Daniel Loeb's Third Point Loads Up On Chipotle, Constellation, Alibaba While Slashing TSM, Amazon in Q4 Shake-Up

Hedge fund billionaire Daniel Loeb reshuffled positions at Third Point LLC in the fourth quarter, adding several new consumer and international plays while trimming exposure to select mega-cap and semiconductor names, according to the fund’s latest Form 13F filed with the U.S. Securities and Exchange Commission for the period ended Dec. 31, 2025.

Top 5 New Buys

• Third Point initiated a new position in Chipotle Mexican Grill Inc. (NYSE:CMG) valued at about $174.8 million, marking one of the firm's largest fresh consumer-facing investments of the quarter.
• The fund also established a stake in Constellation Energy Corp (NASDAQ:CEG) worth about $167.8 million, adding exposure to the power and utility sector heading into 2026, amid the AI-driven boom in demand.
• Loeb opened a new position in Alibaba Group Holding Ltd (NYSE:BABA) valued at roughly $120.9 million, signaling renewed interest in Chinese technology and e-commerce shares.
• Third Point bought shares of API Group Corp (NYSE:APG) valued at about $114.8 million, expanding its exposure to industrial and safety services.
• The fund also initiated a smaller position in The Progressive Corporation (NYSE:PGR) worth about $50.1 million, adding a new insurance holding to the portfolio.

Other new names in the quarter included Spotify Technology (NYSE:SPOT), Thermo Fisher Scientific (NYSE:TMO), and Wix.com Ltd (NASDAQ:WIX).

Notable Trimmed Stakes

• Third Point reduced its stake in PG&E Corporation (NYSE:PCG) from approximately 50.1 million shares in Q3 to 34.3 million shares by the end of Q4.
• The fund also trimmed its position in Amazon.com Inc (NASDAQ:AMZN) from roughly 2.81 million shares to 2.165 million shares.
• Holdings in Microsoft Corporation (NASDAQ:MSFT) were reduced from around 1.1 million shares to 925,000 shares.
• Loeb sharply reduced Taiwan Semiconductor Manufacturing Company Ltd (NYSE:TSM) from about 1.1 million shares to 425,000 shares.
• The fund also trimmed its stake in Capital One Financial Corporation (NYSE:COF) from roughly 1.385 million shares to 1.1 million shares.

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