Top 5 Stocks Billionaire Daniel Loeb Just Bought

3. Fortive Corporation (NYSE:FTV)

Third Point bought just under 3.59 million shares of Fortive Corporation (NYSE:FTV) during Q3, building a position valued at over $228 million at the end of September. It’s not surprising to see Daniel Loeb take an interest in Fortive, as his hedge fund has been a major shareholder of Danaher Corporation (NYSE:DHR) dating back to 2015, a year before Fortive was spun off from that company.

In its Q1 investor letter, Brown Advisory expressed its concerns that Fortive may have difficulty spinning off some of its slower growth segments amid the pandemic market volatility. It took until September, but Fortive was finally able to do just that, announcing that it would spin off industrial technology segment Vontier, with Fortive shareholders being awarded 80.1% of Vontier’s common stock on September 25.

Third Point did not own a stake in Vontier Corp (NYSE:VNT) at the end of Q3, suggesting that the fund either bought its Fortive stake after September 25, or wasn’t interested in owning Vontier and sold off the VNT shares it was awarded on the aforementioned date.