Dan Loeb's Trades and Holdings in Q1 2026

Breaking down the stocks Dan Loeb (Third Point) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Third Point's 13F filed on May 15, 2026.

Who are Dan Loeb and Third Point?

Third Point is a multi-strategy hedge fund founded in 1995 by activist investor Dan Loeb, known for his sharply worded letters to underperforming company executives. The firm has generated annualized returns of approximately 15% since inception through opportunistic investments across equities, corporate credit, structured credit, and venture capital. Loeb's approach combines fundamental analysis with shareholder activism, pushing for strategic changes in target companies to unlock value through operational improvements, financial restructuring, or corporate governance reforms.

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Q1 '26 13F filed with SEC

Holdings in Q1 2026

Current Investment Strategy

Dan Loeb's Third Point pursued an event-driven, catalyst-focused strategy through Q1 2026, aggressively rotating out of cyclical and utility names like PG&E, Brookfield, Casey's General Stores and CoStar Group while trimming its once-dominant Microsoft stake to fund fresh bets on mega-cap technology and alternative-asset hedges. The fund initiated new positions in Meta, Alphabet, TransDigm, SPDR Gold shares and Bitcoin miner Hut 8—a mix signaling both continued conviction in AI-driven platform businesses and a defensive hedge against inflation and macro volatility—even as portfolio turnover left concentrated, catalyst-rich holdings such as Strata Critical Medical, Hertz, Aurora Innovation and FlyExclusive among its top positions.

New Investments

Meta

Dan Loeb bought $51.49M of Meta in Q1 2026. Over the last 12 months and recent quarters, Meta's fundamentals have remained robust, with trailing revenue growing about 16% and net income about 35%, while the stock has delivered an approximately 10.8% total return, indicating solid absolute performance even as investors increasingly scrutinize profitability and cash flow. In the current quarter, revenue grew 28% year over year to $60.8B on strong ad demand and higher pricing, but diluted EPS fell about 13% to $6.18 and operating margin compressed from roughly 43% to about 31%, as total expenses surged 55%, capital expenditures reached around $31.1B, and legal plus severance charges sharply reduced profitability and left free cash flow near $0.8B. Strategically, Meta is aggressively investing in AI infrastructure and models to drive engagement and monetization—contributing to a 14% increase in ad impressions, a 12% rise in average price per ad, and Q3 revenue guidance around $62.5B—and although the Q2 EPS miss, lighter guidance, and resulting post-earnings share-price drop of roughly 7–10% have pressured the stock near term, these initiatives are intended to support higher long-term earnings power once elevated AI, legal, and restructuring costs normalize.

• Q2 revenue $60.8B, up 28% year over year, with advertising revenue about $59.4B growing roughly 27% YoY..
• Q2 diluted EPS $6.18, down about 13% year over year and roughly 14% below the ~$7.2 consensus estimate..
• Operating margin around 31% vs. 43% a year ago, as total expenses rose 55% YoY and capex reached about $31.1B, leaving free cash flow near $0.8B..

Alphabet

Dan Loeb bought $50.32M of Alphabet in Q1 2026. The purchase adds exposure to a mega-cap internet and AI platform whose latest quarter showed accelerating fundamentals, with revenue up 24% year over year to $119.8B, operating margin expanding to 34%, and EPS of $9.11 versus consensus $2.88, driven by robust advertising and an 82% surge in cloud revenue to $25B with segment margin rising to 36%. Fundamentally the company is gaining rather than declining: the prior quarter already delivered EPS of $5.11 versus a $2.64 estimate (a surprise of about 93.56%), and while the share price is roughly flat to slightly down over the last three months (about 0.7% decline), it is still up about 75.90% over the past year. Looking ahead, the exceptionally strong Q2 beat, rapid scaling and margin expansion in the cloud business, and its strategic focus on AI and cloud services (as reflected in segment growth) should remain key drivers of value creation, even as investors monitor recent AI leadership changes that have weighed on the shares in the very near term.

• Q2 revenue grew 24% year over year to $119.8B, beating consensus expectations of roughly $116.4–116.5B by around $3.3B..
• Q2 EPS was $9.11 versus a $2.88 estimate (an earnings surprise of about 216%), following Q1 EPS of $5.11 versus a $2.64 estimate (a surprise of roughly 93.56%)..
• The stock price is up approximately 75.90% over the last 12 months, has slipped about 0.7% over the past three months, and shows a year-to-date gain of roughly 11.15%..

SPDR Gold

Dan Loeb bought $40.88M of SPDR Gold in Q1 2026. Over the last 12 months, the trust has posted a strong absolute price gain in roughly the high‑20s to low‑30s percent range, reflecting the prior run‑up in gold, but it has materially lagged its commodities‑focused peer group, where category returns are around 71% over a comparable period. Over the last two quarters, performance has been choppy: the prior quarter saw a drawdown of about 6–8% and left year‑to‑date returns near only 1–2%, but the current quarter to date has delivered an approximate 9% rally from late‑July levels as gold prices have bounced off their mid‑year lows. As a physically backed gold trust rather than an operating company, traditional earnings metrics are not applicable; instead, fundamentals are driven by bullion holdings and macro factors such as real interest rates, inflation expectations, and geopolitical risk, so any renewed shift toward lower yields or heightened global uncertainty would be a key upside catalyst in the near term.

• 31.35% to 31.79% price return over the last 12 months, depending on data source..
• Three‑month performance -6.74% and Perf Quarter -7.74%, highlighting a weak prior quarter..
• Year‑to‑date return between 1.57% and 2.17%, versus commodities‑focused category at 29.92% YTD and about 71.37% over a comparable multi‑year period..

Hut 8

Dan Loeb bought $40.79M of Hut 8 in Q1 2026. This purchase increases exposure to a company that is pivoting from Bitcoin mining toward higher-margin digital infrastructure and AI compute, with revenues growing at an average annual rate of 34.3% versus the software industry's 24.9%, while earnings growth of 7.4% still trails peers and remains volatile. In the current quarter (Q2 2026), revenue rose 81% year over year to $74.9M (about $105M on an adjusted basis), compute revenue more than doubled to $72.5M, gross margin expanded to roughly 64%, and adjusted EBITDA increased to $10.4M, but the company recorded a GAAP net loss of $177.1M and EPS around −$1.78 driven by approximately $138M in primarily unrealized digital asset mark-to-market losses and higher operating costs, even as compute operations and Bitcoin output benefited from the start-up of the Vega facility and re-energization of the Drumheller site. Relative to the prior quarter ended March 31, 2026—where reported revenue was about 284 and net loss about 311, with G&A expenses near 183—Q2 shows lower headline revenue but a stronger compute-driven mix, Bitcoin production increasing to roughly 935 from 308, positive adjusted EBITDA, and a stock that is still up around 330% over the past year despite a post-earnings decline of about 9.7%, highlighting that the business is gaining operational traction but remains highly sensitive to crypto prices and execution on its AI infrastructure growth strategy.

• Q2 2026 revenue up 81% year over year to $74.9M, including compute revenue of $72.5M with gross margin around 64%..
• Q2 2026 GAAP net loss of $177.1M and EPS of about −$1.78, largely from approximately $138M in unrealized digital asset mark-to-market losses, versus prior-year net income of $137.5M..
• Over the last 12 months, the stock has gained approximately 330% while revenues have grown at an average annual rate of 34.3% and gross margin for the last twelve months is about 60%..

TransDigm

Dan Loeb bought $28.97M of TransDigm in Q1 2026. Over the past two quarters, TransDigm has been gaining momentum, with net sales rising from $2.544 billion in fiscal Q2 2026 to $2.741 billion in Q3, representing year-over-year growth of 18% and 23%, respectively. Adjusted EPS similarly increased from $9.85 to $10.87 over this period, beating consensus by roughly 6–7% in both quarters and driving strong stock performance as investors reward the company’s consistent execution. Current-quarter strength is underpinned by robust commercial and defense demand, EBITDA margins holding at an exceptional 52.6–52.8% of sales, and an upward revision to fiscal 2026 revenue and EBITDA guidance to midpoints of about $10.51 billion and $5.52 billion, key catalysts for further value creation despite a rising interest burden on its highly leveraged balance sheet.

• Fiscal Q2 2026 net sales $2.544 billion (up 18% year over year) vs. fiscal Q3 net sales $2.741 billion (up 23% year over year)..
• Adjusted EPS of $9.85 in fiscal Q2 2026 and $10.87 in Q3, exceeding consensus estimates of about $9.27 and $10.15 by roughly 6.3% and 7.1%, respectively..
• EBITDA As Defined of $1.337 billion in fiscal Q2 2026 and $1.447 billion in Q3, implying EBITDA margins of 52.6% and 52.8% of sales and supported by approximately $350 million of free cash flow generated in Q2..

KLA

Dan Loeb bought $16.2M of KLA in Q1 2026. Over the past 12 months, the company has combined accelerating fundamentals with strong relative performance, lifting quarterly revenue from about $3.30B in fiscal Q2 2026 to roughly $3.66B in the latest quarter, while the stock returned around 127% versus ~20% for the S&P 500. In the current quarter, revenue grew 15.2% year over year to roughly $3.66B, non-GAAP EPS of $1.05 beat consensus by about 5.1%, and management guided next-quarter sales to around $4.0B, implying about 24.6% year-on-year growth and extending a nine-quarter growth streak in the ongoing semiconductor equipment upcycle. Relative to the prior quarter, which delivered $3.42B of revenue (up 11.5% year over year) and non-GAAP EPS of $9.40 (up 11.8% year over year and 2.6% above consensus), the company is clearly gaining rather than declining, supported by consistent earnings beats over the last four quarters and a June 2026 stock split that has improved trading liquidity even as shares remain volatile around earnings releases.

• Latest quarter revenue of about $3.66B grew 15.2% year over year and beat analyst expectations by roughly 1.3%.
• Prior quarter revenue was $3.42B, up 11.5% year over year, with non-GAAP EPS of $9.40 up 11.8% and about 2.6% above consensus.
• Shares have gained roughly 127.1% over the past 12 months and about 76.8% year to date, versus roughly 20.5% one-year performance for the S&P 500.

Lam Research

Dan Loeb bought $16.02M of Lam Research in Q1 2026. Over the past 12 months, Lam Research has delivered four consecutive quarters of record revenue, culminating in June 2026 sales of $6.72 billion, up 15% sequentially and 30% year over year and above Street expectations, which highlights strong execution within the current semiconductor equipment upcycle and likely places the company toward the leading edge of performance among wafer fab equipment peers, although direct market-share comparisons are not disclosed. In the current quarter, gross margin expanded to about 52% and operating margin to roughly 38%, the highest levels in roughly two decades, and management raised its outlook after reporting record non-GAAP EPS of $1.82, a combination that has driven a positive stock reaction and represents a clear fundamental catalyst for higher valuation. Sequentially, June revenue of $6.72 billion and EPS of $1.82 built on March 2026 revenue of $5.84 billion and EPS of $1.47, which themselves were up 9% and 16% quarter over quarter respectively, indicating accelerating momentum rather than deterioration, underpinned by AI- and NAND-related demand and growth in the Customer Support Business Group.

• June 2026 revenue of $6.72 billion, up 15% QoQ and 30% YoY, versus consensus of about $6.65 billion..
• Gross margin improved from 49.8% in March 2026 to roughly 52% in June 2026, while operating margin rose from 35.0% to about 38%..
• Non-GAAP diluted EPS increased from around $1.47 in March 2026 to $1.82 in June 2026, a sequential gain of roughly 24% and an EPS surprise of about 8% vs. Street expectations..

Asml Hldg Nv

Dan Loeb bought $15.85M of Asml Hldg Nv in Q1 2026. Over the last 12 months, ASML has delivered earnings growth of about 14.4% per year and revenue growth of about 14.7%, with net margins near 29.7% and return on equity around 48.1%, substantially above semiconductor industry averages of roughly 5.2% earnings growth. The stock has re-rated sharply on this performance, rising about 73% year-to-date and roughly 145% over the past 12 months, significantly outperforming most semiconductor and equipment peers. Most recently, Q2 2026 results showed net sales of about €9.3B, EPS of €7.59, and a gross margin of 54%—all above guidance and consensus—prompting management to raise full-year 2026 revenue guidance to €43–45B and gross margin to 54–56%, which reinforces the view that the company is still gaining momentum relative to peers on the back of strong EUV and high-NA demand.

• Q2 2026 net sales €9.3B, up roughly 6% sequentially from Q1’s €8.8B and about 21% year over year, with EPS increasing to €7.59 versus €7.15 in Q1 and gross margin improving from 53% to 54%..
• Management now guides €43–45B in 2026 net sales with a gross margin of 54–56%, implying mid‑teens annual growth and sustained high profitability supported by robust EUV and installed base management demand..
• The share price is up about 16.98% over the last 3 months, 73.25% year‑to‑date, and 145.43% over the past year, reflecting strong execution and rising expectations for AI‑driven lithography demand..

Broadcom

Dan Loeb bought $15.48M of Broadcom in Q1 2026. Over the last two fiscal quarters, the company has clearly been gaining momentum, with revenue rising from roughly $19.3 billion in Q1 FY26 (implied by first‑half totals) to a record $22.2 billion in Q2 FY26, a 48% year-over-year increase driven by demand for custom AI accelerators, AI networking and VMware-based infrastructure software. Q2 FY26 non-GAAP EPS grew 54% year-over-year to $2.44, gross margin expanded to 69%, and free cash flow reached $10.3 billion (about 46% of revenue), highlighting robust profitability and balance-sheet strength that support continued shareholder returns via dividends of $3.1 billion and share repurchases of $0.6 billion in the first half. Management’s guidance for the current quarter calls for total revenue of about $29.4 billion and AI semiconductor revenue of $16 billion (vs $10.8 billion in Q2), reinforcing that accelerating AI chip demand is the key catalyst for further value creation even as the stock has seen short-term volatility following the earnings release.

• Q2 FY26 revenue $22.2 billion, up 48% year-over-year; first two fiscal quarters revenue $41.5 billion, up 39% year-over-year..
• Q2 FY26 non-GAAP EPS $2.44, up 54% year-over-year and about 5% above the pre-report consensus estimate of $2.32..
• AI semiconductor revenue reached $10.8 billion in Q2 FY26, up 143% year-over-year, with management forecasting $16 billion in AI semiconductor sales for Q3 FY26 and $56 billion for full-year FY26..

VanEck ETF

Dan Loeb bought $15.34M of VanEck ETF in Q1 2026. Over the last 12 months, the ETF has delivered an approximate total return of 94.6%, far ahead of the broader technology category at roughly 55.0%, reflecting its concentrated exposure to high-growth semiconductor leaders and strong participation in the AI and high-performance computing cycle. Performance over the last two quarters has been driven by a powerful upswing followed by a more mixed current quarter, with the fund up about 10.2% over the last 3 months but down roughly 2.7% in the past month as profit-taking and heightened volatility around rates and cyclicals have tempered the earlier rally. Based on the ETF’s focus on the MVIS US Listed Semiconductor 25 Index and broader industry trends (inference beyond the performance data), continued strength in AI-related chip demand, robust capital spending by leading manufacturers, and upside earnings surprises from key constituents remain the primary catalysts that could support further increases in value.

• Year-to-date daily total return is approximately 58.1%, versus about 13.5% for the broader technology category..
• Trailing 1-year return is around 94.6%, compared with roughly 55.0% for peers, indicating significant relative outperformance..
• Over the last 3 months the ETF is up about 10.2%, while the last 1 month is down roughly 2.7%, showing quarter-to-date consolidation after strong prior-quarter gains..

Added, Trimmed, and Exited

Added

Third Point added modestly to one existing position, increasing its stake in ARS Pharmaceuticals by roughly 444K shares (a 24% increase in position value), while leaving nearly every other holding smaller.
What it means: With just a single small add-on purchase across the entire modified book, Dan Loeb is clearly not deploying fresh capital into existing winners this quarter. The lone increase in ARS Pharmaceuticals—a specialty pharma name—stands out as an idiosyncratic bet rather than part of any broader accumulation theme, especially set against the sweeping reductions seen everywhere else in the portfolio.

Trimmed

Third Point aggressively trimmed the vast majority of its existing positions, led by a 94% share reduction in NVIDIA (from 2.95M to 190K shares, cutting value from $550M to $33M), alongside similarly steep cuts to Union Pacific (-94%), Capital One (-90%), Norfolk Southern (-90%), Sharkninja Inc (-90%), Claritev Corporation (-88%), and Live Nation (-71%), with smaller but still meaningful reductions to Somnigroup International Inc, Mastec, Carpenter Technology, CRH, API Group, Amazon, TSMC, Danaher Corp Del, and Telephone & Data Systems.
What it means: This is an extraordinarily broad and severe de-risking across the book, not a targeted rotation out of one or two themes. The near-wholesale liquidation of NVIDIA—previously one of the fund's largest positions—paired with heavy cuts to industrials/rails (Union Pacific, Norfolk Southern, CRH, Mastec) and financials (Capital One) suggests Third Point is locking in substantial gains after a strong run and repositioning toward a more concentrated, higher-conviction portfolio, likely in response to elevated valuations, macro uncertainty, or a strategic pivot into the new AI/semiconductor names it added this quarter (Meta, Alphabet, Broadcom, KLA, Lam Research, ASML).

Exited

Third Point fully exited 18 positions this quarter, an unusually large wave of liquidations led by PG&E ($551M), Microsoft ($447M), Brookfield ($285M), Casey's General Stores ($251M), CoStar Group ($213M), Rocket Companies ($184M), LPL Financial ($182M), Chipotle Mexican Grill ($175M), Constellation Energy ($168M), and Vistra ($162M), along with smaller exits from Alibaba, Comfort Systems USA, Spotify, Kenvue, Progressive, Thermo Fisher, Wix, and CSX.
What it means: Combined with the portfolio's total value collapsing from $7.27B to just $2.08B quarter-over-quarter, this scale of complete exits—spanning utilities/power (PG&E, Constellation Energy, Vistra), consumer names (Chipotle, Casey's, Kenvue), financials (LPL Financial, Rocket Companies, Progressive), and even a core mega-cap tech holding (Microsoft)—signals either significant investor redemptions, a major strategic repositioning, or both. Dan Loeb appears to be dramatically simplifying and re-concentrating the portfolio, exiting a wide swath of prior winners (many likely built on the AI power/data-center theme) to fund a fresh, more targeted push into AI infrastructure and semiconductor plays via the new positions initiated this quarter.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.