In the current round of 13F filings, hedge funds and other institutional investors are disclosing their equity portfolios as held at the end of the last year. In its latest 13F, Third Point LLC, led by Dan Loeb, revealed its holdings as held at the end of the fourth quarter of 2013.
This article concisely analyzes the top picks from the equity portfolio of Third Point. The founder of the fund, Dan Loeb, is a very outspoken investor and a pioneer in activist investing. The total value of the equity portfolio of Third Point soared to $5.80 million at the end of the fourth quarter of last year, compared to the $4.00 billion in the previous quarter.
Over the fourth quarter of 2013, Third Point decreased its stake in American International Group Inc (NYSE:AIG) to 7.5 million shares compared to 10.0 million shares, it held in the third quarter of last year. The value of the stake holdings also decreased to $382.89 million in the last quarter of 2013 versus the value of $486.30 million in the third quarter of last year. However, American International (NYSE:AIG) climbed to the top slot of the fund’s equity portfolio.
On the second place is FedEx Corporation (NYSE:FDX). Third Point augmented its holdings in the air courier service provider to 2.50 million shares in the last quarter of 2013, versus its previous holdings of 2.00 million shares. The value of the position amounted to $359.43 million in the fourth quarter, compared to $228.22 million in the previous quarter of the same year.
During the fourth quarter, Third Point initiated a stake in The Dow Chemical Company (NYSE:DOW). The fund currently owns around 7.73 million shares, worth $342.99 million in this Michigan based company. The company operates as a solution provider to the problems of clean water, renewable energy generation and conservation, and agricultural activities among others.
The fourth runner-up is Sothebys (NYSE:BID), a global auctioneer of decorative, fine arts and jewelry. Third Point increased its stake to 6.35 million shares in the fourth quarter, compared to 6.15 million shares held at the end of the third quarter of last year. The value of the holding in Sothebys (NYSE:BID) amounts to $337.82 million.
On the contrary, Third Point halved its stake in Yahoo Inc (NASDAQ:YHOO) to 8.00 million shares in the fourth quarter from the previously owned 16.00 million shares. The value of the position plummeted to $323.52 million, from $530.72 million in the third quarter. This move pushed the global technology giant on the fifth position, from being the largest stake in Third Point’s equity portfolio at the end of September.
Corvex Capital and Soroban Increase Their Position in Williams Companies, Inc. (WMB)
Billionaire Paul Singer’s Elliott Associates Top Stock Picks