation over the previous three years, the stock still traded at only 16x 2017 EPS forecast - there is opportunity for the multiple to re-rate as consumer staples businesses with growth in volumes, sales, and earnings trade at significantly higher multiples. At the time, the stock traded at ~$117.Sherwin Williams (SHW): The 2.64% SHW stake was acquired in Q2 2016 at prices between $280 and $312. Last quarter saw a 25% increase at prices between $274 and $312. That was followed with another ~14% increase this quarter at prices between $241 and $278. The stock is currently at $307.Mohawk Industries (MHK): The 2.35% MHK position was established in Q4 2014 at prices between $125 and $158 and increased by ~180% the following quarter at prices between $153 and $186. Q2 2015 also saw a one-third further increase at prices between $174 and $194. Last five quarters had seen a combined ~62% selling at prices between $150 and $215. There was an about-turn this quarter: one-third increase at prices between $177 and $205. The stock currently trades at $223.Dell Technologies (DVMT): DVMT is a small 1.40% stake established last quarter and increased by ~13% this quarter.Stake Decreases:Dow Chemical (DOW): DOW is currently Third Point’s second-largest individual stock position at 9.55% of the US long portfolio. The original stake was established in Q4 2013 at prices between $38 and $45. In Q2 2014, the position was increased by just over 180% at prices between $47 and $53 and the following quarter saw an additional one-third increase at prices between $51 and $55. Q4 2014 saw an about-turn as ~24% of the position was disposed at prices between $43 and $53. Q2 2016 saw another~20% reduction at prices between $49 and $54 and that was followed with a ~15% trimming this quarter at prices between $52 and $59. The stock currently trades at $61.19.Note: DOW is an activist stake. In December 2015, Dow and DuPont (DD) announced a merger of equals with plans to separate into three businesses after the merger.Facebook Inc. (FB): FB is a fairly large ~4% of the portfolio stake established in Q2 2016 at prices between $109 and $121 and increased by ~45% last quarter at prices between $114 and $131. This quarter saw the position reduced by ~36% at prices between $115 and $133. The stock is now at $134.Alphabet Inc. (GOOG): GOOG is a 3.31% stake established in Q1 2016 at prices between $678 and $765. It was reduced by ~43% in the following quarter at prices between $668 and $767. Last quarter saw a ~38% increase at prices between $692 and $787 while there was a ~23% selling this quarter at prices between $736 and $813. The stock is currently at $814.Note: GOOG has seen a previous roundtrip in the portfolio. A fairly large 3.44% of portfolio stake was sold in Q2 2014 at prices between $510 and $579. That position was from Q3 2013 at prices between $423 and $435.Danaher Corp. (DHR): The 2.48% DHR stake was established in Q3 2015 at prices between $60.90 and $71.50 and increased by two-thirds in Q1 2016 at prices between $62 and $74. It currently trades at $83.98. Last quarter saw a ~17% increase while this quarter saw a ~28% selling.Note: The investment in DHR is profiled in Third Point’s Q1 2016 partner letter. They believed the spinoff of Fortive (FTV) that closed in July 2016 will unlock significant value. The prices quoted above are adjusted for that transaction.Charter Communications (CHTR): CHTR is a 2.40% of the portfolio position established in Q2 2016 as a result of the merger of Charter Communications and Time Warner Cable that closed in May - Third Point had around 1.2M shares of Time Warner Cable. Third Point also more than doubled the stake at prices between $198 and $233. Last quarter saw a ~30% reduction at prices between $229 and $278 and that was followed with another ~15% trimming this quarter. The stock is now at $325. Third Point is harvesting gains.General Dynamics (GD): GD was a very small 0.47% portfolio stake as of Q2 2016. Last quarter saw a huge ~280% increase at prices between $138 and $156. The stock is now above that range at $184 and the position is at 2.20% of the portfolio. There was marginal selling this quarter.Monsanto Co. (MON) & S&P Global (SPGI): These two positions were established in Q2 2016 and increased significantly last quarter. The 1.14% MON stake was purchased at prices between $86 and $113. This quarter, the position was sold down by ~70% at prices between $98 and $106 and the stock is now at $108. SPGI is a 1.69% position established at prices between $96 and $128. This quarter saw a ~20% reduction at prices between $108 and $127. The stock is now at $126.Note: Bayer AG (BAYRY) is acquiring Monsanto for $128 per share cash.Chubb Ltd. (CB) previously Ace Ltd.: CB is a 1.56% of the portfolio stake established in Q4 2015 and increased by ~60% the following quarter at prices between $101 and $123. The stock currently trades above that range at $133. Last quarter saw a ~23% reduction at prices between $124 and $131 and that was followed by a one-third selling this quarter at prices between $122 and $133.Note: Ace Limited acquired Chubb and it closed in January 2016. After the transaction, Ace Limited adopted the Chubb name.TransDigm Group (TDG): TDG is now a very small 0.61% position. The original stake was purchased in Q1 2016 at prices between $187 and $230 and increased by ~13% the following quarter at prices between $219 and $267. The position was reduced by ~80% this quarter at prices between $245 and $290. The stock currently trades at $253.Apple Inc. (AAPL) and Conagra Foods (CAG): These two small (less than ~2% of the portfolio each) stakes established last quarter saw significant selling this quarter. AAPL was reduced by ~25% and CAG by ~30%.Note: Apple has seen previous roundtrips in the portfolio.Nomad Foods (NOMD), Grupo Supervielle SA (SUPV), & Union Pacific (UNP): These very small stakes (less than ~1% of the portfolio each) were further reduced this quarter.Note: Third Point controls ~6.7% of Nomad Foods.Kept Steady:Baxter International (BAX): BAX is Loeb’s largest position at 22.59% of the US long portfolio. The stake was established in Q2 2015 and increased substantially the following quarter at a cost-basis of $40.44. The stock currently trades at $49.Sotheby’s (BID): BID is a 2.61% of the US long portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q3 2013 at prices between $39 and $51. The stock currently trades at $41. Third Point’s ownership stake in BID is at ~12%.Note: BID is an activist stake. Third Point has three board seats and in March 2015 Tad Smith was appointed as the new CEO.Molson Coors Brewing (TAP): The 1.62% TAP stake was established in Q2 2015 at prices between $69.50 and $79 and more than doubled the following quarter at prices between $65 and $84.50. Q2 2016 saw a ~54% reduction at prices between $92 and $104. The pattern reversed again last quarter: ~70% increase at prices between $93 and $110. The stock currently trades at $95.95.Enphase Energy (ENPH), Green Brick Partners (GRBK), & Kadmon Holdings (KDMN): These minutely small positions (less than 0.5% of the portfolio each) were kept steady this quarter.Note 1: The bulk of the stake in Kadmon Holdings is from prior to its IPO in July 2016 (PE investment). The biopharma was founded in 2010 by Sam Waksal (ImClone insider trading conviction and 7-year prison term infamy, circa 2003).Note 2: Loeb controls ~11% of Enphase Energy, ~25% of Green Brick Partners (previously BioFuel Energy) and ~17.5% of Kadmon Holdings (KDMN).The spreadsheet below highlights changes to Loeb’s US stock holdings in Q4 2016:13G/D/A, Form 3/4 thru 8/15/2016: Form 4 8/12/2016, also 13G etc. - Kadmon Hldgs (KDMN) - 7.7M shares - ~17% of business. Form 4 5/26/2016 - BAX - the reduction to 51.9M shares (~1.95M shares) was due to the tender offer for Baxalta shares. They received 2.26M shares of BXLT.13G/D/A, Form 3/4 thru 5/16/2016: 13D/A 4/13/2016 - GRBK - 8.08M shares - 16.6%. Form 4 & 13D/A 2/29/2016 - BID - 6.66M shares - acquired 10K shares @ $21.93 - 10.75%.: Performance: 5% in Q3 compared to 4% for S&P 500. 7.2% YTD vs 7.8% YTD for S&P 500. 16% annualized since inception compared to 7.4% for S&P 500. Dell & Sprint were credit winners for the year. Private investments at ~6% of portfolio."

"Tracking Dan Loeb’s Third Point Portfolio – Q3 2016 Update"

"Dan Loeb's 13F portfolio increased from $10.49B to $11.50B this quarter. The number of positions decreased from 40 to 38.Third Point substantially increased Facebook, Alphabet, and Monsanto while reducing Allergan and Yum Brands.The top three 13F positions are Baxter International, Dow Chemical, and Allergan which together is at ~38% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s US stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 11/10/2016. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2016.The 13F portfolio is very concentrated with the top three holdings accounting for 38.07% of the entire portfolio. Recent 13F reports show around 40 long positions. This quarter, Loeb’s US long portfolio increased 9.62% from $10.49B to $11.50B. The number of holdings decreased from 40 to 38. Largest five individual stock positions are Baxter International, Dow Chemical, Allergan plc, Facebook, and Alphabet.Per their Q3 2016 investor letter, Third Point returned 5% in the quarter. Annualized returns since December 1996 inception are at 16%. In addition to partner stakes, Third Point also invests the float of Third Point Reinsurance (TPRE).To know more about Dan Loeb's Third Point, check-out his . His activist investing style is covered in the book "".New Stakes:Alibaba Group Holdings (BABA), Apple Inc. (AAPL), Conagra Foods (CAG), Dell Technologies (DVMT), Humana Inc. (HUM), St. Jude Medical (SJM), Visa Inc. (V), and Williams Companies (WMB): These are small (less than ~2.5% of the portfolio each) stakes established this quarter. BABA, AAPL, and WMB have seen previous roundtrips in the portfolio.Note: Per their Q3 2016 letter, Dell and Sprint (S) were both huge winners in their credit book.Stake Disposals:EMC Corporation (EMC): EMC was a small 1.55% merger-arbitrage stake established in Q1 2016. Dell acquired EMC for $24.05 per share in cash and 0.111 per share in VMWare (VMW) tracking stock. The transaction closed in September.Lowes Cos (LOW): The 2.26% LOW stake was established in Q1 2016 at prices between $63 and $76. It was disposed of this quarter at prices between $71 and $83. The stock is now at $69.73.Sealed Air Corp. (SEE): SEE was a 1.97% of the portfolio stake established in Q2 2015 at prices between $43.80 and $52.60. The elimination this quarter was at prices between $45.11 and $49.41. The stock currently trades at $46.77.Activision Blizzard (ATVI), Coca Cola European Partners (CCE), Harris Corp. (HRS), Marathon Oil (MRO), and Whiting Petroleum (WLL): These are very small (less than 1% of the portfolio each) stakes purchased last quarter but sold out this quarter.Stake Increases:Alphabet Inc. (GOOG): GOOG is a top-five 3.84% stake established in Q1 2016 at prices between $678 and $765. It was reduced by ~43% last quarter at prices between $668 and $767. This quarter saw a ~38% stake increase at prices between $692 and $787. The stock is currently at $754.Note: GOOG has seen a previous roundtrip in the portfolio. A fairly large 3.44% of portfolio stake was sold in Q2 2014 at prices between $510 and $579. That position was from Q3 2013 at prices between $423 and $435.Constellation Brands (STZ) & Calls: The 3.18% STZ position was first purchased in 2012. Last three quarters have seen a combined ~38% increase at prices between $135 and $168. The stock is currently at $152.Note: STZ investment is profiled in Third Point’s Q2 2015 partner letter. The thesis was that even after the tremendous price appreciation over the previous three years, the stock still traded at only 16x 2017 EPS forecast - there is opportunity for the multiple to re-rate as consumer staples businesses with growth in volumes, sales, and earnings trade at significantly higher multiples. At the time, the stock traded at ~$117.Danaher Corp. (DHR): The 3.07% DHR stake was established in Q3 2015 at prices between $60.90 and $71.46 and increased by ~65% in Q1 2016 at prices between $62.09 and $73.79. It is currently at $80.94. This quarter also saw a ~17% further increase.Note: The investment in DHR is profiled in Third Point’s Q1 2016 partner letter. They believed the spinoff of Fortive (FTV) that closed in July will unlock significant value. The prices quoted above are adjusted for that transaction.Facebook Inc. (FB): FB is a top-five 6.08% of the portfolio stake established last quarter at prices between $109 and $121 and increased by ~45% this quarter at prices between $114 and $131. The stock is now at $119. For investors attempting to follow Loeb, FB is a good option to consider for further research.Liberty Global (LBTYA): LBTYA is a very small 0.89% of the portfolio stake established last quarter at prices between $27 and $40 and increased by ~50% this quarter at prices between $27.49 and $34.43. The stock currently trades at $30.62.Note: Liberty Global had a previous roundtrip: It was a 2.07% position established in 2011 and disposed in Q1 2016.Molson Coors Brewing (TAP): The 1.62% TAP stake was established in Q2 2015 at prices between $69.81 and $78.67 and more than doubled the following quarter at prices between $65.19 and $84.38. Last quarter saw a ~54% reduction at prices between $92.30 and $104. The pattern reversed again this quarter: ~70% increase at prices between $93 and $110. The stock currently trades at $99.05.Monsanto Co. (MON), S&P Global (SPGI), and Sherwin Williams (SHW): These thee positions were established last quarter and increased significantly this quarter. The 3.29% MON stake was purchased at prices between $86 and $113 and it is now at $97.90. SPGI is a 2.20% position established at prices between $96 and $128 and the stock is now at $126. The 2.10% SHW stake was acquired at prices between $280 and $312 and the stock is currently below that range at $262.Note: Bayer AG (BAYRY) is acquiring Monsanto for $128 per share cash.Sotheby’s (BID): BID is a 2.20% of the US long portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q3 2013 at prices between $39 and $51. The stock currently trades below that range at $36.34. Third Point’s ownership stake in BID is at ~12%.Note: BID is an activist stake. Third Point has three board seats and in March 2015 Tad Smith was appointed as the new CEO.General Dynamics (GD): GD was a very small 0.47% portfolio stake as of last quarter. This quarter saw a huge ~280% increase at prices between $138 and $156. The stock is now above that range at $169 and the position is at 1.82% of the portfolio.Stake Decreases:Allergan plc (AGN): AGN is the third-largest individual stock position at 7.58% of the US long portfolio. It was established in Q1 2014 at prices between $168 and $227. The stake was increased by ~15% in Q3 2014 at prices between $203 and $248 and another 20% the following quarter at prices between $217 and $271. Q4 2015 saw another ~47% increase at prices between $253 and $322. The pattern reversed this quarter: ~30% selling at prices between $230 and $260. The stock currently trades at $208.Anheuser Busch (BUD) & Calls: BUD is a 1.83% of the US long portfolio position established in Q1 2014 at prices between $94 and $107. The stake was increased by ~30% in Q2 2014 at prices between $105 and $116. The following four quarters had seen a combined ~70% increase at prices between $106 and $127 while Q3 2015 saw a ~12% trimming at prices between $104 and $129. In Q4 2015, the position was reduced by another ~47% at prices between $106 and $129. The pattern reversed again in Q1 2016: ~25% increase at prices between $112 and $127. The stock currently trades at $108. This quarter saw a ~15% trimming.Charter Communications (CHTR): CHTR is a 2.35% of the portfolio position established last quarter as a result of the merger of Charter Communications and Time Warner Cable that closed in May - Third Point had around 1.2M shares of Time Warner Cable. Third Point also more than doubled the stake at prices between $198 and $233. This quarter saw a ~30% stake reduction at prices between $229 and $278. The stock is now at $272.Chubb Ltd. (CB) previously Ace Ltd.: CB is a ~2% of the portfolio stake established in Q4 2015 and increased by ~60% the following quarter at prices between $101 and $123. The stock currently trades just above that range at $127. This quarter saw a ~23% reduction at prices between $124 and $131.Note: Ace Limited acquired Chubb and it closed in January. After the transaction, Ace Limited adopted the Chubb name.Mohawk Industries (MHK): The 1.57% MHK position was established in Q4 2014 at prices between $125 and $158 and increased by ~180% the following quarter at prices between $153 and $186. Q2 2015 had seen another one-third increase at prices between $174 and $194. Last five quarters have seen a combined ~62% selling at prices between $150 and $215. The stock currently trades at $200. Loeb is harvesting gains.Yum! Brands (YUM) & Calls: YUM was a large position established in Q1 2015 at prices between $70 and $82 and increased by ~200% in Q3 2015 at prices between $76 and $92. In Q4 2015, the position was almost eliminated at prices between $67.12 and $83.42. It was built back up to a top-five 5.28% of the portfolio stake in Q1 2016 at prices between $65 and $82. Last quarter, the pattern reversed again: around two-thirds reduction at prices between $79.33 and $85.90. That was followed with another ~80% reduction this quarter at prices between $83 and $92. The stock is now at $60.70 and the remaining stake is minutely small at 0.39%.Ametek Inc. (AME), Shire plc (SHPG), and Union Pacific (UNP): These are very small (less than 1.5% of the portfolio each) stakes established last quarter but reduced this quarter.Kept Steady:Baxter International (BAX): BAX is Loeb’s largest position at 21.48% of the US long portfolio. The stake was established in Q2 2015 and increased substantially the following quarter at a cost-basis of $40.44. The stock currently trades at $46.82.Dow Chemical (DOW): DOW is currently Third Point’s second-largest individual stock position at 9.01% of the US long portfolio. The original stake was established in Q4 2013 at prices between $38 and $45. In Q2 2014, the position was increased by just over 180% at prices between $47 and $53 and the following quarter saw an additional one-third increase at prices between $51 and $55. Q4 2014 saw an about-turn as ~24% of the position was disposed of at prices between $43 and $53. Last quarter saw an additional ~20% reduction at prices between $49 and $54. The stock currently trades at $53.65.Note: DOW is an activist stake. In December 2015, Dow and DuPont (DD) announced a merger of equals with plans to separate into three businesses after the merger.TransDigm Group (TDG): TDG is a 2.84% position purchased in Q1 2016 at prices between $187 and $230 and increased by ~13% last quarter at prices between $219 and $267. The stock currently trades at $272.Nomad Foods (NOMD): NOMD is a very small 1.30% position established in Q1 2016. The stake saw a marginal increase last quarter. Third Point controls ~7% of NOMD.Green Brick Partners (GRBK): GRBK is a very small 0.58% stake. Dan Loeb controls ~25% of Green Brick Partners (previously BioFuel Energy).Grupo Supervielle SA (SUPV): SUPV is a very small 0.58% stake kept steady this quarter.The 13F portfolio also has the following minutely small (less than 0.5% of the portfolio each) stakes: Apigee Corp. (APIC), Citigroup Warrants (C.WS.A), Enphase Energy (ENPH), and Kadmon Holdings (KDMN). Kadmon Holdings is a new 13F holding this quarter. The bulk of the stake is from prior to its IPO in July (PE investment). The biopharma was founded in 2010 by Sam Waksal (ImClone insider trading conviction and 7-year prison term infamy, circa 2003).Note 1: Loeb controls ~10.5% of Apigee, ~11.2% of Enphase Energy, and ~17.5% of Kadmon Holdings (KDMN).Note 2: Apigee was acquired by Alphabet for $17.40 per share and the transaction closed last week. Loeb profiled Apigee in his Q3 2016 letter: it was a PE portfolio business with the first investment in 2008. Overall, the investment returned 20% IRR over the holding period.The spreadsheet below highlights changes to Loeb’s US stock holdings in Q3 2016:: Performance: up 2.2% compared to up 3.8% for S&P 500. Was up 4.6% in Q2 2016 compared to up 2.5% for S&P 500. TP Offshore performance since 1996 inception: 15.9% annualized compared to 7.3% for S&P 500. 40% to 55% net equity exposure in 2016 (mostly sticking with US - positive on US markets for H2 2016)."

"Tracking Dan Loeb’s Third Point Portfolio – Q2 2016 Update"

"Dan Loeb's 13F portfolio decreased from $10.86B to $10.49B this quarter. The number of positions increased from 37 to 40.Third Point added a large position in Facebook along with several other smaller positions during the quarter. The Amgen stake was dropped.The top three 13F positions are Baxter International, Allergan plc, and Dow Chemical which together is at ~44% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s US stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 08/12/2016. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2016.The 13F portfolio is very concentrated with the top-three holdings accounting for 43.74% of the entire portfolio. Recent 13F reports show around 40 long positions. This quarter, Loeb’s US long portfolio decreased 3.36% from $10.86B to $10.49B. The number of holdings increased from 37 to 40. Largest five individual stock positions are Baxter International, Allergan plc, Dow Chemical, Facebook, and Danaher.Per their Q2 2016 investor letter, Third Point returned 4.6% in the quarter. Annualized returns since December 1996 inception are at 15.9%. In addition to partner stakes, Third Point also invests the float of Third Point Reinsurance (TPRE).To know more about Dan Loeb's Third Point, check-out his . His activist investing style that is epitomized by scathing letters to CEOs is covered in "Chapter 7: The Poison Pen: Dan Loeb, Third Point" in the book "".New Stakes:Facebook Inc. (FB): FB is a top-five 4.08% of the portfolio stake established this quarter at prices between $109 and $121 and the stock is now just outside that range at $125.Charter Communications (CHTR): CHTR is a fairly large 3.16% of the portfolio position established this quarter. Around 40% of the shares were acquired as a result of the merger of Charter Communications and Time Warner Cable that closed in May - Third Point had around 1.2M shares of Time Warner Cable as of Q1 2016. The remaining shares were purchased this quarter at prices between $198 and $233. The stock is now at $259.Monsanto Co. (MON), S&P Global (SPGI), Sherwin Williams (SHW), and Shire plc (SHPG): These are small (less than ~2% of the portfolio each) positions established this quarter. The ~2% MON stake was purchased at prices between $87 and $113 and it is now at $105. SPGI is a 1.64% position established at prices between $96 and $112 and the stock is now above that range at $120. The 1.96% SHW stake was acquired at prices between $280 and $300 and the stock is currently at $296. The 1.67% SHPG stake came about as a result of Shire’s acquisition of Baxalta that closed this quarter. Third point had 6M shares for which they received SHPG shares in the ratio 1: 0.1482.Note: Monsanto spurned a recent acquisition offer from Bayer AG (BAYRY).Activision Blizzard (ATVI), Ametek Inc. (AME), Coca Cola European Partners (CCE), Grupo Supervielle SA (SUPV), Harris Corp. (HRS), Liberty Global (LBTYA), Marathon Oil (MRO), Union Pacific (UNP), and Whiting Petroleum (WLL): These are very small (less than 1% of the portfolio each) stakes purchased this quarter.Note: Liberty Global is back in the portfolio after a quarter’s gap: It was a 2.07% position established in 2011. Q2 2015 saw a ~14% reduction at prices between $48.22 and $54.41 and the remaining stake was sold last quarter at prices between $30.32 and $40.77. The stock currently trades at $31.53.Stake Disposals:Amgen Inc. (AMGN): A very small stake in AMGN was established in Q2 2014. It was increased by ~ 200% in Q3 2014 at prices between $115 and $144 and another ~700% in the following quarter at prices between $130 and $172. At the time, it was their largest holding at 15.34% of the portfolio. Q4 2015 saw a ~8% trimming while last quarter saw a further two-thirds stake reduction at prices between $141 and $162. The remaining position was disposed of this quarter at prices between $145 and $164. The stock currently trades at $173.Broadcom Ltd. (AVGO) previously Avago Technologies: The 1.85% AVGO stake was purchased in Q3 2015 at prices between $109 and $138. The disposal this quarter was at prices between $140 and $165. It currently trades at $173. Last two quarters had also seen a ~20% combined reduction.Baxalta Inc. (BXLT): BXLT was a 2.23% of the portfolio merger-arbitrage stake established last quarter. Shire plc (SHPG) acquired BXLT in a cash-and-stock deal ($18 cash and 0.1482 shares of SHPG for each share held) that closed in June.Roper Technologies (ROP) formerly Roper Industries: The 2.27% ROP stake was purchased in Q1 2014 at prices between $132 and $142. It was increased by ~23% in Q1 2015 at prices between $146 and $174. The disposal this quarter was at prices between $165 and $185. The stock currently trades at $173. Third Point harvested gains. Last two quarters had also seen a ~16% combined reduction.Signet Jewelers (SIG) & Calls: The 1.73% stake in SIG was established last quarter at prices between $95 and $133 and disposed of this quarter at prices between $79.26 and $124. The stock is now at $91.22.J M Smucker (SJM): The 0.93% SJM position was purchased in Q1 2015 at prices between $100 and $116. The stake saw a ~27% increase in Q4 2015 at prices between $112 and $125. Last quarter saw an about-turn: ~53% stake reduction at prices between $118 and $130. The elimination this quarter was at prices between $125 and $152. The stock is now at $153.Time Warner Cable (TWC): TWC was a 2.26% portfolio stake purchased in Q3 2015 at prices between $174 and $193. The following quarter saw a ~8% increase while last quarter saw a ~14% reduction. Time Warner Cable got acquired by Charter Communications (CHTR) and the deal closed in May.VMWare Inc. (VMW): The very small 0.58% stake in VMW was established last quarter but sold out this quarter.Stake Increases:Allergan plc (AGN) previously Actavis plc: AGN is the second-largest individual stock position at 11.89% of the US long portfolio. It was established in Q1 2014 at prices between $168 and $227. The stake was increased by ~15% in Q3 2014 at prices between $203 and $248 and another 20% the following quarter at prices between $217 and $271. Q4 2015 saw another ~47% increase at prices between $253 and $322. The stock currently trades at $250. There was a ~7% trimming last quarter while this quarter saw a ~8% increase.Note: Third Point profiled AGN in their Q2 2015 partner letter. Loeb likes the fact that management is aligned with shareholders: they have tied their long-term compensation to achieving $25 per share earnings target in 2017.Anheuser Busch (BUD) & Calls: BUD is a 2.38% of the US long portfolio position established in Q1 2014 at prices between $94 and $107. The stake was increased by ~30% in Q2 2014 at prices between $105 and $116. The following four quarters had seen a combined ~70% increase at prices between $106 and $127 while Q3 2015 saw a ~12% trimming at prices between $104 and $129. In Q4 2015, the position was reduced by another ~47% at prices between $106 and $129. The pattern reversed again last quarter: ~25% increase at prices between $112 and $127. The stock currently trades at $126. This quarter saw a ~7% further increase.Note: The investment in BUD is profiled in Third Point’s Q1 2016 partner letter. They believe the acquisition of SABMiller (SBMRY) will allow BUD to perform well over the next several years.Constellation Brands (STZ) & Calls: The 3.15% STZ position was first purchased in 2012. Last two quarters have seen a combined ~23% increase at prices between $135 and $165. The previous five quarters had seen a ~26% reduction.Note: STZ investment is profiled in Third Point’s Q2 2015 partner letter. The thesis was that even after the tremendous price appreciation over the previous three years, the stock still traded at only 16x 2017 EPS forecast - there is opportunity for the multiple to re-rate as consumer staples businesses with growth in volumes, sales, and earnings trade at significantly higher multiples. At the time, the stock traded at ~$117 compared to the current price of $166 - ~42% return in just over a year.Danaher Corp. (DHR): The top-five 3.71% DHR stake was established in Q3 2015 at prices between $60.90 and $71.46 and increased by ~65% last quarter at prices between $62.09 and $73.79. It is currently at $81.39. This quarter saw a marginal ~4% further increase.Note: The investment in DHR is profiled in Third Point’s Q1 2016 partner letter. They believed the spinoff of Fortive (FTV) that closed last month will unlock significant value. The prices quoted above are adjusted for that transaction.TransDigm Group (TDG): TDG is a 2.03% position purchased last quarter at prices between $187 and $230 and increased by ~13% this quarter at prices between $219 and $267. The stock currently trades at $283.Nomad Foods (NOMD): NOMD is a very small 0.96% position established last quarter. The stake saw a marginal increase this quarter. Third Point controls ~7% of NOMD.Stake Decreases:Alphabet Inc. (GOOG): GOOG is a 2.68% stake established last quarter at prices between $678 and $765 and reduced by ~43% this quarter at prices between $668 and $767. The stock is currently at $783.Note: GOOG has seen a previous roundtrip in the portfolio. A fairly large 3.44% of portfolio stake was sold in Q2 2014 at prices between $510 and $579. That position was from Q3 2013 at prices between $423 and $435.Baxter International (BAX): BAX is Loeb’s largest position at 22.37% of the US long portfolio. The stake was established in Q2 2015 and increased substantially the following quarter at a cost-basis of $40.44. The stock currently trades at $48.59.Chubb Ltd. (CB) previously Ace Ltd.: CB is a 2.93% of the portfolio stake established in Q4 2015 and increased by ~60% last quarter at prices between $101 and $123. The stock currently trades just above that range at $126. This quarter saw a marginal ~2% reduction.Note 1: Ace Limited acquired Chubb and it closed in January. After the transaction, Ace Limited adopted the Chubb name.Note 2: The investment in Chubb is profiled in Third Point’s Q1 2016 partner letter. They believe the combined business has double-digit earnings growth potential over the next few years.Dow Chemical (DOW): DOW is currently Third Point’s third-largest individual stock position at 9.48% of the US long portfolio. The original stake was established in Q4 2013 at prices between $38.30 and $45. In Q2 2014, the position was increased by just over 180% at prices between $46.95 and $53.15 and the following quarter saw an additional one-third increase at prices between $51 and $55. Q4 2014 saw an about-turn as ~24% of the position was disposed of at prices between $42.71 and $52.84. This quarter saw an additional ~20% reduction at prices between $48.50 and $53.68. The stock currently trades at $52.33.Note: DOW is an activist stake. In December 2015, Dow and DuPont (DD) announced a merger of equals with plans to separate into three businesses after the merger.EMC Corporation (EMC): EMC is a small 1.55% merger-arbitrage stake established last quarter. Dell is acquiring EMC for $24.05 per share in cash and 0.111 per share in VMWare (VMW) tracking stock. This quarter saw a ~14% trimming.Mohawk Industries (MHK): The 2.71% MHK position was established in Q4 2014 at prices between $125 and $158 and increased by ~180% the following quarter at prices between $153 and $186. Q2 2015 had seen another one-third increase at prices between $174 and $194. Last three quarters saw a combined ~17% reduction at prices between $152 and $211. This quarter saw another ~25% selling at prices between $178 and $201. The stock currently trades at $212. Loeb is harvesting gains.Molson Coors Brewing (TAP): The 0.96% TAP stake was established in Q2 2015 at prices between $69.81 and $78.67 and more than doubled the following quarter at prices between $65.19 and $84.38. This quarter saw a ~54% reduction at prices between $92.30 and $104. The stock currently trades at $99.79.Sealed Air Corp. (SEE): SEE is a 1.97% of the portfolio stake established in Q2 2015 at prices between $43.80 and $52.60. The stock currently trades at $46.91. Last quarter saw a ~5% trimming while this quarter saw an additional ~10% reduction.Yum! Brands (YUM) & Calls: YUM was a large position established in Q1 2015 at prices between $70 and $82 and increased by ~200% in Q3 2015 at prices between $76 and $92. In Q4 2015, the position was almost eliminated at prices between $67.12 and $83.42. It was built back up to a top-five 5.28% of the portfolio stake last quarter at prices between $65 and $82. This quarter, the pattern reversed again: around two-thirds reduction at prices between $79.33 and $85.90. The stock is now at $89.96.Kept Steady:Lowes Cos (LOW): The 2.26% LOW stake was established last quarter at prices between $63 and $76. The stock is now at $81.72.Sotheby’s (BID): BID is a 1.74% of the US long portfolio position first purchased in Q1 2013 at prices between $32 and $40. The bulk of the current position was purchased in Q3 2013 at prices between $39 and $51. The stock currently trades at $39.89 - it has doubled from the February lows. Third Point’s ownership stake in BID is at 10.75%.Note: BID is an activist stake. Third Point has three board seats and in March 2015 Tad Smith was appointed as the new CEO.Green Brick Partners (GRBK): GRBK is a very small 0.56% stake. Dan Loeb controls ~25% of Green Brick Partners (previously BioFuel Energy).The 13F portfolio also has the following minutely small (less than 0.5% of the portfolio each) stakes: Apigee Corp. (APIC), Citigroup Warrants (C.WS.A), Devon Energy (DVN), Enphase Energy (ENPH), General Dynamics (GD), and Tesoro Corporation (TSO).Note 1: Loeb controls ~10.5% of Apigee and ~13.4% of Enphase Energy.Note 2: Latest regulatory filings also show Third Point owning ~17% of Kadmon Holdings (KDMN). The bulk of the stake is from prior to its IPO last month. The biopharma was founded in 2010 by Sam Waksal. While at ImClone Systems which he also founded, Sam Waksal was convicted for insider trading (2003) and put in prison for 7 years.The spreadsheet below highlights changes to Loeb’s US stock holdings in Q2 2016:: Performance: down 2.3% compared to up 1.3% for the S&P 500.: 2/2016 - Equity Shorts increased 4-fold to $4.5B. Performance: Q4 2015: up 3.2% compared to up 7% for S&P 500. 2015: down 1.4% compared to up 1.4% for S&P 500.13G/D/A, Form 3/4 thru 2/14/2016: Nomad Foods - NOMD - 2/12/2016 13G - 10.25M shares - 5.6%. Apigee Corp - APIC - 2/12/2016 13G - 3.17M shares - 10.72%.13G/D/A, Form 3/4 since 8/15/2015: 10/1/2015 Form 4 BAX - 53,851,790 shares. 13D/A 9/30/2015 BAX - 53,850,000 shares - 9.9% of business."

"Tracking Dan Loeb’s Third Point Portfolio – Q1 2016 Update"

"Dan Loeb's 13F portfolio increased from $9.86B to $10.86B this quarter. The number of positions increased from 28 to 37.Third Point added Alphabet Inc. and significantly increased Yum Brands during the quarter. The large Amgen stake was reduced as well.The top-three 13F positions are Baxter International, Allergan plc, and Dow Chemical which together is at ~44% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s US stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 05/13/2016. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2015.The 13F portfolio is very concentrated with the top-three holdings accounting for 44.43% of the entire portfolio. Recent 13F reports show around 30 long positions. This quarter, Loeb’s US long portfolio increased ~10% from $9.86B to $10.86B. The number of holdings increased from 28 to 37. Largest five individual stock positions are Baxter International, Allergan plc, Dow Chemical, Yum Brands, and Alphabet Inc.Per their Q1 2016 investor letter, Third Point returned -2.3% in the quarter. Annualized returns since December 1996 inception are at 15.8%. In addition to partner stakes, Third Point also invests the float of Third Point Reinsurance (TPRE).To know more about Dan Loeb's Third Point, check-out his . His activist investing style that is epitomized by scathing letters to CEOs is covered in "Chapter 7: The Poison Pen: Dan Loeb, Third Point" in the book "".New Stakes:Alphabet Inc. (GOOG): GOOG is a large top-five stake established this quarter at prices between $678 and $765. The stock is currently at $711.Note: GOOG has seen a previous roundtrip in the portfolio. A fairly large 3.44% of portfolio stake was sold in Q2 2014 at prices between $510 and $579. That position was from Q3 2013 at prices between $423 and $435.Lowes Cos (LOW), Signet Jewelers (SIG) & Calls, and TransDigm Group (TDG): These are medium-sized ~2% stakes established this quarter. The 2.09% LOW stake was established at prices between $63 and $76 and the stock is now at $75. TDG is a 2.03% position purchased at prices between $187 and $230 and the stock currently trades outside that range at $249. The 1.73% stake in SIG was established at prices between $95 and $133 and stock is now at $103.Baxalta Inc. (BXLT) and EMC Corporation (EMC): These two are merger-arbitrage stakes established this quarter. BXLT is a 2.23% of the portfolio stake while EMC position is at 1.72%. BXLT is getting acquired by Shire plc (SHPG) in a cash-and-stock deal ($18 cash and 0.1482 shares of SHPG for each share held). At today’s prices, BXLT offer is valued at ~$44 per share compared to the current quote of $42.39. Dell is acquiring EMC for $24.05 per share in cash and 0.111 per share in VMWare (VMW) tracking stock. The deal has a value of ~$30.50 at today’s prices (assumes no tracking stock discount) compared to the current quote of $27.38.Nomad Foods (NOMD) and VMWare Inc. (VMW): These are very small (less than ~1% of the portfolio each) stakes established this quarter. Third Point controls ~6% of NOMD.Stake Disposals:Morgan Stanley (MS) and Axalta Coating Systems (AXTA): MS was a small ~1% position established last quarter at prices between $31.29 and $35.41 and disposed of this quarter at prices between $21.69 and $31.81. AXTA was a very small 0.65% portfolio stake established last quarter at prices between $25.34 and $29.76 and eliminated this quarter at prices between $21 and $29. MS and AXTA currently trade at $25.90 and $28.03 respectively.eBay Inc. (EBAY): The ~1% EBAY position was established in Q3 2014 at prices between $19.50 and $22 and increased by ~120% the following quarter at prices between $18.68 and $22.44. Q1 2015 saw another 15% increase at prices between $20.67 and $23.72. Q3 2015 saw an about turn: ~18% decrease at prices between $24 and $29 and that was followed with a ~56% reduction last quarter at prices between $24 and $30. The elimination this quarter was at prices between $22 and $27.48. The stock currently trades at $23.78.Note: eBay spun-off PayPal (PYPL) in July 2015. The prices quoted above are adjusted for the spinoff.Liberty Global (LBTYA) (LBTYK): LBTYK was a 2.07% of the US long portfolio position. It has been in the portfolio since 2011. Q2 2015 saw a ~14% reduction at prices between $48.22 and $54.41 and the remaining stake was sold this quarter at prices between $30.32 and $40.77. The stock currently trades at $36.24.Stake Increases:Anheuser Busch (BUD) & Calls: BUD is a 2.01% of the US long portfolio position established in Q1 2014 at prices between $94 and $107. The stake was increased by ~30% in Q2 2014 at prices between $105 and $116. The following four quarters had seen a combined ~70% increase at prices between $106 and $127 while Q3 2015 saw a ~12% trimming at prices between $104 and $129. Last quarter, the position was reduced by another ~47% at prices between $106 and $129. The pattern reversed again this quarter: ~25% increase at prices between $112 and $127. The stock currently trades at $125.Note: The investment in BUD is profiled in Third Point’s Q1 2016 partner letter. They believe the acquisition of SABMiller (SBMRY) will allow BUD to perform well over the next several years.Chubb Ltd. (CB) previously Ace Ltd.: CB is a 2.63% of the portfolio stake established last quarter and increased by ~60% this quarter at prices between $101 and $123. The stock currently trades at $125. Ace Limited acquired Chubb and that transaction closed in January. After the transaction, Ace Limited adopted the Chubb name.Note: The investment in CB is profiled in Third Point’s Q1 2016 partner letter. They believe the combined business has double-digit earnings growth potential over the next few years.Constellation Brands (STZ) & Calls: The 2.46% STZ position was first purchased in 2012. Last five quarters have seen a combined ~26% reduction. This quarter saw an about turn: ~10% increase.Note: STZ investment is profiled in Third Point’s Q2 2015 partner letter. The thesis is that even after the tremendous price appreciation in the last three years, the stock still trades at only 16x 2017 EPS forecast - there is opportunity for the multiple to re-rate as consumer staples businesses with growth in volumes, sales, and earnings trade at significantly higher multiples.Danaher Corp. (DHR): The 3.23% DHR stake was established in Q3 2015 at prices between $82.40 and $92.96 and increased by ~65% this quarter at prices between $83.59 and $95.29. It is currently at $97.37.Note: The investment in DHR is profiled in Third Point’s Q1 2016 partner letter. They believe forthcoming spinoff will unlock significant value.Molson Coors Brewing (TAP): The 1.90% TAP stake was established in Q2 2015 at prices between $69.81 and $78.67 and more than doubled the following quarter at prices between $65.19 and $84.38. The stock currently trades at $98.76. Last quarter saw a ~7% trimming while this quarter saw a similar increase.Sotheby’s (BID): BID is a 1.64% of the US long portfolio position first purchased in Q1 2013 at prices between $32 and $40. The bulk of the current position was purchased in Q3 2013 at prices between $39 and $51. The stock currently trades at $27.60. For investors attempting to follow Third Point, BID is a good option to consider for further research. This quarter saw a marginal increase. Third Point’s ownership stake in BID is at 10.75%.Note: BID is an activist stake. Third Point has three board seats and in March 2015 Tad Smith was appointed as the new CEO.Yum! Brands (YUM) & Calls: YUM was a large position established in Q1 2015 at prices between $70 and $82 and increased by ~200% in Q3 2015 at prices between $76 and $92. Last quarter, the position was almost eliminated at prices between $67.12 and $83.42. It was built back up to a top-five 5.28% of the portfolio stake this quarter at prices between $65 and $82. The stock is now at $80.30.Stake Decreases:Allergan plc (AGN) previously Actavis plc: AGN is the second-largest individual stock position at 12.34% of the US long portfolio. It was established in Q1 2014 at prices between $168 and $227. The stake was increased by ~15% in Q3 2014 at prices between $203 and $248 and another 20% the following quarter at prices between $217 and $271. Last quarter saw another ~47% increase at prices between $253 and $322. The stock currently trades at $223. There was a ~7% trimming this quarter.Note: Third Point profiled AGN in their Q2 2015 partner letter. Loeb likes the fact that management is aligned with shareholders: they have tied their long-term compensation to achieving $25 per share earnings target in 2017.Amgen Inc. (AMGN): A very small stake in AMGN was established in Q2 2014. It was increased by ~ 200% in Q3 2014 at prices between $115 and $144 and another ~700% in the following quarter at prices between $130 and $172. At the time, it was their largest holding at 15.34% of the portfolio. Last quarter saw a ~8% trimming while this quarter saw a further two-thirds stake reduction at prices between $141 and $162. The stock currently trades at $152 and the position is now at 4.14% of the portfolio.Broadcom Ltd. (AVGO) previously Avago Technologies: The 1.85% AVGO stake was purchased in Q3 2015 at prices between $109 and $138. It currently trades at $140. Last quarter saw a ~9% trimming while this quarter saw another ~13% reduction.Dow Chemical (DOW): DOW is currently Third Point’s third-largest individual stock position at 11.71% of the US long portfolio. The original stake was established in Q4 2013 at prices between $38.30 and $45. In Q2 2014, the position was increased by just over 180% at prices between $46.95 and $53.15 and the following quarter saw an additional one-third increase at prices between $51 and $55. Q4 2014 saw an about-turn as ~24% of the position was disposed of at prices between $42.71 and $52.84. Last three quarters had seen minor increases while this quarter saw a marginal decrease. The stock currently trades at $50.55.Note: DOW is an activist stake. In December 2015, Dow and DuPont (DD) announced a merger of equals with plans to separate into three businesses after the merger.Mohawk Industries (MHK): The 3.52% MHK position was established in Q4 2014 at prices between $125 and $158 and was increased by ~180% the following quarter at prices between $153 and $186. Q2 2015 had seen another one-third increase at prices between $174 and $194. Last three quarters saw a combined ~17% reduction at prices between $152 and $211. The stock currently trades at $194.Roper Technologies (ROP) formerly Roper Industries: The 2.27% ROP stake was purchased in Q1 2014 at prices between $132 and $142. It was increased by ~23% in Q1 2015 at prices between $146 and $174. The stock currently trades at $176. Last quarter saw a ~9% trimming while this quarter saw another ~7% reduction. Third Point is starting to harvest gains.Sealed Air Corp. (SEE): SEE is a 2.21% of the portfolio stake established in Q2 2015 at prices between $43.80 and $52.60. The stock currently trades at $47.74. This quarter saw a ~5% trimming.J M Smucker (SJM): The 0.93% SJM position was purchased in Q1 2015 at prices between $100 and $116. The stake saw a ~27% increase last quarter at prices between $112 and $125. This quarter saw an about-turn: ~53% stake reduction at prices between $118 and $130. The stock is now at $131.Time Warner Cable (TWC): TWC is a 2.26% portfolio stake purchased in Q3 2015 at prices between $174 and $193. Last quarter saw a ~8% increase while this quarter saw a ~14% reduction. The stock is now at $215.Note: Time Warner Cable is being acquired by Charter Communications (CHTR) and the deal is expected to close in the next few days.Kept Steady:Baxter International (BAX): BAX is Loeb’s largest position at 20.37% of the US long portfolio. The stake was established in Q2 2015 and increased substantially the following quarter at a cost-basis of $40.44. The stock currently trades at $45.50. For investors attempting to follow Loeb, BAX is a good option to consider for further research.Green Brick Partners (GRBK): GRBK is a very small 0.57% stake. Dan Loeb controls ~25% of Green Brick Partners (previously BioFuel Energy).The 13F portfolio also has the following minutely small (less than 0.5% of the portfolio each) stakes: Apigee Corp. (APIC), Citigroup Warrants (C.WS.A), Enphase Energy (ENPH), Gaming & Leisure Properties ((GLPI), Intercontinental Exchange (ICE), Kraft Heinz (HNZ), Targa Resource Corp. (TRGP), Twenty First Century Fox (FOXA), and Williams Companies (WMB).Note: Loeb controls ~11% of Apigee and ~14% of Enphase Energy.The spreadsheet below highlights changes to Loeb’s US stock holdings in Q1 2016:: 11/2/2015 - Performance: Q3 2015: -8.9%, YTD 2015: -4.5% Since Inception: 16.2% annualized. “The environment for short selling is also attractive and we have more single short names than long positions in our book today. We have reduced our net exposure by nearly a third through sales and new shorts over the past few months while maintaining significant positions in our highest conviction, event-rich names. The conviction to keep and add to our core healthcare names during the selloff enabled us to re-establish ourselves on positive footing this month”13G/13D/A Updates: 8/6/2015 - 13D/A - BAX - 52.5M shares @ 40.44 cost-basis - date of event August 5th - 9.6% of business. BAX spunoff Baxalta (BXLT) on June 5, 2015 - 80.5% to shareholders - 1 share for each share held - 19.5% retained by BAX. On August 4th, Shire made a hostile bid to acquire BXLT in an all-stock offer valued at ~$45. 7/1/2015 - 13D - GBRK - 8.08M shares - 16.7% of business."

"Tracking Dan Loeb’s Third Point Portfolio – Q4 2015 Update"

"Dan Loeb's 13F portfolio decreased from $10.60B to $9.86B this quarter. The number of positions decreased from 32 to 28.Third Point significantly increased Allergan plc while almost eliminating Kraft Heinz and Yum Brands during the quarter.The top-three 13F positions are Baxter International, Allergan plc, and Amgen which together is at ~53% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s US stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 02/12/2016. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2015.The 13F portfolio is very concentrated with the top-three holdings accounting for 52.84% of the entire portfolio. Recent 13F reports show around 30 long positions. This quarter, Loeb’s US long portfolio decreased ~7% from $10.60B to $9.86B. The number of holdings decreased from 32 to 28. Largest five individual stock positions are Baxter International, Allergan plc, Amgen Inc., Dow Chemical, and Mohawk Industries.As per their Q4 2015 investor letter, Third Point’s 2015 return was -1.4%. Annualized returns since December 1996 inception are at 16.2%. The letter also mentioned that the environment is attractive for short-selling and their short equity exposure has increased four-fold to ~$4.5B. In addition to partner stakes, Third Point also invests the float of Third Point Reinsurance (TPRE).To know more about Dan Loeb's Third Point, check-out his . His activist investing style that is epitomized by scathing letters to CEOs is covered in "Chapter 7: The Poison Pen: Dan Loeb, Third Point" in the book "".New Stakes:Chubb Ltd. (CB) previously Ace Ltd. (ACE): CB is a 1.78% of the portfolio stake established this quarter. The stock currently trades at $114. Ace Limited acquired Chubb and that transaction closed last month. After the transaction, Ace Limited adopted the Chubb name.Morgan Stanley (MS) and Axalta Coating Systems (AXTA): MS is a small ~1% position established this quarter at prices between $31.29 and $35.41. AXTA is a very small 0.65% portfolio stake established this quarter at prices between $25.34 and $29.76. MS and AXTA currently trade below his purchase price ranges at $23.08 and $23.38 respectively.Stake Disposals:IAC Interactive (IAC): IAC was a 1.54% of the US long portfolio position purchased in Q2 2014 at prices between $62 and $70 and increased by ~19% in Q4 2014 at prices between $58.48 and $67.88. The position was sold this quarter at prices between $59 and $72. The stock currently trades at $41.49.T-Mobile US (TMUS): TMUS was a 3.19% of the US long portfolio stake established in Q2 2015 at prices between $31.49 and $40.24 and increased by ~13% last quarter at prices between $36.50 and $43.03. This quarter saw the elimination at prices between $34.56 and $41.38. The stock currently trades at $35.11.Note: TMUS had seen a previous round-trip in the portfolio: it was a 3.31% of the US long portfolio position established in Q4 2013 at $25 per share and eliminated in Q3 2014 at prices between $28.44 and $33.91. The buy-thesis at the time was that despite regulatory issues, a combination of TMUS with either Sprint (S) or Dish Networks (DISH) was the only real alternative to the duopoly of AT&T (T) and Verizon (VZ).NXP Semiconductors (NXPI): NXPI was a 1.60% portfolio stake that was sold this quarter. In March 2015, NXP agreed to acquire Freescale Semiconductor (FSL) and that transaction closed in December.Stake Increases:Allergan plc (AGN) previously Actavis plc: AGN is the second-largest individual stock position at 17.12% of the US long portfolio. It was established in Q1 2014 at prices between $168 and $227. The stake was increased by ~15% in Q3 2014 at prices between $203 and $248 and another 20% the following quarter at prices between $217 and $271. This quarter saw another ~47% increase at prices between $253 and $322. The stock currently trades at $280.Note: Third Point profiled AGN in their Q2 2015 partner letter. Loeb likes the fact that management is aligned with shareholders: they have tied their long-term compensation to achieving $25 per share earnings target in 2017.Dow Chemical (DOW): DOW is currently Third Point’s fourth-largest individual stock position at 13.18% of the US long portfolio. The original stake was established in Q4 2013 at prices between $38.30 and $45. In Q2 2014, the position was increased by just over 180% at prices between $46.95 and $53.15 and the following quarter saw an additional one-third increase at prices between $51 and $55. Q4 2014 saw an about-turn as ~24% of the position was disposed of at prices between $42.71 and $52.84. Last three quarters have seen minor increases. The stock currently trades at $46.Note: DOW is an activist stake and Loeb has said that a “combination of closures, modifications brownfield investments, and divestitures” will be required in Dow’s petrochemical assets to harness the full potential. In December 2015, Dow and DuPont (DD) announced a merger of equals with plans to separate into three businesses after the merger.J M Smucker (SJM): The 2.06% SJM position was purchased in Q1 2015 at prices between $100 and $116. The stake saw a ~27% increase this quarter at prices between $112 and $125. The stock is now at $127.Time Warner Cable (TWC): TWC is a 2.64% portfolio stake purchased last quarter at prices between $174 and $193. This quarter saw a ~8% increase. The stock is now at $185.Note: Time Warner Cable is being acquired by Charter Communications (CHTR). In May 2015, CHTR offered a cash-and-stock deal valued at $195 per share ($100 cash).Stake Decreases:Amgen Inc. (AMGN): A very small stake in AMGN was established in Q2 2014. It was increased by almost 200% in Q3 2014 at prices between $115 and $144. In Q4 2014, the position was increased by a whopping ~700% at prices between $130 and $172. It is currently Third Point’s third-largest stake at 14.89% of the US long portfolio. This quarter saw a ~8% trimming. The stock currently trades at $145.Note: Loeb’s buy thesis is based around the idea that efficient capital allocation along with splitting the company into a mature business and growth business should unlock tremendous value.Anheuser Busch (BUD) & Calls: BUD is a 1.77% of the US long portfolio position established in Q1 2014 at prices between $94 and $107. The stake was increased by ~30% in Q2 2014 at prices between $105 and $116. The following four quarters had seen a combined ~70% increase at prices between $106 and $127 while last quarter saw a ~12% trimming at prices between $104 and $129. This quarter, the position was reduced by another ~47% at prices between $106 and $129. The stock currently trades at $115.Avago Technologies (AVGO): The 2.21% AVGO stake was purchased last quarter at prices between $109 and $138. It currently trades at $122. This quarter saw a ~9% trimming.Constellation Brands (STZ) & Calls: The 2.07% STZ position was first purchased in 2012 and had only seen marginal activity since. Last five quarters saw a combined ~26% reduction.Note: STZ investment is profiled in Third Point’s Q2 2015 partner letter. The current thesis is that even after the tremendous price appreciation in the last three years, the stock still trades at only 16x 2017 EPS forecast - there is opportunity for the multiple to re-rate as consumer staples businesses with growth in volumes, sales, and earnings trade at significantly higher multiples.eBay Inc. (EBAY): The EBAY position is at 1.11% of the US long portfolio. The stake was established in Q3 2014 at prices between $19.50 and $22 and increased by ~120% the following quarter at prices between $18.68 and $22.44. Q1 2015 saw another 15% increase at prices between $20.67 and $23.72. Last quarter saw a ~18% decrease at prices between $24 and $29 and that was followed with a ~56% reduction this quarter at prices between $24 and $30. The stock currently trades at $22.49.Note: eBay spun-off PayPal (PYPL) in July 2015. The prices quoted above are adjusted for the spinoff.Kraft Heinz Co. (KHC): KHC was a fairly large 5.49% of the US long portfolio stake established last quarter at prices between $69.20 and $80.48. This quarter, the position was almost sold out at prices between $69.69 and $79.94. The stock currently trades at $71.92.Note: Kraft Heinz started trading in July following the merger of Heinz with Kraft Foods Group engineered by 3G Capital and Berkshire Hathaway.Mohawk Industries (MHK): The 4.08% MHK position was established in Q4 2014 at prices between $125 and $158 and was increased by ~180% the following quarter at prices between $153 and $186. Q2 2015 had seen another one-third increase at prices between $174 and $194. Last quarter saw a ~10% trimming at prices between $176 and $211. The stock currently trades at $155. There was a marginal reduction this quarter.Note: Mohawk was profiled in Third Point’s Q2 2015 partner letter. Dan Loeb praised Jeff Lorberbaum (CEO and largest shareholder) saying he empowered local managers to pursue acquisitions and expansions. That has caused MHK to remain entrepreneurial, nimble, and adjustable to change, despite having grown to become a large-cap. It is very rare for Loeb to praise an incumbent CEOMolson Coors Brewing (TAP): The 1.91% TAP stake was established in Q2 2015 at prices between $69.81 and $78.67 and more than doubled last quarter at prices between $65.19 and $84.38. The stock currently trades at $84.14. This quarter saw a ~7% trimming.Roper Technologies (ROP) formerly Roper Industries: The 2.79% ROP stake was purchased in Q1 2014 at prices between $132 and $142. It was increased by ~23% in Q1 2015 at prices between $146 and $174. The stock currently trades at $164. This quarter saw a ~9% trimming.Note: Dan Loeb profiled Roper in the Q2 2015 Partner Letter and called it one of the best capital allocators among industrials: the combination of capital deployment and operating excellence should allow it to compound earnings at a 15% CAGR going forward.Yum! Brands (YUM) & Calls: YUM was a large top-five stake as of last quarter. It was established in Q1 2015 at prices between $70 and $82. Last quarter saw a huge ~200% increase at prices between $76 and $92. This quarter, the position was almost eliminated at prices between $67.12 and $83.42. The stock is now at $67.34. The about-turn in a large position indicates a clear bearish bias.Note: Loeb’s Q4 2015 letter indicated they have reduced exposure to companies tied to China.Kept Steady:Baxter International (BAX): BAX is Loeb’s largest position at 20.84% of the US long portfolio. The stake was established in Q2 2015 and increased substantially last quarter at a cost-basis of $40.44. The stock currently trades at $36.61. For investors attempting to follow Loeb, BAX is a good option to consider for further research.Danaher Corp. (DHR): The 2.12% DHR stake was established last quarter at prices between $82.40 and $92.96 and it is currently at $84.92.Green Brick Partners (GRBK): GRBK is a very small 0.59% stake. Dan Loeb controls ~25% of Green Brick Partners (previously BioFuel Energy).Liberty Global (LBTYA) (LBTYK): LBTYK is a 2.07% of the US long portfolio position. It has been in the portfolio since 2011. Q2 2015 saw a ~14% reduction at prices between $48.22 and $54.41. The stock currently trades at $31.55.Sealed Air Corp. (SEE): SEE is a 2.37% of the portfolio stake established in Q2 2015 at prices between $43.80 and $52.60. The stock currently trades just below the low end of that range at $43.24.Sotheby’s (BID): BID is a 1.74% of the US long portfolio position first purchased in Q1 2013 at prices between $32 and $40. The bulk of the current position was purchased in Q3 2013 at prices between $39 and $51. The stock currently trades at $20.26. For investors attempting to follow Third Point, BID is a good option to consider for further research.Note: BID is an activist stake. Third Point has three board seats and in March 2015 Tad Smith was appointed as the new CEO.The 13F portfolio also has the following minutely small (less than 0.5% of the portfolio each) stakes: Apigee Corp. (APIC), Citigroup Warrants (C.WS.A), Enphase Energy (ENPH), Clayton Williams Energy Inc. (CWEI), and a debt holding - Cobalt International Energy (CIE) notes.Note: Loeb controls 10.72% of Apigee, ~3.3% of Clayton Williams Energy, and ~14% of Enphase Energy. A 2/12/2016 13G filing also shows Third Point owning 10.25M shares (5.6% of business) of Nomad Foods (NOMD).The spreadsheet below highlights changes to Loeb’s US stock holdings in Q4 2015:"

"Tracking Dan Loeb’s Third Point Portfolio – Q3 2015 Update"

"Dan Loeb's 13F portfolio decreased marginally from $10.68B to $10.60B this quarter. The number of positions decreased from 43 to 32.Third Point significantly increased Baxter International & Yum Brands and added a large stake in Kraft Heinz during the quarter.The top-three 13F positions are Baxter International, Amgen Inc., and Allergan plc which together is at ~39% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s US stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 11/13/2015. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2015.The 13F portfolio is very concentrated with the top-three holdings accounting for 38.95% of the entire portfolio. Recent 13F reports show around 40 long positions. This quarter, Loeb’s US long portfolio decreased marginally from $10.68B to $10.60B. The number of holdings decreased from 43 to 32. Largest five individual stock positions are Baxter International, Amgen Inc., Allergan plc, Dow Chemical, and Yum Brands.As per their Q3 2015 investor letter, Third Point’s YTD return was -4.5%. Annualized returns since December 1996 inception are at 16.2%. The letter also mentioned that the environment is attractive for short-selling and their short book is currently longer than their long book. In addition to partner stakes, Third Point also invests the float of Third Point Reinsurance (TPRE).To add from Q4 2015 Update onwards: To know more about Dan Loeb's Third Point, check-out his . His activist investing style that is epitomized by scathing letters to CEOs is covered in "Chapter 7: The Poison Pen: Dan Loeb, Third Point" in the book "".New Stakes:Kraft Heinz Co. (KHC): KHC is a fairly large 5.49% of the US long portfolio stake established this quarter at prices between $69.20 and $80.48. The stock currently trades at $71.45. Kraft Heinz started trading in July following the merger of Heinz with Kraft Foods Group engineered by 3G Capital and Berkshire Hathaway.Avago Technologies (AVGO), Danaher Corp. (DHR), & Time Warner Cable (TWC): These are ~2% of the portfolio stakes established this quarter. AVGO was purchased at prices between $109 and $138 and it currently trades at $122. DHR stake was established at prices between $82.40 and $92.96 and it is currently at $95.35. TWC was purchased at prices between $174 and $193 and it is now at $184.Note: Time Warner Cable is being acquired by Charter Communications (CHTR). In May, CHTR offered a cash-and-stock deal valued at $195 per share ($100 cash).Stake Disposals:Ally Financial (ALLY): ALLY was a 2.10% of the US long portfolio stake as of last quarter. It was disposed of this quarter at prices between $19.93 and $22.99. The position was established in Q2 2014 as a result of its IPO in April 2014. Loeb started investing in ALLY in 2011 through unsecured debt and preferred securities. Q4 2014 saw a ~28% reduction at prices between $20.12 and $24.95 and the following quarter saw a further ~13% reduction at prices between $18.71 and $23.88. Last quarter the selling accelerated: ~62% reduction at prices between $19.95 and $23.66. The stock currently trades at $19.59 compared to the IPO price of $24.American International Group (AIG): The 2.03% AIG stake established in Q4 2014 at prices between $49.40 and $56.51 was disposed of this quarter at prices between $56 and $65. The stock currently trades at $61.Note: AIG had a previous roundtrip in the portfolio: At the end of 2012, AIG was a huge stake at 12% of the US long portfolio. 18.5M shares were purchased during that year at a cost-basis in the high-20s. Loeb realized large gains from that stake exiting at prices between $35 and $56.Delta Air Lines (DAL): A ~1% DAL position was established in Q4 2014 at prices between $30.90 and $49.23 and increased by just over one-third the following quarter at prices between $41.64 and $50.74. Last quarter the pattern reversed: ~48% reduction at prices between $40.57 and $47.40 and that was followed with the elimination this quarter at prices between $40 and $48. The stock currently trades at $47.75.Devon Energy (DVN): A ~2% DVN stake established last quarter at prices between $58.82 and $69.03 was eliminated this quarter at prices between $36.43 and $59.49. The stock currently trades at $45.91.Masco Corporation (MAS): MAS was a 1.25% of the US long portfolio position established in Q1 2014 at prices between $20.74 and $23.63. It was increased by ~80% the following quarter at prices between $19.54 and $22.89 and another ~24% in Q4 2014 at prices between $20.86 and $25.40. Last quarter, half the stake was sold at prices between $25.65 and $27.92 and the remaining was sold this quarter at prices between $22.63 and $28.35. The stock currently trades at $29.32.Phillips 66 (PSX): PSX was a 2.45% of the US long portfolio position established in Q4 2014 at prices between $65 and $81.31. It was reduced by ~20% the following quarter at prices between $59 and $80 and another ~19% last quarter at prices between $76.79 and $81.63. This quarter, the remaining stake was sold at prices between $70.55 and $84.32. The stock currently trades at $91.12.Sensata Technologies (ST): ST was a very small 0.71% of the US long portfolio position as of last quarter. The original stake is from Q1 2014 at prices between $36.78 and $42.90. The position was increased by ~62% in Q2 2014 at prices between $41.59 and $46.78 and another two-thirds the following quarter at prices between $45.15 and $49.76. Q4 2014 saw a ~20% reduction at prices between $41.67 and $53.70. Last quarter, almost two-thirds of the remaining stake was sold at prices between $52.56 and $58.66 and that was followed with the elimination this quarter at prices between $42.75 and $52.88. The stock currently trades at $43.85.Sunedison Inc. (SUNE): SUNE was a medium-sized 3.48% position established in Q3 2014 at prices between $18.88 and $24.05 and increased by ~88% the following quarter at prices between $14.30 and $22.86. Q1 2015 had seen a ~10% reduction while last quarter saw a ~23% increase at prices between $24 and $32. The entire position was disposed of this quarter at prices between $6.66 and $31.84. The stock currently trades at $3.02.FedEx Corporation (FDX), iShares China Large Cap ETF (FXI), Perrigo Company plc (PRGO), Telefonica Brasil ADR (VIV), and Williams Companies (WMB): These very small (less than ~1.5% of the portfolio each) positions were sold this quarter.Note: WMB had seen a previous round-trip in the portfolio: It was a small 1.62% of the US long portfolio position first purchased in Q4 2013 at prices between $35 and $39. In Q1 2015, that stake was sold at prices between $40.94 and $50.64.Stake Increases:Allergan plc (AGN) previously Actavis plc: AGN is the third-largest individual stock position at 9.41% of the US long portfolio. It was established in Q1 2014 at prices between $168 and $227. The stake was increased by ~15% in Q3 2014 at prices between $203 and $248 and another 20% the following quarter at prices between $217 and $271. Last quarter saw a ~8% reduction while this quarter saw a ~11% increase. The stock currently trades at $297.Note: Third Point profiled AGN in their Q2 2015 partner letter. Loeb likes the fact that management is aligned with shareholders: they have tied their long-term compensation to achieving $25 per share earnings target in 2017.Amgen Inc. (AMGN): A very small stake in AMGN was established in Q2 2014. It was increased by almost 200% in Q3 2014 at prices between $115 and $144. In Q4 2014, the position was increased by a whopping ~700% at prices between $130 and $172. It is currently Third Point’s second-largest stake at 12.85% of the US long portfolio. Last two quarters had seen a combined ~15% trimming at prices between $150 and $170 while this quarter saw a ~9% increase at prices between $132 and $177. The stock currently trades at $158.Note: Loeb’s buy thesis is based around the idea that efficient capital allocation along with splitting the company into a mature business and growth business should unlock tremendous value over the next two years ($249 price-target).Baxter International (BAX): BAX is Loeb’s largest position at 16.69% of the US long portfolio. The stake was established last quarter and increased substantially this quarter at a cost-basis of $40.44. The stock currently trades at $37.77. For investors attempting to follow Loeb, BAX is a good option to consider for further research.Dow Chemical (DOW): DOW is currently Third Point’s fourth-largest individual stock position at 9.04% of the US long portfolio. The original stake was established in Q4 2013 at prices between $38.30 and $45. In Q2 2014, the position was increased by just over 180% at prices between $46.95 and $53.15 and the following quarter saw an additional one-third increase at prices between $51 and $55. Q4 2014 saw an about-turn as ~24% of the position was disposed of at prices between $42.71 and $52.84. Last two quarters have seen minor increases. The stock currently trades at $51.65.Note: DOW is an activist stake and Loeb has said that a “combination of closures, modifications brownfield investments, and divestitures” will be required in Dow’s petrochemical assets to harness the full potential.Roper Technologies (ROP) formerly Roper Industries: The 2.37% ROP stake was purchased in Q1 2014 at prices between $132 and $142. It was increased by ~23% in Q1 2015 at prices between $146 and $174. Last quarter saw a minor reduction while this quarter saw a similar increase. The stock currently trades at $186.Note: Dan Loeb profiled Roper in the Q2 2015 Partner Letter and called it one of the best capital allocators among industrials: the combination of capital deployment and operating excellence should allow it to compound earnings at a 15% CAGR going forward.Sealed Air Corp. (SEE): SEE is a 2.32% of the portfolio stake established last quarter at prices between $43.80 and $52.60 and increased by ~8% this quarter. The stock currently trades near the low end of that range at $44.22.T-Mobile US (TMUS): TMUS is a 3.19% of the US long portfolio stake established last quarter at prices between $31.49 and $40.24 and increased by ~13% this quarter at prices between $36.50 and $43.03. The stock currently trades at $38.15.Note: TMUS has seen a previous round-trip in the portfolio: it was a 3.31% of the US long portfolio position established in Q4 2013 at $25 per share. It was eliminated in Q3 2014 at prices between $28.44 and $33.91. The buy-thesis at the time was that despite regulatory issues, a combination of TMUS with either Sprint (S) or Dish Networks (DISH) was the only real alternative to the duopoly of AT&T (T) and Verizon (VZ).Yum! Brands (YUM) & Calls: YUM is a large (top-five) 8.84% of the US long portfolio stake established in Q1 2015 at prices between $70 and $82 and increased by ~12% last quarter at prices between $78 and $95. This quarter saw a huge ~200% increase at prices between $76 and $92. The stock currently trades just below his purchase price ranges at $69.94. For investors attempting to follow Loeb, YUM is a good option to consider for further research.Note: Loeb’s Q1 2015 letter discussed the position: the investment thesis boils down to its association with Chinese middle-class growth and the projected franchise-led cash-flow growth.Molson Coors Brewing (TAP): The 1.68% TAP stake was established last quarter at prices between $69.81 and $78.67 and more than doubled this quarter at prices between $65.19 and $84.38. The stock currently trades well above those ranges at $95.13.Stake Decreases:Anheuser Busch (BUD) & Calls: BUD is a 2.66% of the US long portfolio position established in Q1 2014 at prices between $94 and $107. The stake was increased by ~30% in Q2 2014 at prices between $105 and $116. Last four quarters had seen a combined ~70% increase at prices between $106 and $127 while this quarter saw a ~12% trimming at prices between $104 and $129. The stock currently trades at $125.Constellation Brands (STZ) & Calls: The 2.07% STZ position was first purchased in 2012 and had only seen marginal activity since. Last four quarters saw a combined ~17% reduction.Note: STZ investment is profiled in Third Point’s Q2 2015 partner letter. The current thesis is that even after the tremendous price appreciation in the last three years, the stock still trades at only 16x 2017 EPS forecast - there is opportunity for the multiple to re-rate as consumer staples businesses with growth in volumes, sales, and earnings trade at significantly higher multiples.eBay Inc. (EBAY): The EBAY position is at 2.08% of the US long portfolio. The stake was established in Q3 2014 at prices between $19.50 and $22 and increased by ~120% the following quarter at prices between $18.68 and $22.44. Q1 2015 saw another 15% increase at prices between $20.67 and $23.72. This quarter saw a ~18% decrease at prices between $24 and $29. The stock currently trades at $28.45.Note: eBay spun-off PayPal (PYPL) in July. The prices quoted above are adjusted for the spinoff.IAC Interactive (IACI): IACI is a 1.54% of the US long portfolio position purchased in Q2 2014 at prices between $62 and $70 and increased by ~19% in Q4 2014 at prices between $58.48 and $67.88. Last quarter saw another ~15% increase while this quarter saw a ~9% trimming. The stock currently trades at $62.51.Intrexon Corporation (XON): The original XON stake was acquired in 2011 when the company was private. The position is very small at 0.45% of the US long portfolio. This quarter saw a ~44% reduction at prices between $29.31 and $68.71. The stock currently trades at $35.23 compared to the Q3 2013 IPO price of $29.Mohawk Industries (MHK): The 3.69% MHK position was established in Q4 2014 at prices between $125 and $158 and was increased by ~180% the following quarter at prices between $153 and $186. Last quarter had seen another one-third increase at prices between $174 and $194. This quarter saw a ~10% trimming at prices between $176 and $211. The stock currently trades at $182.Note: Mohawk was profiled in Third Point’s Q2 2015 partner letter. Dan Loeb praised Jeff Lorberbaum (CEO and largest shareholder) saying he empowered local managers to pursue acquisitions and expansions. That has caused MHK to remain entrepreneurial, nimble, and adjustable to change, despite having grown to become a large-cap. It is very rare for Loeb to praise an incumbent CEONXP Semiconductors (NXPI), J M Smucker (SJM), and Clayton Williams Energy (CWEI): These are very small (less than ~1.5% of the portfolio each) positions that were further reduced this quarter.Note 1: In March, NXP agreed to acquire Freescale Semiconductor (FSL) and they received shareholder approval in July.Note 2: Dan Loeb controls ~7.2% of Clayton Williams Energy.Kept Steady:Liberty Global (LBTYA) (LBTYK): LBTYK is a 1.93% of the US long portfolio position. It has been in the portfolio since 2011. Last quarter saw a ~14% reduction at prices between $48.22 and $54.41. The stock currently trades at $41.57.Sotheby’s (BID): BID is a 2.01% of the US long portfolio position first purchased in Q1 2013 at prices between $32 and $40. The bulk of the current position was purchased in Q3 2013 at prices between $39 and $51. The stock currently trades at $28.90. For investors attempting to follow Third Point, BID is a good option to consider for further research.Note: BID is an activist stake. On October 2nd, 2013 Dan Loeb wrote a letter to Sotheby’s chairman asking him to step down. The main point of the letter was that the company’s upper management and board interests are not aligned with shareholders. Last March, Third Point got 3 board seats and in March this year Tad Smith was appointed as the new CEO.Green Brick Partners (GRBK): GRBK is a very small 0.82% stake. Dan Loeb controls ~25% of Green Brick Partners (previously BioFuel Energy).The 13F portfolio also has the following minutely small (less than 0.5% of the portfolio each) stakes: Apigee Corp. (APIC), Citigroup Warrants (C.WS.A), Enphase Energy (ENPH), and a debt holding - Cobalt International Energy (CIE) notes.Note 1: Loeb controls ~11% of Apigee and ~14% of Enphase Energy (ENPH).Note 2: The following minutely small positions as of last quarter were eliminated this quarter: Charter Communications (CHTR), Edgewell Personal Care (EPC), Nokia Corp. (NOK), Ziopharm Oncology (ZIOP).The spreadsheet below highlights changes to Loeb’s US stock holdings in Q3 2015:"

"Tracking Dan Loeb’s Third Point Portfolio – Q2 2015 Update"

"Dan Loeb's 13F portfolio decreased from $10.82B to $10.68B this quarter. The number of positions increased from 41 to 43.Third Point established a large stake in Baxter International while reducing Ally Financial.The top-three 13F positions are Amgen Inc. (12.94%), Dow Chemical (11.02%), and Allergan plc (9.38%) which together is at over one-third of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s US stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 08/14/2015. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2015.The 13F portfolio is very concentrated with the top-three holdings accounting for 33.34% of the entire portfolio. Recent 13F reports show around 40+ long positions. This quarter, Loeb’s US long portfolio decreased marginally from $10.82B to $10.68B. The number of holdings increased from 41 to 43. Largest five individual stock positions are Amgen Inc., Dow Chemical, Allergan plc, eBay Inc, and Mohawk Industries.As per their Q2 2015 investor letter, Third Point’s YTD return was 4.9%. Annualized return since December 1996 (inception) is at 17.1%. In addition to partner stakes, Third Point also invests the float of Third Point Reinsurance (TPRE).New Stakes:Baxter International (BAX): BAX is a 2.91% of the US long portfolio stake established this quarter. The stock currently trades at $39.58.Note 1: An August 5th 13D regulatory filing shows Third Point owning 52.5M shares (9.6% of the business) at a cost-basis of $40.44. It is now their largest position by far valued at well over $2B.Note 2: Baxalta Inc. (BXLT) was spun-off from Baxter International in June. BAX shareholders received one share of BXLT for each share of BAX held. BAX retained 19.5% of the business. Earlier this month, BXLT stock spiked ~20% as Shire plc (SHPG) made a hostile bid valued at ~$45 per share. The stock is now at $39.70.Devon Energy (DVN): DVN is a 2.09% of the US long portfolio stake established this quarter at prices between $58.82 and $69.03. The stock currently trades well below that range at $42.81.Note: The DVN position was profiled in Loeb’s Q1 2015 letter to shareholders. He believes market is undervaluing Devon’s US E&P business by $25 to $35 per share. Also, the letter encouraged management to focus on top-tier US assets in the Permian Basin, Eagle Ford, and Cana-Woodford.T-Mobile US (TMUS): TMUS is a 2.72% of the US long portfolio stake established this quarter at prices between $31.49 and $40.24. The stock currently trades at $40.74.Note: TMUS has seen a previous round-trip in the portfolio: it was a 3.31% of the US long portfolio position established in Q4 2013 at $25 per share. It was eliminated in Q3 2014 at prices between $28.44 and $33.91. The buy-thesis at the time was that despite regulatory issues, a combination of TMUS with either Sprint (S) or Dish Networks (DISH) was the only real alternative to the duopoly of AT&T (T) and Verizon (VZ).Sealed Air Corp. (SEE): SEE is a 2.33% of the portfolio stake established this quarter at prices between $43.80 and $52.60. The stock currently trades at $53.07.iShares China Large Cap ETF (FXI), Molson Coors Brewing (TAP), Perrigo Company plc (PRGO), Telefonica Brasil ADR (VIV), and Williams Companies (WMB): These are very small (less than ~1% of the portfolio each) positions established this quarter.Note: WMB has seen a previous round-trip in the portfolio: It was a small 1.62% of the US long portfolio position first purchased in Q4 2013 at prices between $35 and $39. In Q1 2015, that stake was sold at prices between $40.94 and $50.64.Stake Disposals:Dollar General (DG): DG was first purchased in 2012 and the position had wavered since. The stake was at 2.79% of the portfolio last quarter. Last significant activity was a one-third increase in Q2 2014 at prices between $53.50 and $62.82. This quarter, the position was sold at prices between $72.59 and $79.55. The stock currently trades at $80.25.Note: Dollar General was involved in a hostile takeover of Family Dollar. In January, they formally ended the process as Dollar Tree (DLTR) succeeded in gaining shareholder approval in their bid for Family Dollar.Fleetcor Technologies (FLT): FLT was a minutely small position in Q3 2014. It was increased substantially in Q4 2014 at prices between $123 and $156. Last quarter also saw a ~27% increase at prices between $137 and $157. This quarter the position was eliminated at prices between $151 and $164. The stock currently trades at $157.iShares Russell 2000 ETF (IWM) Puts: This was a fairly large (nominal value) 4.60% of the portfolio position established last quarter and eliminated this quarter. IWM traded between $115 and $126 last quarter and between $121 and $129 this quarter. It currently trades at $116.Maxim Products (MXIM), McKesson Corporation (MCK), and Precision Castparts (PCP): These are very small ~1% positions established this quarter.Note: Earlier this month, Berkshire Hathaway (BRK.A) (BRK.B) agreed to buy PCP in a $235 per share cash-deal.Stake Increases:IAC Interactive (IACI): IACI is a 2.05% of the US long portfolio position purchased in Q2 2014 at prices between $62 and $70 and increased by ~19% in Q4 2014 at prices between $58.48 and $67.88. This quarter saw another ~15% increase at prices between $67.16 and $81.19. The stock currently trades at $71.15.Mohawk Industries (MHK): The 4.29% (top-five) MHK position was established in Q4 2014 at prices between $125 and $158. It was increased by ~180% last quarter at prices between $153 and $186 and another ~32% this quarter at prices between $174 and $194. The stock currently trades at $204.Note: Mohawk was profiled in Third Point’s Q2 2015 partner letter. Dan Loeb praised Jeff Lorberbaum (CEO and largest shareholder) saying he empowered local managers to pursue acquisitions and expansions. That has caused MHK to remain entrepreneurial, nimble, and adjustable to change, despite having grown to become a large-cap. It is very rare for Loeb to praise an incumbent CEOSunedison Inc. (SUNE): SUNE is a 3.48% position established in Q3 2014 at prices between $18.88 and $24.05 and increased by ~88% in Q4 2014 at prices between $14.30 and $22.86. Last quarter had seen a ~10% reduction while this quarter saw a ~23% increase at prices between $24 and $32. The stock currently trades well below his purchase price ranges at $12.10.Yum! Brands (YUM) & Calls: YUM is a 3.12% of the US long portfolio stake established last quarter at prices between $70 and $82 and increased by ~12% this quarter at prices between $78 and $95. The stock currently trades at $81.82.Note: Loeb’s Q1 2015 letter discussed the position: the investment thesis boils down to its association with Chinese middle-class growth and the projected franchise-led cash-flow growth.Anheuser Busch (BUD) & Calls: BUD is a 3.39% of the US long portfolio position established in Q1 2014 at prices between $94 and $107. The stake was increased by ~30% in Q2 2014 at prices between $105 and $116. Last four quarters have seen a combined ~70% increase at prices between $106 and $127. The stock currently trades at $112. The aggressive build-up indicates a clear bullish bias.Dow Chemical (DOW): DOW is currently Third Point’s second-largest individual stock position at 11.02% of the US long portfolio. The original stake was established in Q4 2013 at prices between $38.30 and $45. In Q2 2014, the position was increased by just over 180% at prices between $46.95 and $53.15 and the following quarter saw an additional one-third increase at prices between $51 and $55. Q4 2014 saw an about-turn as ~24% of the position was disposed of at prices between $42.71 and $52.84. This quarter saw a minor increase. The stock currently trades at $43.66.Note: DOW is an activist stake and Loeb has said that a “combination of closures, modifications brownfield investments, and divestitures” will be required in Dow’s petrochemical assets to harness the full potential.Clayton Williams Energy (CWEI), FedEx Corporation (FDX), Green Brick Partners (GRBK), NXP Semiconductors (NXPI), and J M Smucker (SJM): These are very small (less than ~1% of the portfolio each) positions increased this quarter.Note 1: Dan Loeb controls ~25% of Green Brick Partners (previously BioFuel Energy) and 8.2% of Clayton Williams Energy.Note 2: In March, NXP agreed to acquire Freescale Semiconductor (FSL).Stake Decreases:Ally Financial (ALLY): ALLY is a 2.10% of the US long portfolio stake. The position was established in Q2 2014 as a result of its IPO in April 2014. Loeb started investing in ALLY in 2011 through unsecured debt and preferred securities. Q4 2014 saw a ~28% reduction at prices between $20.12 and $24.95 and last quarter saw a further ~13% reduction at prices between $18.71 and $23.88. This quarter the selling accelerated: ~62% reduction at prices between $19.95 and $23.66. The stock currently trades at $21.45 compared to the IPO price of $24.Amgen Inc. (AMGN): A very small stake in AMGN was established in Q2 2014. It was increased by almost 200% in Q3 2014 at prices between $115 and $144. In Q4 2014, the position was increased by a whopping ~700% at prices between $130 and $172. It is currently Third Point’s largest stake at 12.94% of the US long portfolio. Last two quarters have seen a combined ~15% trimming at prices between $150 and $170. The stock currently trades at $161.Note: Dan Loeb has said AMGN was the biggest winner in the portfolio for 2014. The buy thesis is based around the idea that efficient capital allocation along with splitting the company into a mature business and growth business should unlock tremendous value over the next two years ($249 price-target).Delta Air Lines (DAL): The ~1% DAL position was established in Q4 2014 at prices between $30.90 and $49.23 and increased by just over one-third last quarter at prices between $41.64 and $50.74. This quarter the pattern reversed: ~48% reduction at prices between $40.57 and $47.40. The stock currently trades at $45.73.Edgewell Personal Care (EPC) previously Energizer Holdings: A ~1.41% ENR position was established in Q3 2014 in the $85 to $93 price-range. It was almost eliminated this quarter at prices between $101 and $107.Note: Energizer spun-off its Household Products business, renamed the remaining Personal Care products business as Edgewell Personal Care, and named the SpinCo as Energizer Holdings (ENR) last month. The prices quoted above are adjusted to account for the spinoff.Liberty Global (LBTYA) (LBTYK): LBTYK is a 2.37% of the US long portfolio position. It has been in the portfolio since 2011. This quarter saw a ~14% reduction at prices between $48.22 and $54.41. The stock currently trades at $46.78.Masco Corporation (MAS): MAS is a 1.25% of the US long portfolio position established in Q1 2014 at prices between $20.74 and $23.63. It was increased by ~80% in Q2 2014 at prices between $19.54 and $22.89 and another ~24% in Q4 2014 at prices between $20.86 and $25.40. This quarter, half the stake was sold at prices between $25.65 and $27.92. The stock currently trades at $27.24.Phillips 66 (PSX): PSX is a 2.45% of the US long portfolio position established in Q4 2014 at prices between $65 and $81.31. It was reduced by ~20% last quarter at prices between $59 and $80 and another ~19% this quarter at prices between $76.79 and $81.63. The stock currently trades at $79.53.Sensata Technologies (ST): ST is a small 0.71% of the US long portfolio position. It was established in Q1 2014 at prices between $36.78 and $42.90. The stake was increased by ~62% in Q2 2014 at prices between $41.59 and $46.78 and another two-thirds the following quarter at prices between $45.15 and $49.76. Q4 2014 saw a ~20% reduction at prices between $41.67 and $53.70. This quarter, almost two-thirds of the remaining stake was sold at prices between $52.56 and $58.66. The stock currently trades at $47.84.Allergan plc (AGN) previously Actavis plc: AGN is the third-largest individual stock positon at 9.38% of the US long portfolio. It was established in Q1 2014 at prices between $168 and $227. The stake was increased by ~15% in Q3 2014 at prices between $203 and $248 and another 20% the following quarter at prices between $217 and $271. This quarter saw a ~8% reduction. The stock currently trades at $308.Note: Third Point profiled AGN in their Q2 2015 partner letter. Loeb likes the fact that management is aligned with shareholders: they have tied their long-term compensation to achieving $25 per share earnings target in 2017.Constellation Brands (STZ) & Calls: The 2.15% STZ position was first purchased in 2012 and has only seen marginal activity since. Q4 2014 saw a ~4% reduction and this quarter saw another ~5% reduction.Note: STZ investment is profiled in Third Point’s Q2 2015 partner letter. The current thesis is that even after the tremendous price appreciation in the last three years, the stock still trades at only 16x 2017 EPS forecast - there is opportunity for the multiple to re-rate as consumer staples businesses with growth in volumes, sales, and earnings trade at significantly higher multiples.eBay Inc. (EBAY): EBAY is a large top-five position at 6.21% of the US long portfolio. The stake was established in Q3 2014 at prices between $19.50 and $22 and increased by ~120% the following quarter at prices between $18.68 and $22.44. Last quarter saw another 15% increase at prices between $20.67 and $23.72. This quarter saw a minor decrease. The stock currently trades at $26.52.Note 1: eBay has seen significant super-investor interest as both Carl Icahn and Seth Klarman added stakes.Note 2: eBay spun-off PayPal (PYPL) last month. The prices quoted above are adjusted for the spinoff.Roper Technologies (ROP) formerly Roper Industries: The 2.54% ROP stake was purchased in Q1 2014 at prices between $132 and $142. It was increased by ~23% last quarter at prices between $146 and $174. This quarter saw a ~6% reduction. The stock currently trades at $166.Note: Dan Loeb profiled Roper in the Q2 2015 Partner Letter and called it one of the best capital allocators among industrials: the combination of capital deployment and operating excellence should allow it to compound earnings at a 15% CAGR going forward.Kept Steady:American International Group (AIG): AIG is a 2.03% of the US long portfolio stake established in Q4 2014 at prices between $49.40 and $56.51. The stock currently trades at $61.71.Note: At the end of 2012, AIG was a huge stake at 12% of the US long portfolio. 18.5M shares were purchased during that year at a cost-basis in the high-20s. Loeb realized large gains from that stake exiting at prices between $35 and $56.Enphase Energy (ENPH): ENPH has been in the portfolio since its 2012 IPO. Third Point’s investment in the company goes back to January 2007 when they sponsored the company’s entire first round of Series B funding of $4.5M for a 42% stake. The current stake is at ~14% of the company. Loeb revealed that at the time of IPO, the investment already had a ~20% IRR. It has been a volatile stock since trading between $2 and $17. It currently trades at $4.51.Intrexon Corporation (XON): The original XON stake was acquired in 2011 when the company was private. The position is very small at 1.23% of the US long portfolio. The stock currently trades at $42.50 compared to the Q3 2013 IPO price of $29.Sotheby’s (BID): BID is a 2.82% of the US long portfolio position first purchased in Q1 2013 at prices between $32 and $40. The bulk of the current position was purchased in Q3 2013 at prices between $39 and $51. The stock currently trades at $36.86. For investors attempting to follow Third Point, BID is a very good option to consider for further research.Note: BID is an activist stake. On October 2nd, 2013 Dan Loeb wrote a letter to Sotheby’s chairman asking him to step down. The main point of the letter was that the company’s upper management and board interests are not aligned with shareholders. Last March, Third Point got 3 board seats and in March this year Tad Smith was appointed as the new CEO.The 13F portfolio also has the following minutely small (less than 0.5% of the portfolio each) stakes: Apigee Corp. (APIC), Charter Communications (CHTR), Citigroup Warrants (C.WS.A), Nokia Corp. (NOK), Ziopharm Oncology (ZIOP), and a debt holding - Cobalt International Energy (CIE) notes.Note 1: Loeb controls ~11% of Apigee.Note 2: The following minutely small stakes are new this quarter: Apigee Corp, Charter Communications, Nokia, and Ziopharm Oncology. Also, the following minutely small positions as of last quarter were eliminated this quarter: Energy Transfer Equity LP (ETE), JD.com (JD), and Moelis (MC).The spreadsheet below highlights changes to Loeb’s US stock holdings in Q2 2015:"

"Tracking Dan Loeb’s Third Point Portfolio – Q1 2015 Update"

"Loeb's 13F portfolio decreased from $11.09B to $10.82B. The number of positions increased from 40 to 41.Third Point substantially increased eBay Inc. and Mohawk Industries while dropping a top-three stake in Alibaba.The top-three positions are Amgen Inc. (14.77%), Actavis plc (9.83%), and Dow Chemical (9.76%) which together is at over one-third of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s US stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 05/15/2015. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2014.The 13F portfolio is very concentrated with the top-three holdings accounting for 34.36% of the entire portfolio. Recent 13F reports show around 40+ long positions. This quarter, Loeb’s US long portfolio decreased marginally from $11.09B to $10.82B. The number of holdings increased from 40 to 41. Largest five individual stock positions are Amgen Inc., Actavis plc, Dow Chemical, eBay Inc, and Ally Financial. As per their Q1 2015 investor letter, Third Point’s 2015 YTD return was 3.3%. Annualized return since December 1996 (inception) is at 17.2%. The letter also discussed a new position in Devon Energy (DVN). It is not in the current 13F probably because the stake was established after the quarter ended.New Stakes:Yum! Brands (YUM) & Calls: YUM is a new 2.41% of the US long portfolio stake established this quarter at prices between $70 and $82. The stock currently trades at $91.54. Loeb’s Q1 2015 letter discussed the position: the investment thesis boils down to its association with Chinese middle-class growth and the projected franchise-led cash-flow growth.iShares Russell 2000 ETF (IWM) Puts: This is a fairly large (nominal value) 4.60% of the portfolio position. The large leveraged short position on the small-cap index is an indication that Loeb is bearish towards small-caps overall.FedEx Corporation (FDX), Maxim Products (MXIM), McKesson Corporation (MCK), NXP Semiconductors (NXPI), Precision Castparts (PCP), and J M Smucker (SJM): These are very small ~1% positions established this quarter.Note 1: In March, NXP agreed to acquire Freescale Semiconductor (FSL). NXP has returned just over 40% so far this year. Meanwhile FSL is up almost 70%.Stake Disposals:Alibaba Group Holdings (BABA): BABA was Loeb’s second-largest position at 9.38% of the US long portfolio as of last quarter. It was established in Q3 2014 at prices between $87 and $94 and increased by ~39% last quarter at prices between $85 and $120. This quarter saw an about-turn as the entire stake was eliminated at prices between $81.58 and $105. The stock currently trades at $93.27. The quick elimination of a very large position indicates a clear bearish bias.Allergan Inc. (AGN) & SPDR S&P 500 Index ETF (SPY): These are very small (less than 1% of the portfolio each) positions established last quarter and disposed of this quarter. AGN was a 0.77% of the US long portfolio position established at prices between $177 and $214. Actavis plc acquired Allergan in a $219 per share cash-and-stock deal that closed in March. The SPY stake was purchased at prices between $186 and $209 and disposed of at prices between $199 and $212. It currently trades at $213.American Airlines Group (AAL): The 1.81% AAL stake was increased by ~36% last quarter at prices between $28.58 and $53.63. It was increased by 30% in Q3 2014 as well at prices between $35 and $43.70. This quarter saw the elimination at prices between $46.53 and $55.76. The stock currently trades at $42.61.Anadarko Petroleum (APC) & Calls: The original APC stake established in early 2013 was more than doubled in Q3 & Q4 2013 at prices between $78 and $97. Last quarter saw a ~50% reduction at prices between $72 and $101 before the elimination this quarter at prices between $75.05 and $89.04. The stock currently trades at $86.17.CF Industries (CF): The 1.60% CF position as of last quarter was purchased in Q1 2014 at prices between $225 and $265. Last three quarters saw selling as the original stake was reduced by around one-third at prices between $235 and $283. This quarter, the remaining position was sold at prices between $273 and $313. The stock currently trades at $321.Citigroup Inc. (C): C was a medium-sized 2.44% of the US long portfolio position established last quarter at prices between $49.68 and $56.37. It was disposed of this quarter at prices between $46.95 and $54.26. The stock currently trades at $54.97.EMC Corporation (EMC): The 1.88% EMC position was purchased last quarter at prices between $26.89 and $30.89 and eliminated this quarter at prices between $25.17 and $29.83. The stock currently trades at $26.84.Hertz Global (HTZ): HTZ was a very small 0.93% of the US long portfolio stake established last quarter at prices between $19.38 and $25.47 and dropped this quarter at prices between $20.52 and $25.02. The stock currently trades at $21.05. 2014 also saw another roundtrip in HTZ.Shire plc (SHPG): SHPG is a 0.96% of the US long portfolio position established in Q3 2014 at prices between $232 and $263. Last quarter saw a one-third reduction at prices between $170 and $263 and this quarter the remaining stake was sold at prices between $206 and $254. The stock currently trades at $260.Note: In July 2014, AbbVie (ABBV) agreed to acquire SHPG in a $55B transaction but the deal was called off in October 2014. SHPG earned a breakup fee of $1.6B. Later, SHPG turned around and bought NPS Pharmaceuticals (NPSP) for $5.2B.Williams Companies (WMB): WMB is a small 1.62% of the US long portfolio position first purchased in Q4 2013 at prices between $35 and $39. The stake was increased by ~18% in Q1 2014 at prices between $38 and $43. Q2 2014 saw an about-turn as the position was reduced by 25% at prices between $40 and $59 and last quarter saw a further ~60% reduction at prices between $54 and $59.44. Last quarter, the pattern reversed again: a ~167% increase at prices between $41.84 and $55.83. This quarter, the entire stake was sold at prices between $40.94 and $50.64. The stock currently trades at $52.99.Stake Increases:Actavis plc (ACT): ACT is the second-largest individual stock positon at 9.83% of the US long portfolio. It was established in Q1 2014 at prices between $168 and $227. The stake was increased by ~15% in Q3 2014 at prices between $203 and $248 and another 20% last quarter at prices between $217 and $271. This quarter saw a minor increase as Loeb received some shares due to the acquisition of Allergan by Actavis - Third Point had a small Allergan stake. The stock currently trades at $301.Anheuser Busch (BUD) & Calls: BUD is a 3.10% of the US long portfolio position established in Q1 2014 at prices between $94 and $107. The stake was increased by ~30% in Q2 2014 at prices between $105 and $116. Last three quarters have seen a combined ~57% increase at prices between $104 and $128. The stock currently trades at $123. The aggressive build-up indicates a clear bullish bias.Delta Air Lines (DAL): The 2.18% DAL position was established last quarter at prices between $30.90 and $49.23 and increased by just over one-third this quarter at prices between $41.64 and $50.74. The stock currently trades at $43.18. The activity indicates a bullish bias.eBay Inc. (EBAY): EBAY is a large top-five position at 6.13% of the US long portfolio. The stake was established in Q3 2014 at prices between $50 and $56.63 and increased by ~120% last quarter at prices between $47.88 and $57.53. This quarter saw another 15% increase at prices between $53 and $60.81. The stock currently trades at $59.73. eBay has seen significant super-investor interest as both Carl Icahn and Seth Klarman added stakes.Fleetcor Technologies (FLT): FLT was a minutely small position in Q3 2014. It was increased substantially last quarter at prices between $123 and $156. This quarter also saw a ~27% increase at prices between $137 and $157. The stock currently trades at $154 and the stake is at ~1% of the US long portfolio.IAC Interactive (IACI): IACI is a 1.49% of the US long portfolio position purchased in Q2 2014 at prices between $62 and $70 and increased by ~19% last quarter at prices between $58.48 and $67.88. This quarter saw a marginal increase. The stock currently trades at $75.92.Mohawk Industries (MHK): The 3.13% MHK position was established last quarter at prices between $125 and $158. It was increased by ~180% this quarter at prices between $153 and $186. The stock currently trades at $187.Roper Technologies (ROP) formerly Roper Industries: The 2.54% ROP stake was purchased in Q1 2014 at prices between $132 and $142. It was increased by ~23% this quarter at prices between $146 and $174. The stock currently trades at $177.Stake Decreases:Ally Financial (ALLY): ALLY is a top-five stake at 5.04% of the US long portfolio. The position was established in Q2 2014 as a result of its IPO in April 2014. Loeb started investing in ALLY in 2011 through unsecured debt and preferred securities. Last quarter saw a ~28% reduction at prices between $20.12 and $24.95 and this quarter saw a further ~13% reduction at prices between $18.71 and $23.88. He still holds 5.42% of the shares outstanding. The stock currently trades at $22.63 compared to the IPO price of $24.Amgen Inc. (AMGN): A very small stake in AMGN was established in Q2 2014. It was increased by almost 200% in Q3 2014 at prices between $115 and $144. Last quarter, the position was increased by a whopping ~700% at prices between $130 and $172. It is currently Third Point’s largest stake at 14.77% of the US long portfolio. This quarter saw a ~6% trimming at prices between $150 and $170. The stock currently trades at $164.Note: Dan Loeb has said AMGN was the biggest winner in the portfolio for 2014. The buy thesis is based around the idea that efficient capital allocation along with splitting the company into a mature business and growth business should unlock tremendous value over the next two years ($249 price-target).Intrexon Corporation (XON): The original XON stake was acquired in 2011 when the company was private. The position is very small at 1.13% of the US long portfolio. This quarter saw a ~6% reduction. The stock currently trades at $42.60 compared to the Q3 2013 IPO price of $29.Phillips 66 (PSX): PSX is a medium-sized 2.91% of the US long portfolio position established last quarter at prices between $65 and $81.31. It was reduced by ~20% this quarter at prices between $59 and $80. The stock currently trades at $80.97.Sunedison Inc. (SUNE): SUNE is a 2.25% position established in Q3 2014 at prices between $18.88 and $24.05 and increased by ~88% last quarter at prices between $14.30 and $22.86. This quarter saw a ~10% reduction at prices between $17.59 and $24.85. The stock currently trades at $30.67.Kept Steady:American International Group (AIG): AIG is a 1.77% of the US long portfolio stake established last quarter at prices between $49.40 and $56.51. The stock currently trades at $59.88. Loeb reentered the stock after a quarter’s gap: At the end of 2012, AIG was a huge stake at 12% of the US long portfolio. 18.5M shares were purchased during that year at prices between $23 and $35. Loeb realized large gains from that stake exiting at prices between $35 and $56.33.Constellation Brands (STZ) & Calls: The 2.15% STZ position was first purchased in 2012 and has only seen marginal activity since. Last quarter saw a ~4% reduction.Dollar General (DG): DG was first purchased in 2012 and the position has wavered since. The stake is at 2.79% of the portfolio currently. Last significant activity was a one-third increase in Q2 2014 at prices between $53.50 and $62.82. The stock currently trades outside that range at $73.56.Note: Dollar General was involved in a hostile takeover of Family Dollar (FDO). In January, they formally ended the process as Dollar Tree (DLTR) succeeded in gaining shareholder approval in their bid for FDO.Dow Chemical (DOW): DOW is currently Third Point’s third-largest individual stock position at 9.76% of the US long portfolio. The original stake was established in Q4 2013 at prices between $38.30 and $45. In Q2 2014, the position was increased by just over 180% at prices between $46.95 and $53.15 and the following quarter saw an additional one-third increase at prices between $51 and $55. Last quarter saw an about-turn as ~24% of the position was disposed of at prices between $42.71 and $52.84. The stock currently trades at $51.29. It is an activist stake and Loeb has said that a “combination of closures, modifications brownfield investments, and divestitures” will be required in Dow’s petrochemical assets to harness the full potential. Over the last one-year, the stock has returned ~5% but the ten-year return is depressing at less than 12% (excluding dividends).Energizer Holdings (ENR): The 1.28% ENR position was established in Q3 2014 in the $115 to $125 price-range and it currently trades at $145. ENR is on track to split into a Household Products business and a Personal Care Products business in July 2015.Enphase Energy (ENPH): ENPH has been in the portfolio since its 2012 IPO - the position had remained untouched ever since. Q3 2014 saw a ~16% reduction at prices between $8.55 and $17.39. Third Point’s investment in the company goes back to January 2007 when they sponsored the company’s entire first round of Series B funding of $4.5M for a 42% stake. The current stake is at ~14% of the company. Loeb revealed that at the time of IPO, the investment already had a ~20% IRR. It has been a volatile stock trading as low as $2 in November 2012. It currently trades at $9.95.Liberty Global (LBTYA) (LBTYK): LBTYK is a medium-sized 2.67% of the US long portfolio position. LBTYK has been in the portfolio since 2011. The stock currently trades at $53.76.Masco Corporation (MAS): MAS is a 2.47% of the US long portfolio position established in Q1 2014 at prices between $20.74 and $23.63. It was increased by ~80% in Q2 2014 at prices between $19.54 and $22.89 and another ~24% last quarter at prices between $20.86 and $25.40. The stock currently trades outside those ranges at $27.34.Sotheby’s (BID): BID is a 2.60% of the US long portfolio position first purchased in Q1 2013 at prices between $32 and $40. The bulk of the current position was purchased in Q3 2013 at prices between $39 and $51. The stock currently trades at $45.38. For investors attempting to follow Third Point, BID is a very good option to consider for further research.Note: BID is an activist stake. On October 2nd, 2013 Dan Loeb wrote a letter to Sotheby’s chairman asking him to step down. The main point of the letter was that the company’s upper management and board interests are not aligned with shareholders. Last March, Third Point got 3 board seats and in March this year Tad Smith was appointed as the new CEO.Sensata Technologies (ST): ST is a 2.12% of the US long portfolio position established in Q1 2014 at prices between $36.78 and $42.90. The stake was increased by ~62% in Q2 2014 at prices between $41.59 and $46.78 and another two-thirds the following quarter at prices between $45.15 and $49.76. Last quarter saw a ~20% reduction at prices between $41.67 and $53.70. The stock currently trades at $55.52.The 13F portfolio also has the following minutely small (less than 0.5% of the portfolio each) stakes: Citigroup Warrants (C.WS.A), Clayton Williams Energy (CWEI), Energy Transfer Equity LP (ETE), Green Brick Partners (GRBK), JD.com (JD), Moelis & Company (MC), and a debt holding - Cobalt International Energy (CIE) notes. The following minutely small positions as of last quarter were eliminated this quarter: FCB Financial Holdings (FCB) and Rice Midstream Partners (RMP). Loeb controls ~6.6% of CWEI and ~17% of GRBK. In addition to partner stakes, Third Point also invests the float of Third Point Reinsurance (TPRE).The spreadsheet below highlights changes to Loeb’s US stock holdings in Q1 2015:"

"Tracking Dan Loeb’s Third Point Portfolio – Q4 2014 Update"

"Loeb's 13F portfolio increased ~27% this quarter from $8.71B to $11.09B. The number of positions decreased from 41 to 40.Third Point substantially increased large stakes in Actavis plc, Alibaba Group, Amgen Inc., and eBay Inc. while reducing Dow Chemical and Ally Financial.The top-three positions are Amgen Inc. (15.34%), Alibaba Group (9.38%), and Dow Chemical (9.05%) which together is at around one-third of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s US stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 02/13/2015. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2014.The 13F portfolio is very concentrated with the top-three holdings accounting for 33.76% of the entire portfolio. Recent 13F reports show around 40+ long positions. This quarter, Loeb’s US long portfolio increased ~27% from $8.71B to $11.09B. The number of holdings decreased from 41 to 40. Largest five individual stock positions are Amgen Inc., Alibaba Group, Dow Chemical, Actavis plc, and Ally Financial. As per their Q4 2014 investor letter, Third Point’s 2014 return was 5.7%. Annualized return since December 1996 (inception) is at 17.5%.New Stakes:American International Group (AIG): AIG is a 1.77% of the US long portfolio stake established this quarter at prices between $49.40 and $56.51. The stock currently trades at $53.96. Loeb is reentering the stock after a quarter’s gap: At the end of 2012, AIG was a huge stake at 12% of the US long portfolio. 18.5M shares were purchased during that year at prices between $23 and $35. Loeb realized large gains from that stake exiting at prices between $35 and $56.33.Citigroup Inc. (C): C is a 2.44% of the US long portfolio position established this quarter at prices between $49.68 and $56.37. The stock currently trades at $51.20.Hertz Global (HTZ): HTZ is a very small 0.93% of the US long portfolio stake established this quarter at prices between $19.38 and $25.47. The stock currently trades at $23. Third Point is reentering the position after a quarter’s gap: A 2.96% HTZ position was previously purchased in Q4 2013 at prices between $21.35 and $28.50. Last quarter, that stake was eliminated at prices between $25.39 and $31.56.Phillips 66 (PSX): PSX is a medium-sized 3.23% of the US long portfolio position established this quarter at prices between $65 and $81.31. The stock currently trades at $76.62. The substantial stake establishment indicates a clear bullish bias.Delta Air Lines (DAL) & EMC Corporation (EMC): DAL & EMC are small (less than 2% of the portfolio each) positions established this quarter. The DAL position was established at prices between $30.90 and $49.23 and the stock currently trades at $44.50. The EMC position was purchased at prices between $26.89 and $30.89 and the stock currently trades at $27.99.Allergan Inc. (AGN), Mohawk Industries (MHK) & SPDR S&P 500 Index ETF (SPY): These are very small (less than 1% of the portfolio each) positions established this quarter. AGN is a 0.77% of the US long portfolio position established at prices between $177 and $214. Actavis plc agreed to acquire Allergan in November 2014 in a cash-and-stock deal - $129.22 in cash and 0.3683 shares of Actavis plc for each share of AGN held. The stock currently trades at $229. The MHK position was established at prices between $125 and $158 and the stock currently trades outside that range at $173. The SPY stake was purchased at prices between $186 and $209 and it currently trades at $210.Stake Disposals:Avago Technologies (AVGO): AVGO was a 1.65% of the US long portfolio position as of last quarter. The original position was established in Q1 2014 at prices between $52.49 and $65.31. It was reduced by half in Q2 2014 at prices between $58.53 and $72.07. Last quarter, the pattern reversed as the stake was increased by almost two-thirds at prices between $69.38 and $89.52. This quarter, the entire stake was eliminated at prices between $69 and $104. The stock currently trades at $110.Bed Bath & Beyond (BBBY): BBBY is a medium-sized 2.27% of the US long portfolio position established last quarter at prices between $57.38 and $67.33. This quarter, the stake was eliminated at prices between $62.40 and $76.82. The stock currently trades at $77.91.Cheniere Energy (LNG): LNG was a very small 0.73% of the US long portfolio position as of last quarter. The stake was established in Q4 2013 at prices between $34 and $45. In Q2 2014, the position was reduced by 25% at prices between $54 and $72. Last quarter saw a further two-thirds reduction at prices between $70 and $85. This quarter, the remaining position was sold at prices between $61.90 and $80.03. The stock currently trades at $74.48. Loeb realized short-term gains from this position.Coca Cola Enterprises (CCE): CCE was first purchased in 2012. The original position was substantially increased in Q3 2013 with the purchase of around 2.2M shares at prices between $35 and $41. The stake had seen only minor adjustments since. Last quarter saw a ~27% increase at prices between $44.36 and $48.77. This quarter, the position was eliminated at prices between $40 and $45.35. The stock currently trades at $43.69.Fedex Corporation (FDX): FDX stake was first established in Q3 2013 when 2M shares were purchased at prices between $98 and $117. In Q2 2014, the position was reduced by half at prices between $131 and $152 and last quarter saw another 25% reduction at prices between $145 and $162. The remaining stake was eliminated this quarter at prices between $151 and $182. The stock currently trades at around $176. Loeb harvested gains from this position.H&R Block (HRB): HRB was a 1.58% of the US long portfolio position as of last quarter. It was established in Q1 2014 at prices between $28 and $32 and increased by ~23% the following quarter at prices between $27.40 and $33.52. This quarter, the entire position was eliminated at prices between $27.64 and $34.49. The stock currently trades at $35.06.YPF S A (YPF): YPF was a 1.58% of the US long portfolio position as of last quarter. It was established in Q1 2014 at prices between $21.05 and $33.08 and increased by over 135% the following quarter at prices between $27.90 and $35.95. Last quarter, the stake was reduced by ~40% at prices between $30.97 and $38.91 and the remaining position was eliminated this quarter at prices between $22.50 and $36.99. The stock currently trades at $26.86.EQT Corporation (EQT): The bulk of the 1.59% EQT position as of last quarter was purchased at prices between $91 and $107 and exited this quarter at prices between $75.38 and $100. The stock currently trades at $81.18.Crown Holdings (CCK) & Parker Hannifin Corp. (PH): These are small (less than 2% of the portfolio each) positions established last quarter and eliminated this quarter. CCK was a very small 0.72% stake purchased at prices between $44.52 and $51.47 and exited at prices between $42.98 and $52.31. The stock currently trades at $50.65. The 1.69% PH stake was purchased at prices between $110 and $127 and exited at prices between $103 and $133. The stock currently trades at $124.Stake Increases:Actavis plc (ACT): ACT is a top-five position at 8.01% of the US long portfolio. It was established in Q1 2014 at prices between $168 and $227. The stake was increased by ~15% last quarter at prices between $203 and $248 and another 20% this quarter at prices between $217 and $271. The stock currently trades at $285. The activity indicates a clear bullish bias.Alibaba Group Holdings (BABA): BABA is currently Loeb’s second-largest position at 9.38% of the US long portfolio. It was established last quarter at prices between $87 and $94 and increased by ~39% this quarter at prices between $85 and $120. The stock currently trades near the low-end of those ranges at $89.05. For investors attempting to follow Loeb, BABA is a very good option to consider for further research. His Alibaba investment thesis boils down to the idea that Aliyun (cloud computing), 48% interest in China Smart Logistics, and AliPay are under-appreciated sources of value.American Airlines Group (AAL): The 1.81% AAL stake was increased by ~36% this quarter at prices between $28.58 and $53.63. It was increased by 30% last quarter as well at prices between $35 and $43.70. The stock currently trades at $48.39.Amgen Inc. (AMGN): A very small stake in AMGN was established in Q2 2014. It was increased by almost 200% last quarter at prices between $115 and $144. This quarter, the position was increased by a whopping ~700% at prices between $130 and $172. It is currently Third Point’s largest stake at 15.34% of the US long portfolio. The stock currently trades at $153 - Dan Loeb has said AMGN was the biggest winner in the portfolio for 2014. The buy thesis is based around the idea that efficient capital allocation along with splitting the company into a mature business and growth business should unlock tremendous value over the next two years ($249 price-target). The activity indicates a clear bullish bias.Anheuser Busch (BUD): BUD is a 2.28% of the US long portfolio position established in Q1 2014 at prices between $94 and $107. The stake was increased by ~30% in Q2 2014 at prices between $105 and $116 and another ~14% last quarter at prices between $107 and $116. This quarter also saw a ~13% increase at prices between $104 and $117. The stock currently trades at $122. The activity indicates a bullish bias.eBay Inc. (EBAY): EBAY is a fairly large position at 5.06% of the US long portfolio. The stake was established last quarter at prices between $50 and $56.63 and was increased by ~120% this quarter at prices between $47.88 and $57.53. The stock currently trades at $56.47. eBay saw significant super-investor interest as both Carl Icahn and Seth Klarman added stakes recently.Fleetcor Technologies (FLT): FLT was a minutely small position last quarter. It was increased to a 0.74% of the US long portfolio stake this quarter at prices between $123 and $156. The stock currently trades at $150.IAC Interactive (IACI): IACI is a 1.30% of the US long portfolio position purchased in Q2 2014 at prices between $62 and $70 and increased by ~19% this quarter at prices between $58.48 and $67.88. The stock currently trades at $64.60.Masco Corporation (MAS): MAS is a 2.27% of the US long portfolio position established in Q1 2014 at prices between $20.74 and $23.63. It was increased by ~80% in Q2 2014 at prices between $19.54 and $22.89 and another ~24% this quarter at prices between $20.86 and $25.40. The stock currently trades outside those ranges at $26.45.Sunedison Inc. (SUNE): SUNE is a 1.98% position established last quarter at prices between $18.88 and $24.05 and increased by ~88% this quarter at prices between $14.30 and $22.86. The stock currently trades at $21.45.Williams Companies (WMB): WMB is a small 1.62% of the US long portfolio position first purchased in Q4 2013 at prices between $35 and $39. The stake was increased by ~18% in Q1 2014 at prices between $38 and $43. Q2 2014 saw an about-turn as the position was reduced by 25% at prices between $40 and $59 and last quarter saw a further ~60% reduction at prices between $54 and $59.44. This quarter, the pattern reversed again: a ~167% increase at prices between $41.84 and $55.83. The stock currently trades at $49.41.Stake Decreases:Ally Financial (ALLY): ALLY is a top-five position at 6.39% of the US long portfolio. The position was established in Q2 2014 as a result of its IPO in April 2014. Loeb started investing in ALLY in 2011 through unsecured debt and preferred securities. Last quarter saw a ~8% trimming at prices between $22.60 and $25 and this quarter saw a further ~28% reduction at prices between $20.12 and $24.95. Since the end of the quarter, the position was further reduced by ~13% but he still holds 5.42% of the shares outstanding. The stock currently trades at $22.05 compared to the IPO price of $24.Anadarko Petroleum (APC) & Calls: The original APC stake established in early 2013 was more than doubled in Q3 & Q4 2013 at prices between $78 and $97. This quarter saw a ~50% reduction at prices between $72 and $101. The stock currently trades at $89.44 and the remaining stake is very small at 0.74% of the US long portfolio.CF Industries (CF): The 1.60% CF position was purchased in Q1 2014 at prices between $225 and $265. Last three quarters have seen some selling as the original stake has been reduced by around one-third at prices between $235 and $283. The stock currently trades at $301.Constellation Brands (STZ) & Calls: The 2.10% STZ position was first purchased in 2012 and has only seen marginal activity since. This quarter saw a ~4% reduction.Dow Chemical (DOW): DOW is currently Third Point’s third-largest individual stock position at 9.05% of the US long portfolio. The original stake was established in Q4 2013 at prices between $38.30 and $45. In Q2 2014, the position was increased by just over 180% at prices between $46.95 and $53.15 and last quarter saw an additional one-third increase at prices between $51 and $55. This quarter saw an about-turn as ~24% of the position was disposed of at prices between $42.71 and $52.84. The stock currently trades at $49.44. It is an activist stake and Loeb has said that a “combination of closures, modifications brownfield investments, and divestitures” will be required in Dow’s petrochemical assets to harness the full potential. Over the last one-year, the stock has returned around 6% but the ten-year return is depressing at negative 4% (excluding dividends).Sensata Technologies (ST): ST is a 1.89% of the US long portfolio position established in Q1 2014 at prices between $36.78 and $42.90. The stake was increased by ~62% in Q2 2014 at prices between $41.59 and $46.78 and another two-thirds last quarter at prices between $45.15 and $49.76. This quarter saw a ~20% reduction at prices between $41.67 and $53.70. The stock currently trades at $52.50.Shire plc (SHPG): SHPG is a 0.96% of the US long portfolio position established last quarter at prices between $232 and $263. This quarter saw a one-third reduction at prices between $170 and $263. The stock currently trades at $240.Note: In July 2014, AbbVie (ABBV) agreed to acquire SHPG in a $55B transaction but the deal was called off in October. SHPG earned a breakup fee of $1.6B. Last month, SHPG agreed to buy NPS Pharmaceuticals (NPSP) for $5.2B.Kept Steady:Dollar General (DG): DG was first purchased in 2012 and the position has wavered since. The stake is at 2.55% of the portfolio currently. Last significant activity was a one-third increase in Q2 2014 at prices between $53.50 and $62.82. The stock currently trades outside that range at $68.82.Note: Dollar General was involved in a hostile takeover of Family Dollar (FDO). Last month, they formally ended the process as Dollar Tree (DLTR) succeeded in gaining shareholder approval in their bid for FDO.Enphase Energy (ENPH): ENPH has been in the portfolio since its 2012 IPO - the position had remained untouched ever since. Last quarter saw a ~16% reduction at prices between $8.55 and $17.39. Third Point’s investment in the company goes back to January 2007 when they sponsored the company’s entire first round of Series B funding of $4.5M for a 42% stake. The current stake is at ~14% of the company. Loeb revealed that at the time of IPO, the investment already had a ~20% IRR. Since then, the stock has doubled as well. It has been a volatile stock trading as low as $2 in November 2012. It currently trades at $15.15.Roper Industries (ROP) & Liberty Global (LBTYA) (LBTYK): ROP and LBTYK are medium-sized 1.83 % and 2.53% of the US long portfolio positions respectively. The ROP stake was purchased in Q1 2014 at prices between $132 and $142 and the stock currently trades well outside that range at $166. LBTYK has been in the portfolio since 2011. The stock currently trades at $50.78.Sotheby’s (BID): BID is a 2.59% of the US long portfolio position first purchased in Q1 2013 at prices between $32 and $40. The bulk of the current position was purchased in Q3 2013 at prices between $39 and $51. It is an activist stake and on October 2nd, 2013 Dan Loeb wrote a letter to Sotheby’s chairman asking him to step down. The main point of the letter was that the company’s upper management and board interests are not aligned with shareholders. The stock currently trades at $44.89. For investors attempting to follow Third Point, BID is a very good option to consider for further research.Energizer Holdings (ENR) and Intrexon Corporation (XON): These are very small (less than ~1% of the portfolio each) positions. ENR position was established last quarter in the $115 to $125 price-range and it currently trades at $138. ENR is on track to split into a Household Products business and a Personal Care Products business in July 2015. The original XON stake was acquired in 2011 when the company was private. The stock currently trades at $39.30 compared to the Q3 2013 IPO price of $29.The 13F portfolio also shows the following minutely small (less than 0.5% of the portfolio each) stakes: Citigroup Warrants (C.WS.A), FCB Financial Holdings (FCB), Green Brick Partners (GRBK), Moelis & Company (MC), Rice Midstream Partners (RMP), and a debt holding - Cobalt International Energy (CIE) notes. In addition to partner stakes, Third Point also invests the float of Third Point Reinsurance (TPRE).The spreadsheet below highlights changes to Loeb’s US stock holdings in Q4 2014:"

"Tracking Dan Loeb’s Third Point Portfolio – Q3 2014 Update"

"Loeb's 13F portfolio increased ~7% this quarter from $8.13B to $8.71B. The number of positions remained steady at 41.Third Point established a large position in Alibaba Group and medium-sized stakes in eBay Inc. and Bed Bath & Beyond. American International Group and T-Mobile US were eliminated as well.The top-three positions are Dow Chemical (17.60%), Ally Financial (11.13%), and Actavis plc (7.96%) which together is at almost 37% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Dan Loeb’s US stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 11/14/2014. Please visit our to get an idea of his investment philosophy and for the fund’s moves during Q2 2014.The 13F portfolio is very concentrated with the top-three holdings accounting for 36.69% of the entire portfolio. Recent 13F reports show around 40+ long positions. This quarter, Loeb’s US long portfolio increased ~7% from $8.13B to $8.71B. The number of holdings remained steady at 41. Largest five individual stock positions are Dow Chemical, Ally Financial, Actavis plc, Alibaba Group Holdings, and eBay Inc. As per their Q3 2014 investor letter, Third Point’s YTD return was at 6% compared to 8.3% for the S&P 500 Index. Annualized return since inception was at 17.5% (December 1996 inception) compared to 7.5% for S&P 500.New Stakes:Alibaba Group Holdings (BABA): BABA is a large 7.34% of the US long portfolio established this quarter at prices between $87 and $94. The stock currently trades at $111. Alibaba investment thesis is summarized in their Q3 2014 letter: the main idea is that Aliyun (cloud computing), 48% interest in China Smart Logistics, and AliPay are under-appreciated sources of value.Bed Bath & Beyond (BBBY): BBBY is a medium-sized 2.27% of the US long portfolio position established this quarter at prices between $57.38 and $67.33. The stock currently trades outside that range at $72.31.eBay Inc. (EBAY): EBAY is a top-five position at 2.92% of the US long portfolio. The stake was established this quarter at prices between $50 and $56.63 and the stock currently trades at $54.42. eBay saw significant super-investor interest as both Carl Icahn and Seth Klarman added stakes this quarter.Shire plc (SHPG): SHPG is a 2.23% of the US long portfolio position established this quarter at prices between $232 and $263. The stock currently trades below that range at $210. Note: In July AbbVie (ABBV) agreed to acquire SHPG in a $55B transaction but the deal was called off in October.Parker Hannifin Corp. (PH), Energizer Holdings (ENR), Crown Holdings (CCK), and Sunedison Inc. (SUNE): These are small (less than 2% of the portfolio each) positions established this quarter. The 1.69% PH stake was purchased at prices between $110 and $127 and the stock currently trades above that at $132. ENR is a 1.41% position established in the $115 to $125 price-range and it currently trades at $126. CCK is a very small 0.72% stake purchased at prices between $44.52 and $51.47 and the stock currently trades at $48.78. SUNE is a 1.30% position established at prices between $18.88 and $24.05 and the stock currently trades at $22.86. Note: David Einhorn has established a fairly large 5.92% position in the high-teens price-range in SUNE. The stock experienced a ~35% price-spike last week following the acquisition announcement of First Wind Holdings.Stake Disposals:American International Group (AIG): At the end of 2012, AIG was a huge stake at 12% of the US long portfolio. 18.5M shares were purchased during that year at prices between $23 and $35. The original purchase thesis was focused on two short-term factors: 1) the “forced-selling” dynamic at play due to treasury exit, and 2) increased demand due to index weighting increase as a consequence of the government exit. By Q1 2014, the position was sold down to 7M shares. The bulk of that selling happened in Q1 & Q2 2013 at prices between $35 and $45. Last quarter, the stake was reduced by another ~14% at prices between $49.40 and $55.70 and this quarter the remaining ~4% position was eliminated at prices between $51.98 and $56.33. The stock currently trades at $54.59. Loeb harvested large long-term gains from this position.Ashland Inc. (ASH): ASH was a 1.34% of the US long portfolio position. It was increased last quarter at prices between $94 and $109. The original position was established in Q1 2014 at prices between $89 and $100. This quarter saw an about-turn as the position was eliminated at prices between $99 and $109. The stock currently trades at $113. The activity indicates a bearish bias.Citrix Systems (CTXS): CTXS was a 1.54% of the US long portfolio position established in Q1 2014 at prices between $52.72 and $63. Last quarter, the stake was reduced by ~22% at prices between $54.50 and $65 and this quarter the remaining position was sold at prices between $62.55 and $72.68. The stock currently trades at $65.22.FMC Corporation (FMC): FMC was a 1.36% of the US long portfolio position established last quarter at prices between $70.62 and $78.45 and disposed of this quarter at prices between $57.19 and $71.38. The stock currently trades at $56.50.Rackspace Hosting Inc. (RAX): RAX was a fairly large 3% of the US long portfolio position established last quarter at prices between $26.28 and $38.28 and sold off this quarter at prices between $29.50 and $40. The stock currently trades at $44.92.T-Mobile US (TMUS): TMUS was a 3.31% of the US long portfolio position established in Q4 2013 at $25 per share as a result of the company’s secondary offering. The buy-thesis was that despite regulatory issues, a combination of TMUS with either Sprint (S) or Dish Networks (DISH) was the only real alternative to the duopoly of AT&T (T) and Verizon (VZ). The original position was increased by ~25% in Q1 2014 at prices between $29.50 and $33.64. Last quarter, the stake was reduced by just over 15% at prices between $28.10 and $34.86 and the position was eliminated this quarter at prices between $28.44 and $33.91. The stock currently trades at $28.52.Hertz Global (HTZ): The 2.96% HTZ position was first purchased in Q4 2013 at prices between $21.35 and $28.50. The position was marginally reduced last quarter. This quarter, the entire remaining stake was eliminated at prices between $25.39 and $31.56. The stock currently trades at $23.77. The quick about-turn indicates a clear bearish bias.Astrazeneca plc (AZN) Calls, Finisar Corporation (FNSR), & Walgreen Company (WAG): These were very small (less than ~1% of the US long portfolio each) positions dropped this quarter. As the position sizes were too small, the activity does not indicate a clear bias.Stake Increases:Actavis plc (ACT): ACT is a top-three position at 7.96% of the US long portfolio. It was established in Q1 2014 at prices between $168 and $227. The stake was increased by ~15% this quarter at prices between $203 and $248. The stock currently trades above that range at $260. The activity indicates a clear bullish bias. The stock has returned just over 50% so far this year and it experienced a price-spike earlier this month after they announced the acquisition of Allergan Inc. (AGN).Amgen Inc. (AMGN): The small 0.65% AMGN stake established last quarter was increased by almost 200% this quarter to a medium-sized 2.14% position at prices between $115 and $144. The stock currently trades at $163. The buy thesis is based around the idea that efficient capital allocation along with splitting the company into a mature business and growth business should unlock tremendous value over the next two years ($249 price-target).Anheuser Busch (BUD): BUD is a 2.54% of the US long portfolio position established in Q1 2014 at prices between $94 and $107. The stake was increased by ~30% last quarter at prices between $105 and $116 and another ~14% this quarter at prices between $107 and $116. The stock currently trades at $115. The activity indicates a bullish bias.Avago Technologies (AVGO): AVGO is a 1.65% of the US long portfolio position that was reduced by half last quarter at prices between $58.53 and $72.07. The position was established in Q1 2014 at prices between $52.49 and $65.31. This quarter, the pattern reversed as the stake was increased by almost two-thirds at prices between $69.38 and $89.52. The stock currently trades at $90.24.Coca Cola Enterprises (CCE): CCE has been in the portfolio since 2012. The original position was substantially increased in Q3 2013 with the purchase of around 2.2M shares at prices between $35 and $41. The stake had seen only minor adjustments since. This quarter saw a ~27% increase at prices between $44.36 and $48.77. The stock currently trades at $43.72 and the stake is at 2.16%.Dow Chemical (DOW): DOW is currently Third Point’s largest individual stock position at a whopping 17.60% of the US long portfolio. The original stake was established in Q4 2013 at prices between $38.30 and $45. Last quarter, the position was increased by just over 180% at prices between $46.95 and $53.15 and this quarter saw an additional one-third increase at prices between $51 and $55. The stock currently trades at $52.84. It is an activist stake and Loeb has said that a “combination of closures, modifications brownfield investments, and divestitures” will be required in Dow’s petrochemical assets to harness the full potential. Over the last one-year, the stock has returned around 33% but the ten-year return is depressing at just ~8%.H&R Block (HRB): HRB is a 1.58% of the US long portfolio position established in Q1 2014 at prices between $28 and $32. It was increased by ~23% last quarter at prices between $27.40 and $33.52 and marginally this quarter. The stock currently trades at $33.24.Sensata Technologies (ST): ST is a 2.56% of the US long portfolio position established in Q1 2014 at prices between $36.78 and $42.90. The stake was increased by ~62% last quarter at prices between $41.59 and $46.78 and another two-thirds this quarter at prices between $45.15 and $49.76. The stock currently trades at $49.65.Anadarko Petroleum (APC) & Calls: The original APC stake established in early 2013 was more than doubled in Q3 & Q4 2013 at prices between $78 and $97. Since then the position has been kept relatively steady. Last two quarters have seen minor increases. The stock currently trades at $93.28.American Airlines Group (AAL) & EQT Corporation (EQT): These two positions were increased substantially this quarter. The 1.12% AAL stake was increased by almost 30% at prices between $35 and $43.70 and the stock currently trades at $43.31. The 1.59% EQT position was increased by 360% at prices between $91 and $107 and the stock currently trades at $95.02. The significant buying indicates a bullish bias toward these businesses.Stake Decreases:Ally Financial (ALLY): ALLY is a huge 11.13% of the US long portfolio position established last quarter as a result of its IPO in April. Loeb started investing in ALLY in 2011 through unsecured debt and preferred securities. This quarter saw a ~8% trimming at prices between $22.60 and $25. He currently holds around 8.75% of the shares outstanding. The stock started trading at around $24 and currently trades at $23.46.Cheniere Energy (LNG): LNG is a very small 0.73% of the US long portfolio position that was reduced by almost two-thirds this quarter at prices between $70 and $85. The stake was established in Q4 2013 at prices between $34 and $45. Last quarter, the position was reduced by 25% at prices between $54 and $72. The stock currently trades at $74.42. Loeb is realizing short-term gains from this position.Enphase Energy (ENPH): ENPH has been in the portfolio since its 2012 IPO - the position had remained untouched ever since. This quarter saw a ~16% reduction at prices between $8.55 and $17.39. Third Point’s investment in the company goes back to January 2007 when they sponsored the company’s entire first round of Series B funding of $4.5M for a 42% stake. The current stake is at ~14% of the company. Loeb revealed that at the time of IPO, the investment already had a ~20% IRR. Since then, the stock has returned ~56%. It has been a volatile stock trading as low as $2 in November 2012. It currently trades at $11.48.Fedex Corporation (FDX): FDX stake was first established in Q3 2013 when 2M shares were purchased at prices between $98 and $117. Last quarter, the position was reduced by half at prices between $131 and $152 and this quarter saw another 25% reduction at prices between $145 and $162. The stock currently trades at $174. Loeb is harvesting short-term gains from this position.Masco Corporation (MAS): MAS is a 2.22% of the US long portfolio position established in Q1 2014 at prices between $20.74 and $23.63. It was increased by ~80% last quarter at prices between $19.54 and $22.89. This quarter saw minor selling. The stock currently trades at $24.07.Williams Companies (WMB): WMB is a small 0.95% of the US long portfolio position first purchased in Q4 2013 at prices between $35 and $39. The stake was increased by ~18% in Q1 2014 at prices between $38 and $43. Last quarter saw an about-turn as the position was reduced by 25% at prices between $40 and $59 and this quarter the pattern continued with a ~60% reduction at prices between $54 and $59.44. The stock currently trades at $55.48.YPF S A (YPF): YPF is a 1.58% of the US long portfolio position. It was established in Q1 2014 at prices between $21.05 and $33.08 and increased by over 135% last quarter at prices between $27.90 and $35.95. This quarter, the stake was reduced by ~40% at prices between $30.97 and $38.91. The stock currently trades at $34.31.CF Industries (CF): The 2.44% CF position was purchased in Q1 2014 at prices between $225 and $265. Last two quarters have seen some selling as the original stake has been reduced by ~21% at prices between $235 and $280. The stock currently trades at $278.Constellation Brands (STZ) & Calls: The 2.10% STZ position was first purchased in 2012 and has only seen marginal activity since. This quarter saw a ~5% increase.Kept Steady:Dollar General (DG): DG was first purchased in 2012 and the position has wavered since. The stake is at 2.81% of the portfolio currently. The position saw a one-third increase last quarter at prices between $53.50 and $62.82 and the stock currently trades at $67.45. Dollar General is currently involved in a hostile takeover of Family Dollar (FDO).Roper Industries (ROP) & Liberty Global (LBTYA) (LBTYK): ROP and LBTYK are medium-sized 2.18% and 2.49% of the US long portfolio positions respectively. The ROP stake was purchased in Q1 2014 at prices between $132 and $142 and the stock currently trades at $158. LBTYK has been in the portfolio since 2011. The stock currently trades at $45.42.Sotheby’s (BID): BID is a 2.73% of the US long portfolio position first purchased in Q1 2013 at prices between $32 and $40. The bulk of the current position was purchased in Q3 2013 at prices between $39 and $51. It is an activist stake and on October 2nd, 2013 Dan Loeb wrote a letter to Sotheby’s chairman asking him to step down. The main point of the letter was that the company’s upper management and board interests are not aligned with shareholders. The stock currently trades at $41.93. For investors attempting to follow Third Point, BID is a very good option to consider for further research.IAC Interactive (IACI): IACI is a 1.51% of the US long portfolio position established last quarter at prices between $62 and $70 and kept steady this quarter. The stock currently trades at $64.99.Intrexon Corporation (XON): XON is a very small 0.62% of the US long portfolio positon left untouched this quarter.The 13F portfolio also shows the following minute (less than 0.5% of the portfolio each) stakes: BioFuel Energy (BIOF), FleetCor Technologies (FLT), Moelis & Company (MC), and Molson Coors Brewing Co. (TAP).The spreadsheet below highlights changes to Loeb’s US stock holdings in Q3 2014:"

"Tracking Dan Loeb’s Third Point Portfolio – Q2 2014 Update"

"Loeb's 13F portfolio increased 19% this quarter from $6.8B to $8.1B. The number of positions decreased from 47 to 41.Third Point established a huge new 13.39% of the US long portfolio position in Ally Financial as a result of their IPO in April.The top-three positions are Dow Chemical (13.92%), Ally Financial (13.39%), and Actavis plc (6.86%) which together is at just over one-third of the portfolio.This article is the first in a series that provides an ongoing analysis of the changes made to Dan Loeb’s US stock portfolio on a quarterly basis. It is based on Third Point’s regulatory filed on 08/14/2014. Dan Loeb founded Third Point in June 1995 with $3.3M raised mainly from friends and family. His management style is a combination of traditional value investing, long/short event-driven (bankruptcy or spin-off), and an activist philosophy that buys into troubled businesses with inefficient management. The idea in the latter case is to attempt to replace management through activism thereby helping increase shareholder value over time.Dan Loeb has an enviable long-term performance track-record. From inception in December 1996 through Q2 2014, Third Point’s flagship offshore fund returned 17.8% annualized return compared to 7.5% for the S&P 500 index. 2008 was the worst-performing year when it lost close to one third of its assets. The firm has over $14B in Assets Under Management (AUM). The worldwide fund currently has just below 60% invested in US long equities and they use very little leverage. On the average, around half of the fund’s assets are shorted although the figure fluctuates considerably quarter-to-quarter.The 13F portfolio is very concentrated with the top-three holdings accounting for over one-third of the entire portfolio. Recent 13F reports show around 50 long positions. This quarter, Loeb’s US long portfolio increased 19% from $6.8B to $8.1B. The number of holdings decreased from 47 to 41. Largest five individual stock positions are Dow Chemical, Ally Financial, Actavis plc, American International Group, and Sotheby’s.New Stakes:Ally Financial (ALLY): ALLY is a huge 13.39% of the US long portfolio position established this quarter as a result of its IPO in April. Loeb started investing in ALLY in 2011 through unsecured debt and preferred securities. He currently holds around 9.5% of the shares outstanding. The stock started trading at around $24 and currently trades at $24.83.Rackspace Hosting Inc. (RAX): RAX is a fairly large 3% of the US long portfolio position established this quarter at prices between $26.28 and $38.28. The stock currently trades near the middle of that range at $33.38. The activity indicates a bullish bias.FMC Corporation (FMC): FMC is a 1.36% of the US long portfolio position established this quarter at prices between $70.62 and $78.45 and the stock currently trades below that range at $65.94. For investors attempting to follow Loeb, FMC is a good option to consider for further research.IAC Interactive (IACI): IACI is a 1.70% of the US long portfolio position established at prices between $62 and $70 and the stock currently trades at $68.38.Amgen Inc. (AMGN), Astrazeneca plc (AZN) Calls, Finisar Corporation (FNSR), & Walgreen Company (WAG): These were very small (less than ~1% of the US long portfolio each) positions established this quarter. The stake establishments represent a mild bullish bias toward these businesses.Stake Disposals:Cabot Oil & Gas (COG): COG stake was first established in Q1 2013 when 1.25M shares were purchased at prices between $24 and $34. The original stake was increased by around 140% in Q4 2013 at prices between $32.63 and $38.93 and a further 50% last quarter at prices between $32.24 and $41.61. This quarter, the entire 2.24% position was eliminated at prices between $32.41 and $39.40. The stock currently trades at $33.50. The about-turn indicates a clear bearish bias.Crown Holdings (CCK): CCK is a 1.97% of the US long portfolio position eliminated this quarter at prices between $44.19 and $50.68. The position was established in Q4 2013 at prices between $40 and $45 and since then had been kept steady. The stock currently trades at $47.09.Google Inc. (GOOG) (GOOGL): GOOG was a fairly large 3.44% of the US long portfolio as of last quarter. It was disposed of this quarter at prices between $510 and $579. The stock currently trades at $583. The original position was purchased in Q3 2013 at prices between $423 and $435 and was almost doubled over the next two quarters. Loeb realized short-term gains from this position.International Paper (IP) & Calls: IP was first purchased in Q1 2013 when around 6.6M shares were purchased at prices between $40 and $47. The position size peaked in Q3 2013 at 8.75M shares. The investment thesis boiled down to anticipating near-term sector and secular tailwinds along with the chance for increased buybacks and dividends. The position was sold down to 6M shares by last quarter. This quarter, the entire position was eliminated at prices between $45 and $51. The stock currently trades at $47.62.Citigroup Inc. (C), Select Sector SPDR Industrials (XLI), & Verizon Communications (VZ): These are significantly large positions established last quarter but eliminated this quarter. Third Point’s most recent investor letter mentions that they sold down several positions and believed having dry powder would be very beneficial towards year end. These stake eliminations are consistent with that sentiment.Baidu Inc. (BIDU), Mondelez International (MDLZ), NCR Corporation (NCR), Nokia Corporation (NOK), Ocwen Financial (OCN), Signet Jewelers (SIG), TIM Participacoes (TSU), & Time Warner Cable (TWC): These are very small (less than ~1% of the US long portfolio each) positions that were eliminated this quarter. As the position sizes were very small, the activity does not represent any clear bias.Stake Increases:Dow Chemical (DOW): DOW is currently Third Point’s largest individual stock position at 13.92% of the US long portfolio. The original stake was established in Q4 2013 at prices between $38.30 and $45. This quarter, the position was increased by just over 180% at prices between $46.95 and $53.15. The stock currently trades at $53.07. It is an activist stake and Loeb has said that a “combination of closures, modifications brownfield investments, and divestitures” will be required in Dow’s petrochemical assets to harness the full potential. Over the last one-year, the stock has returned around 44% but the ten-year return is a depressing ~30%.Anheuser Busch (BUD): BUD is a 2.47% of the US long portfolio position established last quarter at prices between $94 and $107. The stake was increased by ~30% this quarter at prices between $105 and $116. The stock currently trades at $111. The activity indicates a bullish bias.Dollar General (DG) & Ashland Inc. (ASH): These two positions were increased by one-third each this quarter. ASH is a 1.34% of the US long portfolio position. It was increased this quarter at prices between $94 and $109. The original position was established last quarter at prices between $89 and $100. The stock currently trades at $107. DG is a 2.82% of the US long portfolio position that was increased this quarter at prices between $53.50 and $62.82 and the stock currently trades just outside that range at $63.61. DG was first purchased in 2012 and the position has wavered since.H&R Block (HRB): HRB is a 1.77% of the US long portfolio position established last quarter at prices between $28 and $32. It was increased by ~23% this quarter at prices between $27.40 and $33.52. The stock currently trades at $33.83.Masco Corporation (MAS): MAS is a 2.32% of the US long portfolio position established last quarter at prices between $20.74 and $23.63. It was increased by ~80% this quarter at prices between $19.54 and $22.89. The stock currently trades at $23.51. The activity indicates a bullish bias.Sensata Technologies (ST): ST is a 1.73% of the US long portfolio position established last quarter at prices between $36.78 and $42.90. The stake was increased by ~62% this quarter at prices between $41.59 and $46.78. The stock currently trades outside those ranges at $49.76.YPF S A (YPF): YPF is a 2.51% of the US long portfolio position established last quarter at prices between $21.05 and $33.08. It was increased by over 135% this quarter at prices between $27.90 and $35.95. The stock currently trades at $32. Third Point anticipates a change in the political leadership of Argentina at the end of 2015 and are posturing to benefit from an increase in foreign direct investment from that point on.Anadarko Petroleum (APC) & Calls, Coca Cola Enterprises (CCE), Constellation Brands (STZ) & Calls, & Roper Industries (ROP): These are significant positions that saw small increases (less than ~10% increase) this quarter. The activity represents a mild bullish bias toward these businesses.Stake Decreases:American International Group (AIG): At the end of 2012, AIG was a huge stake at 12% of the US long portfolio. 18.5M shares were purchased during that year at prices between $23 and $35. The original purchase thesis was focused on two short-term factors: 1) the “forced-selling” dynamic at play due to treasury exit, and 2) increased demand due to index weighting increase as a consequence of the government exit. By last quarter, the position was sold down to 7M shares. The bulk of that selling happened in Q1 & Q2 2013 at prices between $35 and $45. This quarter, the stake was reduced by another ~14% at prices between $49.40 and $55.70. The stock currently trades at $55.58. Loeb is harvesting large long-term gains from this position.Avago Technologies (AVGO): AVGO is a 1.77% of the US long portfolio position that was reduced by half this quarter at prices between $58.53 and $72.07. The position was established last quarter at prices between $52.49 and $65.31. The stock currently trades at $76.27. The quick turnaround indicates a bearish bias.Cheniere Energy (LNG): LNG is a 1.98% of the US long portfolio position established in Q4 2013 at prices between $34 and $45. This quarter, the position was reduced by 25% at prices between $54 and $72. The stock currently trades at $75.23. Loeb is starting to realize short-term gains from this position.Citrix Systems (CTXS): CTXS is a 1.54% of the US long portfolio position established last quarter at prices between $52.72 and $63. This quarter, the stake was reduced by ~22% at prices between $54.50 and $65. The stock currently trades at $70.10.Fedex Corporation (FDX): FDX stake was first established in Q3 2013 when 2M shares were purchased at prices between $98 and $117. This quarter, the position was reduced by half at prices between $131 and $152. The stock currently trades at $150.55. Loeb is harvesting short-term gains from this position.T-Mobile US (TMUS): TMUS is a 3.31% of the US long portfolio position established in Q4 2013 at $25 per share as a result of the company’s secondary offering. The buy-thesis was that despite regulatory issues, a combination of TMUS with either Sprint (S) or Dish Networks (DISH) was the only real alternative to the duopoly of AT&T (T) and Verizon (VZ). The original position was increased by ~25% last quarter at prices between $29.50 and $33.64. This quarter, the stake was reduced by just over 15% at prices between $28.10 and $34.86. The stock currently trades at $29.16.Williams Companies (WMB): WMB is a 2.68% of the US long portfolio position first purchased in Q4 2013 at prices between $35 and $39. The stake was increased by ~18% last quarter at prices between $38 and $43. This quarter saw an about-turn as the position was reduced by 25% at prices between $40 and $59. The stock currently trades at $58.32.Hertz Global (HTZ), CF Industries (CF) & Liberty Global (LBTYA) (LBTYK): These are significant positions (more than 0.5% of the US long portfolio) that saw small decreases (less than ~10% decrease) this quarter. As the activities were minor, they do not indicate a clear change in bias.American Airlines Group (AIG), EQT Corporation (EQT), & Intrexon Corporation (XON): These are very small positions (less than ~1% of the US long portfolio each) that were further reduced this quarter.Kept Steady:Actavis plc (ACT): ACT is a top-three position at 6.86% of the US long portfolio. It was established last quarter at prices between $168 and $227 and the stock currently trades near the top end of that range at $226. The large stake establishment indicates a clear bullish bias.Sotheby’s (BID): BID is a 3.43% of the US long portfolio position first purchased in Q1 2013 at prices between $32 and $40. The bulk of the current position was purchased in Q3 2013 at prices between $39 and $51. It is an activist stake and on October 2nd, 2013 Dan Loeb wrote a letter to Sotheby’s chairman asking him to step down. The main point of the letter was that the company’s upper management and board interests are not aligned with shareholders. The stock currently trades at $41. For investors attempting to follow Third Point, BID is a very good option to consider for further research.Enphase Energy (ENPH): ENPH has been in the portfolio since its 2012 IPO - the position has remained untouched ever since. Third Point’s investment in the company goes back to January 2007 when they sponsored the company’s entire first round of Series B funding of $4.5M for a 42% stake. The current stake is at ~17% of the company. Loeb revealed that at the time of IPO, the investment already had a ~20% IRR. Since then, the stock has returned ~84%. It has been a volatile stock trading as low as $2 in November 2012. It currently trades at $13.50.The 13F portfolio also shows the following minute (less than 0.5% of the portfolio each) stakes: BioFuel Energy (BIOF), JDS Uniphase (JDSU), Memorial Resource Development Corporation (MRD), Moelis & Company (MC), and Owens Corning (OC).The spreadsheet below highlights changes to Loeb’s US stock holdings in Q2 2014:"

"Tracking David Abrams’ Abrams Capital Management Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ 13F portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 8/14/2023. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q1 2023.This quarter, Abrams’ 13F portfolio value increased from $3.16B to $3.48B. The number of holdings increased from 15 to 16. The top three stakes are at ~45% of the 13F portfolio while the top five holdings are at ~61%.New Stakes:Horizon Therapeutics (HZNP): HZNP is a merger-arbitrage stake established this quarter. Amgen (AMGN) is acquiring HZNP in a $116.50 cash deal announced last December. The stock currently trades at ~$106 and the stake is at 2.64% of the portfolio.Stake Increases:None.Stake Decreases:Meta Platforms (META) previously Facebook: META is a large (top three) 9.39% portfolio position purchased in Q4 2018 at prices between $124 and $163. Q1 2020 saw a ~18% stake increase at prices between $146 and $223. Q4 2022 saw another ~80% stake increase at prices between ~$89 and ~$140. There was a ~47% selling this quarter at prices between ~$208 and ~$289. The stock currently trades at ~$294.TransDigm Group (TDG): The large (top five) ~8% TDG position was purchased in Q1 2020 at prices between $246 and $658 and the stock currently trades at ~$866. There was a roughly one-third reduction during Q4 2022 at prices between ~$510 and ~$640. That was followed by a ~15% trimming this quarter.Alphabet Inc. (GOOG): GOOG is a large ~8% position purchased in Q2 2018 at prices between ~$50 and ~$59. There was a ~20% stake increase in Q1 2020 at prices between ~$53 and ~$76. Q4 2022 saw a similar reduction at prices between ~$83.50 and ~$105. The stock is now at ~$133. There was marginal trimming this quarter.Coupang Inc. (CPNG): The 6.51% CPNG stake was purchased in Q3 2021 at prices between ~$27 and ~$44.50. Next quarter saw a ~120% stake increase at prices between ~$25.50 and ~$30.50. That was followed with a ~40% stake increase in Q1 2022 at prices between ~$15.50 and ~$28.75. The stock is now at $18.76. This quarter saw a minor ~3% trimming.Kept Steady:Lithia Motors (LAD): LAD is currently the largest position at ~21% of the portfolio. It was established in Q2 2018 at prices between $95 and $105 and almost doubled next quarter at prices between $81 and $99. The stock is now at ~$305.Note: Their ownership stake in Lithia Motors is at ~9%.Asbury Automotive (ABG): ABG is a top-three ~15% position established in Q3 2017 at prices between $50 and $62 and increased by ~45% in Q3 2018 at prices between $67 and $77.50. Next quarter saw another 20% stake increase at prices between $59 and $72. Q1 2020 also saw a ~11% stake increase at an average cost in the high 40s. The stock currently trades at ~$222.Note: Their ownership stake in the business is ~9%.Energy Transfer LP (ET): The 6.51% ET stake was established in Q1 2020 at prices between $4.55 and $13.75. There was a ~64% stake increase in Q3 2020 at prices between $5.40 and $7.15. There was a ~20% selling during Q4 2022 at prices between ~$11 and ~$12.75. The stock is now at ~$13.U-Haul Holding Company (UHAL): UHAL is a ~6% position purchased in Q4 2016 at prices between $31 and $37 and increased by ~160% the following quarter at prices between $37 and $39. There was a ~45% increase in Q2 2017 at prices between $34 and $39 and that was followed with a similar increase in H1 2018 at prices between $32 and $38. Q4 2021 saw a ~20% reduction at prices between ~$65 and ~$76. The stock is now at $56.51.Note: the prices quoted above are adjusted for the 10-for-1 stock-split last November.Willis Towers Watson plc (WTW): WTW is a 5.46% position purchased in Q1 2017 at prices between $117 and $133. Since then, the activity had been minor. Q4 2022 saw a ~25% selling at prices between ~$201 and ~$248. The stock is now at ~$203.Camping World Holdings (CWH): CWH is a 4.42% position purchased in Q3 2018 at prices between $19 and $27 and increased by two-thirds next quarter at prices between $11.25 and $22.50. Q2 2019 saw a ~30% stake increase at prices between $11 and $13 per share. Q4 2019 also saw a ~12% stake increase at ~$7.90 per share while in Q3 2020 there was similar selling at ~$37.50. The stock is now at $25.59. They control ~12% of the business.Tempur Sealy International (TPX): TPX is a 4.15% of the portfolio stake established in Q3 2021 at prices between ~$37.50 and ~$49.60 and the stock currently trades at $43.90.Teva Pharmaceutical (TEVA): TEVA is a 1.72% of the portfolio stake established in Q3 2017 at prices between $15.50 and $33.50. Q3 2019 saw a one-third stake increase at prices between $6 and $9.60. Q4 2022 saw a one-third reduction at prices between ~$8 and ~$9.50. That was followed with a ~50% selling last quarter at prices between ~$8.35 and ~$11.40. The stock currently trades at $9.74.Cantaloupe Inc. (CTLP) previously USA Technologies: The small 1.64% CTLP position was purchased in Q1 2021 at prices between ~$9.45 and ~$12.45 and it is now at $7.82. Q1 2022 saw a ~50% stake increase at prices between ~$6.50 and ~$8.75. That was followed with a ~130% increase last quarter at prices between ~$4.35 and ~$6.20.Nuvation Bio (NUVB): Panacea Acquisition merged with Nuvation Bio in a de-SPAC transaction that closed in February 2021. The stake was established during that quarter when it traded between ~$9 and ~$14.60. It currently trades at $1.67, and the stake is at 0.20% of the portfolio.USCB Financial Holdings (USCB): USCB is a minutely small 0.19% portfolio position established in Q3 2021. The stake saw a ~23% selling during Q4 2022.The spreadsheet below highlights changes to Abrams’ 13F stock holdings in Q2 2023:Source: John Vincent. Data constructed from Abrams Capital Management’s 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 2/11/2023 to 5/21/2023: None."

"Tracking David Abrams’ Abrams Capital Management Portfolio – Q1 2023 Update"

"David Abrams’ 13F portfolio value increased this quarter from $2.80B to $3.16B. The number of positions remained steady at 15.Cantaloupe stake was increased while decreasing Teva Pharmaceutical.The top three positions are Lithia Motors, Meta Platforms, and Ashbury Automotive. They add up to ~45% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ 13F portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 5/12/2023. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q4 2022.This quarter, Abrams’ 13F portfolio value increased from $2.80B to $3.16B. The number of holdings remained steady at 15. The top three stakes are at ~45% of the 13F portfolio while the top five holdings are at ~62%.Stake Increases:Cantaloupe Inc. (CTLP) previously USA Technologies: The small 1.29% CTLP position was purchased in Q1 2021 at prices between ~$9.45 and ~$12.45 and it is now at $6.53. Q1 2022 saw a ~50% stake increase at prices between ~$6.50 and ~$8.75. That was followed with a ~130% increase this quarter at prices between ~$4.35 and ~$6.20.Stake Decreases:Meta Platforms (META) previously Facebook: META is a large (top three) 14.42% portfolio position purchased in Q4 2018 at prices between $124 and $163. Q1 2020 saw a ~18% stake increase at prices between $146 and $223. The last quarter saw another ~80% stake increase at prices between ~$89 and ~$140. The stock currently trades at ~$249. There was a marginal reduction this quarter.Asbury Automotive (ABG): ABG is a top-three ~14% position established in Q3 2017 at prices between $50 and $62 and increased by ~45% in Q3 2018 at prices between $67 and $77.50. Next quarter saw another 20% stake increase at prices between $59 and $72. Q1 2020 also saw a ~11% stake increase at an average cost in the high 40s. The stock currently trades at ~$203. There was marginal trimming this quarter.Note: Their ownership stake in the business is ~9%.Teva Pharmaceutical (TEVA): TEVA is a 2.23% of the portfolio stake established in Q3 2017 at prices between $15.50 and $33.50. Q3 2019 saw a one-third stake increase at prices between $6 and $9.60. The stock currently trades at $7.57. The last quarter saw a one-third reduction at prices between ~$8 and ~$9.50. That was followed with a ~50% selling this quarter at prices between ~$8.35 and ~$11.40.Kept Steady:Lithia Motors (LAD): LAD is currently the largest position at ~17% of the portfolio. It was established in Q2 2018 at prices between $95 and $105 and almost doubled next quarter at prices between $81 and $99. There have been minor increases since. The stock is now at ~$235.Note: Their ownership stake in Lithia Motors is at ~9%.TransDigm Group (TDG): The large (top five) 8.54% TDG position was purchased in Q1 2020 at prices between $246 and $658 and the stock currently trades at ~$780. There was a roughly one-third reduction last quarter at prices between ~$510 and ~$640.Alphabet Inc. (GOOG): GOOG is a large 7.68% position purchased in Q2 2018 at prices between ~$50 and ~$59. There was a ~20% stake increase in Q1 2020 at prices between ~$53 and ~$76. The last quarter saw a similar reduction at prices between ~$83.50 and ~$105. The stock is now at ~$122.Energy Transfer LP (ET): The ~7% ET stake was established in Q1 2020 at prices between $4.55 and $13.75. There was a ~64% stake increase in Q3 2020 at prices between $5.40 and $7.15. The stock is now at ~$12.80. There was a ~20% selling last quarter at prices between ~$11 and ~$12.75.Coupang Inc. (CPNG): The 6.80% CPNG stake was purchased in Q3 2021 at prices between ~$27 and ~$44.50. Next quarter saw a ~120% stake increase at prices between ~$25.50 and ~$30.50. That was followed with a ~40% stake increase in Q1 2022 at prices between ~$15.50 and ~$28.75. The stock is now at $15.73.U-Haul Holding Company (UHAL): UHAL is a 6.78% position purchased in Q4 2016 at prices between $31 and $37 and increased by ~160% the following quarter at prices between $37 and $39. There was a ~45% increase in Q2 2017 at prices between $34 and $39 and that was followed with a similar increase in H1 2018 at prices between $32 and $38. Q4 2021 saw a ~20% reduction at prices between ~$65 and ~$76. There has been minor trimming since. The stock is now at ~$63.Note: the prices quoted above are adjusted for the 10-for-1 stock-split last November.Willis Towers Watson plc (WTW): WTW is a large ~6% position purchased in Q1 2017 at prices between $117 and $133. Since then, the activity had been minor. Last quarter saw a ~25% selling at prices between ~$201 and ~$248. The stock is now at ~$221.Tempur Sealy International (TPX): TPX is a 4.50% of the portfolio stake established in Q3 2021 at prices between ~$37.50 and ~$49.60 and the stock currently trades at $37.25.Camping World Holdings (CWH): CWH is a 3.37% position purchased in Q3 2018 at prices between $19 and $27 and increased by two-thirds next quarter at prices between $11.25 and $22.50. Q2 2019 saw a ~30% stake increase at prices between $11 and $13 per share. Q4 2019 also saw a ~12% stake increase at ~$7.90 per share while in Q3 2020 there was similar selling at ~$37.50. The stock is now at $27.45. They control ~12% of the business.Nuvation Bio (NUVB): Panacea Acquisition merged with Nuvation Bio in a de-SPAC transaction that closed in February 2021. The stake was established during that quarter when it traded between ~$9 and ~$14.60. It currently trades at $1.67, and the stake is at 0.20% of the portfolio.USCB Financial Holdings (USCB): USCB is a minutely small 0.20% portfolio position established in Q3 2021. The stake saw a ~23% selling last quarter.The spreadsheet below highlights changes to Abrams’ 13F stock holdings in Q1 2023:Source: John Vincent. Data constructed from Abrams Capital Management’s 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 11/10/2022 to 2/11/2023: 13G/A – 2/2 – CHNG - zero."

"Tracking David Abrams’ Abrams Capital Management Portfolio – Q4 2022 Update"

"David Abrams’ 13F portfolio value decreased this quarter from $3.47B to $2.80B. The number of positions decreased from 18 to 15.The Meta Platforms stake was increased substantially while decreasing TransDigm Group, Energy Transfer, Alphabet, Willis Towers Watson, and Teva Pharmaceutical.The top three positions are Lithia Motors, Ashbury Automotive, and Meta Platforms. They add up to ~40% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ 13F portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 2/10/2023. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q3 2022.This quarter, Abrams’ 13F portfolio value decreased from $3.47B to $2.80B. The number of holdings decreased from 18 to 15. The top three stakes are at ~40% of the 13F portfolio while the top five holdings are at ~56%.Stake Disposals:Change Healthcare: Change Healthcare was a large (top-three) 12.61% of the portfolio position established during the first three quarters of 2021 at prices between ~$18 and ~$24. UnitedHealth (UNH) acquired Change Healthcare in a $25.75 per share all-cash deal that closed last October.Note: Abrams Capital Management had a ~5.4% ownership stake in Change Healthcare.Kinder Morgan (KMI): KMI was a 1.62% of the portfolio position purchased in Q1 2018 at prices between $14.75 and $19.75. Q1 2020 saw a ~15% stake increase at prices between $10 and $22.25 and that was followed with a ~27% increase next quarter at prices between $12.73 and $18. There was a ~73% reduction last quarter at prices between ~$16 and ~$19. The disposal this quarter was at prices between ~$16.50 and ~$19.15. The stock currently trades at $18.36.O-I Glass (OI) previously Owens-Illinois: OI was a 2.59% of the portfolio stake established in Q4 2019 at prices between $8.50 and $12 and increased by ~42% next quarter at prices between $4.64 and $15. The elimination this quarter was at prices between ~$13 and ~$17. The stock currently trades at $21.75.Stake Increases:Meta Platforms (META) previously Facebook: META is a large (top three) 9.34% portfolio position purchased in Q4 2018 at prices between $124 and $163. Q1 2020 saw a ~18% stake increase at prices between $146 and $223. This quarter saw another ~80% stake increase at prices between ~$89 and ~$140. The stock currently trades at ~$174.Coupang Inc. (CPNG): The 6.44% CPNG stake was purchased in Q3 2021 at prices between ~$27 and ~$44.50. Next quarter saw a ~120% stake increase at prices between ~$25.50 and ~$30.50. That was followed with a ~40% stake increase in Q1 2022 at prices between ~$15.50 and ~$28.75. The stock is now near the low end of their purchase price ranges at $15.65. There was a marginal increase this quarter.Stake Decreases:TransDigm Group (TDG): The large (top five) 8.22% TDG position was purchased in Q1 2020 at prices between $246 and $658 and the stock currently trades at ~$731. There was a roughly one-third reduction this quarter at prices between ~$510 and ~$640.U-Haul Holding Company (UHAL): UHAL is a ~8% position purchased in Q4 2016 at prices between $31 and $37 and increased by ~160% the following quarter at prices between $37 and $39. There was a ~45% increase in Q2 2017 at prices between $34 and $39 and that was followed with a similar increase in H1 2018 at prices between $32 and $38. Q4 2021 saw a ~20% reduction at prices between ~$65 and ~$76. There has been minor trimming since. The stock is now at ~$65.Note: the prices quoted above are adjusted for the 10-for-1 stock-split last November.Energy Transfer LP (ET): The 7.55% ET stake was established in Q1 2020 at prices between $4.55 and $13.75. There was a ~64% stake increase in Q3 2020 at prices between $5.40 and $7.15. The stock is now at $12.84. There was a ~20% selling this quarter at prices between ~$11 and ~$12.75.Alphabet Inc. (GOOG): GOOG is a large 7.36% position purchased in Q2 2018 at prices between ~$50 and ~$59. There was a ~20% stake increase in Q1 2020 at prices between ~$53 and ~$76. This quarter saw a similar reduction at prices between ~$83.50 and ~$105. The stock is now at ~$95.Willis Towers Watson plc (WTW): WTW is a large ~7% position purchased in Q1 2017 at prices between $117 and $133. Since then, the activity had been minor. This quarter saw a ~25% selling at prices between ~$201 and ~$248. The stock is now at ~$245.Teva Pharmaceutical (TEVA): TEVA is a 5.18% of the portfolio stake established in Q3 2017 at prices between $15.50 and $33.50. Q3 2019 saw a one-third stake increase at prices between $6 and $9.60. The stock currently trades at $10.26. This quarter saw a one-third reduction at prices between ~$8 and ~$9.50.USCB Financial Holdings (USCB): USCB is a minutely small 0.28% portfolio position established in Q3 2021. The stake saw a ~23% selling this quarter.Kept Steady:Lithia Motors (LAD): LAD is currently the largest position at ~17% of the portfolio. It was established in Q2 2018 at prices between $95 and $105 and almost doubled next quarter at prices between $81 and $99. There have been minor increases since. The stock is now at ~$274.Note: Their ownership stake in Lithia Motors is at ~9%.Asbury Automotive (ABG): ABG is a top-three 13.54% position established in Q3 2017 at prices between $50 and $62 and increased by ~45% in Q3 2018 at prices between $67 and $77.50. Next quarter saw another 20% stake increase at prices between $59 and $72. Q1 2020 also saw a ~11% stake increase at an average cost in the high 40s. The stock currently trades at ~$232.Note: Their ownership stake in the business is ~9%.Tempur Sealy International (TPX): TPX is a 4.41% of the portfolio stake established in Q3 2021 at prices between ~$37.50 and ~$49.60 and the stock currently trades at $40.92.Camping World Holdings (CWH): CWH is a ~4% position purchased in Q3 2018 at prices between $19 and $27 and increased by two-thirds next quarter at prices between $11.25 and $22.50. Q2 2019 saw a ~30% stake increase at prices between $11 and $13 per share. Q4 2019 also saw a ~12% stake increase at ~$7.90 per share while in Q3 2020 there was similar selling at ~$37.50. The stock is now at ~$25. They control ~12% of the business.Cantaloupe Inc. (CTLP) previously USA Technologies: The very small 0.48% CTLP position was purchased in Q1 2021 at prices between ~$9.45 and ~$12.45 and it is now well below that range at ~$5. Q1 2022 saw a ~50% stake increase at prices between ~$6.50 and ~$8.75.Nuvation Bio (NUVB): Panacea Acquisition merged with Nuvation Bio in a de-SPAC transaction that closed in February 2021. The stake was established during that quarter when it traded between ~$9 and ~$14.60. It currently trades at $2.09, and the stake is at 0.26% of the portfolio.The spreadsheet below highlights changes to Abrams’ 13F stock holdings in Q4 2022:Source: John Vincent. Data constructed from Abrams Capital Management’s 13F filings for Q3 2022 and Q4 2022.Regulatory filings from 8/15/2022 to 11/10/2022: None."