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 deployed its signature event-driven, value-oriented playbook in Q1 2026, rotating out of legacy utility and software positions — exiting PG&E, Microsoft, and Brookfield — while initiating new stakes in mega-cap technology names Meta Platforms and Alphabet, aerospace components maker TransDigm, crypto miner Hut 8, and the SPDR Gold ETF, signaling a tactical shift toward AI-leveraged platforms, hard assets, and macro hedges amid elevated market uncertainty. The $2.1 billion disclosed portfolio, anchored by aviation-linked holdings including Blade Air Mobility, Aurora Innovation, and FlyExclusive, reflects Loeb's continued appetite for catalyst-rich, event-driven situations while layering in broader defensive positioning consistent with Third Point's long-standing focus on delivering risk-adjusted returns across market cycles.

New Investments

Meta META

Dan Loeb bought $51.49B of Meta in Q1 2026. This purchase increases exposure to a mega-cap digital advertising and AI platform that has seen its share price climb roughly 29.11% over the past year, although it remains below its 52‑week high around $796 after recent volatility. Fundamentals over the last two quarters have been strengthening, with last quarter's revenue reaching $47.52B versus $44.82B expected, EPS of $10.44 beating the $6.70 consensus by about 55.89%, and net income rising 10.17% sequentially to $18.34B, indicating the business is still gaining momentum. In the current quarter, the Street is looking for revenue of roughly $49.5B (about 22.1% YoY growth) and adjusted EPS near $6.67, and while heavy investment in AI infrastructure and ongoing copyright lawsuits over AI training data (including against OpenAI and Microsoft) introduce earnings and legal risk, successful monetization of AI products and any upside earnings surprise could be catalysts for further value creation toward analysts' $616–$1,086 price target range.

• Last quarter's EPS was $10.44, beating the $6.70 estimate by approximately 55.89%.
• Revenue last quarter reached $47.52B versus $44.82B consensus, and is forecast to grow to roughly $49.5B next quarter, implying about 22.1% YoY growth.
• Net income increased from $16.64B to $18.34B over the last two quarters (10.17% QoQ), while the stock is up 29.11% over the past 12 months.

Alphabet GOOGL

Dan Loeb bought $50.32B of Alphabet in Q1 2026. Alphabet has delivered strong operating momentum over the last two quarters, with trailing‑12‑month revenue up 17.5% to $422.5B and net income up 44.3% to $160.2B, driving EPS growth of 46.4% to $13.11. In the most recent quarter, the company appears to be gaining share and expanding margins as AI‑enhanced search, YouTube, and cloud continue to scale, helping push the stock toward the top of its 52‑week range at around $400 and supporting a still‑elevated but reasonable trailing P/E of about 30.7x. Recent catalysts—including the introduction of a $0.88 dividend (roughly 0.22% yield) and multiple analyst price target increases into the $390–$445 range—reinforce positive sentiment that recent earnings strength can sustain or modestly expand the current valuation.

• Trailing‑12‑month revenue is $422.5B, up 17.5% year over year, while net income is $160.2B, up 44.3%.
• EPS over the last year has grown 46.4% to $13.11, with the stock trading at a P/E of about 30.7x and a forward P/E of roughly 32.1x.
• Shares have climbed toward their 52‑week high of about $403, giving a market cap of roughly $4.81T, while Street 12‑month price targets cluster around $388–$439 (flat to high‑single‑digit implied return).

SPDR Gold GLD

Dan Loeb bought $40.88B of SPDR Gold in Q1 2026. Over the past twelve months, the fund has appreciated roughly 41.36%, as rising spot gold prices have pushed NAV from the low $300s into the $400+ range and delivered strong absolute returns for holders. Momentum has moderated over the last two quarters, with the share price now around $427—about 16% below its $509.70 52‑week high but still well above the $291.78 52‑week low—suggesting a consolidation phase in the current quarter after a powerful prior run. Recent strength has been underpinned by a higher LBMA Gold Price PM (near $4,683 per ounce) and sizeable asset growth (AUM about $156.6B on 364M shares), while future upside remains tied to macro news on real interest rates, inflation, central‑bank gold demand, and geopolitical risk rather than issuer‑specific developments.

• Price up 41.36% over the last 12 months, within a 52‑week trading range of $291.78–$509.70.
• Recent close around $427.21 vs NAV of $430.00, implying a market discount of roughly 0.6% to underlying gold value.
• Fund size at approximately $156.6B in assets under management with about 364.10M shares outstanding.

Hut 8 HUT

Dan Loeb bought $40.79B of Hut 8 in Q1 2026. Over the last two quarters, Hut 8 has shifted from deep losses to a one-off profitable quarter, and the stock has re-rated sharply higher, with the share price up 223.86% over the last year and trading at $102.47, near the top of its $14.74–$112.26 52-week range. In the most recent quarter, revenue came in at $41.75M versus estimates of $41.51M, net income improved to $139.77M from -$133.39M the prior quarter (a 204.78% swing), and Street forecasts call for revenue to accelerate to $66.11M next quarter, while the trailing P/E remains negative at -35.22x. Near term, the company appears to be gaining momentum as higher digital-asset prices and capacity additions drive earnings leverage, and recent Buy initiations from Jefferies and Arete with price targets of $156 and $136, respectively, highlight improving sentiment, though valuation dispersion (consensus targets $23.64–$74.29) and high volatility remain key risks.

• Share price up 223.86% over the last 12 months and 42.69% over the last month, now at $102.47 vs 52-week range of $14.74–$112.26.
• Revenue last quarter of $41.75M slightly beat the $41.51M estimate, with next-quarter revenue forecast at $66.11M (~58% sequential growth).
• Net income improved from -$133.39M to $139.77M quarter over quarter (a 204.78% swing), while the stock trades at a trailing P/E of -35.22x.

TransDigm TDG

Dan Loeb bought $28.97B of TransDigm in Q1 2026. Over the last two quarters, TransDigm has accelerated, with fiscal Q2 2026 net sales up 18% year over year to $2.54B, EBITDA As Defined up 15% to $1.34B at a 52.6% margin, and adjusted EPS of $9.85 modestly expanding while beating consensus and prompting a material raise to full‑year 2026 guidance. For the first half of fiscal 2026, sales are up about 16% year over year but net income is roughly flat as higher interest expense from recent financing offsets operating gains, leaving the stock trading around 37x trailing EPS on expectations for roughly 18% EPS growth next year—supporting a premium multiple given the company’s sustained double‑digit organic growth and industry‑leading margins.

• Fiscal Q2 2026 net sales increased 18% year over year to $2.54B, including approximately 11% organic growth.
• Fiscal Q2 2026 EBITDA As Defined rose 15% year over year to $1.34B with a 52.6% margin (vs. 54.0% a year ago).
• Management raised FY26 guidance midpoints by about $420M for net sales, $210M for EBITDA As Defined, and $1.14 for adjusted EPS, while guiding net income to $2.03B–$2.11B (vs. $2.07B in FY25, roughly flat due to higher interest expense).

KLA KLAC

Dan Loeb bought $16.2B of KLA in Q1 2026. Over the last two reported quarters, the security has delivered accelerating earnings growth, with the most recent quarter’s EPS and revenue both exceeding consensus as the wafer fab equipment upcycle gains momentum. Net income grew double digits sequentially and shares have more than doubled over the past year, substantially outperforming most semiconductor capital equipment peers but leaving the stock trading at a premium to intrinsic value estimates. With a dominant share in process control tools, high exposure to leading-edge foundry investments, and a modest 0.51% forward dividend yield, the setup remains positive near term, though the current valuation embeds high expectations for continued double-digit growth.

• Last quarter EPS was $9.40, beating consensus of $9.17 by 2.51%.
• Last quarter revenue reached $3.17B versus estimates of $3.08B, with net income rising 10.51% sequentially to $1.20B.
• Shares are up about 131.90% over the past 12 months, trading within a $740–$1,939 52-week range and roughly 23% above Morningstar’s $1,219 fair value estimate.

Lam Research LRCX

Dan Loeb bought $16.02B of Lam Research in Q1 2026. Over the past two quarters, Lam Research has continued to execute well, with the most recent quarter delivering EPS of 1.47 vs. a 1.36 estimate and revenue of $5.32B vs. $5.22B expected, extending a ~254% share-price gain over the last 12 months toward the upper end of its $56–$302 52-week range. While net income of $1.57B declined 8.80% sequentially from $1.72B, the company hit the top end of March-quarter guidance and issued stellar June-quarter guidance, suggesting underlying demand remains solid and that recent earnings surprises could continue to support the current 33.42x TTM P/E multiple. Exceptional profitability metrics—normalized ROE of 67.38% and ROIC of 45.45%—together with a modest 0.66% dividend yield position the company as a high-return compounder, though the strong re-rating leaves less room for execution missteps in upcoming quarters.

• EPS of 1.47 vs. estimate 1.36 last quarter, a 7.78% positive surprise, with revenue of $5.32B vs. $5.22B expected.
• Net income last quarter was $1.57B, down 8.80% from $1.72B in the prior quarter, while full-year net income reached $5.36B.
• Shares are up 254.32% over the past 12 months, recently trading around $285 within a $56–$302 52-week range, with a TTM P/E of 33.42x and an indicated dividend yield of 0.66%.

ASML ASML

Dan Loeb bought $15.85B of ASML in Q1 2026. Over the last two reported quarters, the company has delivered solid but slightly decelerating results: last quarter revenue was €7.52B (vs. €7.74B expected) and net income €2.12B (down 7.24% QoQ from €2.29B), while EPS of €7.15 beat consensus €6.59 by 8.43%, sustaining gross margins around 51.6%. For the current quarter, consensus expects revenue to re-accelerate to about €9.48B (roughly 25–30% sequential growth), driven by very strong AI-related lithography demand and a healthier overall order book that more than offsets a significant decline in orders from Chinese customers. The share price has roughly doubled—up around 100% over the past year and about 12.6% in the last month—resulting in a market cap near €346B as investors reward its dominant EUV position and AI leverage, despite emerging competition such as a rival startup that has raised over $100M to develop alternative lithography technology.

• Last quarter revenue was €7.52B vs. €7.74B expected, with net income of €2.12B vs. €2.29B in the prior quarter (-7.24% QoQ).
• EPS last quarter was €7.15 vs. €6.59 consensus, an 8.43% positive surprise, with gross margin around 51.6%.
• Next-quarter revenue is expected at roughly €9.48B (~25–30% QoQ growth), while the share price is up about 100% over the last 12 months.

Broadcom AVGO

Dan Loeb bought $15.48B of Broadcom in Q1 2026. Over the last two quarters the company has delivered modest beats on both revenue and EPS (latest quarter EPS $2.05 vs $2.03 consensus and revenue $15.95B vs $15.83B), while net income declined about 16.6% sequentially to $4.14B as integration and investment spending weighed on bottom-line growth. Despite that near-term earnings dip, profitability remains strong with net margin around 27.4%—more than double the S&P 500’s ~12.7%—and the stock has nearly doubled from its $221.60 52‑week low to trade near record highs around $430–$440, implying a rich trailing P/E of roughly 85.8x versus most large-cap peers. For the current quarter, the Street is looking for revenue to climb to roughly $17.44B, and continued evidence that the company can grow at this pace while sustaining ~27% margins—leveraging AI-focused chip demand and the VMware software portfolio—would be the main catalyst for further upside despite already elevated valuation.

• Latest reported EPS was $2.05, beating the $2.03 consensus estimate for a positive surprise of about 0.93%.
• Latest-quarter revenue came in at $15.95B versus expectations of $15.83B, with net income of $4.14B down from $4.96B in the prior quarter (a 16.6% sequential decline) and net margin at roughly 27.4% vs the S&P 500’s ~12.7%.
• The stock currently trades around $430–$440, near its $442.36 52‑week high and well above the $221.60 52‑week low, with a market capitalization around $1.8–2.0T and a trailing P/E near 85.8x.

VanEck Semiconductor SMH

Dan Loeb bought $15.34B of VanEck Semiconductor in Q1 2026. VanEck Semiconductor ETF (SMH) has delivered extraordinary performance over the last year, with a 134.1% return that dramatically outpaces the SPY ETF's 28.6% gain, driven by robust demand for semiconductor chips in AI and data center applications. The fund has continued its strong momentum into 2026, generating a 41.8% return in the last three months (covering most of Q2) and reaching a YTD return of 60.56% as of May 14, though it experienced a modest 3.84% pullback on May 15. With total net assets climbing to $64.61 billion, SMH has become a major vehicle for semiconductor exposure, though recent volatility suggests some profit-taking as valuations reach elevated levels.

• 41.8% return in the last 3 months, significantly outperforming the SPY ETF's 10.0% gain in the same period.
• YTD returns of 60.56% as of May 14, 2026, though the fund experienced a 3.84% decline on May 15.
• Total net assets reached $64.61 billion as of May 14, 2026, reflecting strong investor interest in semiconductor exposure.

Added, Trimmed, and Exited

Added

Third Point added to only one existing position in Q1 2026: ARS Pharmaceuticals (SPRY), increasing the stake by roughly 444,000 shares (from ~556,000 to ~1,000,000).
What it means: The conviction add in ARS Pharmaceuticals (SPRY) stands out precisely because it is the lone increase among existing holdings during a quarter in which Dan Loeb aggressively trimmed or exited virtually everything else. This suggests Third Point views the binary catalyst profile of ARS Pharmaceuticals (SPRY)—likely tied to regulatory or commercial milestones for its epinephrine nasal spray—as sufficiently asymmetric to warrant doubling down even as the rest of the portfolio was being restructured toward mega-cap tech and macro themes.

Trimmed

Third Point made deep cuts across a wide swath of existing holdings, with the most dramatic reductions in Nvidia (NVDA) (−94%, from ~2.95M to 190K shares), Union Pacific (UNP) (−94%, from ~1.81M to 100K shares), Capital One (COF) (−90%, from ~1.1M to 140K shares), Norfolk Southern (NSC) (−90%, from 975K to 100K shares), SharkNinja (SN) (−90%, from 1.2M to ~131K shares), and Claritev (CTEV) (−88%, from 145K to 44K shares); meaningful but smaller cuts were also made to Live Nation (LYV) (−71%), MasTec (MTZ) (−49%), Carpenter Technology (CRS) (−51%), SomniGroup International (TPX) (−45%), CRH (CRH) (−38%), API Group (APG) (−28%), Taiwan Semiconductor (TSM) (−35%), Danaher (DHR) (−13%), Amazon (AMZN) (−10%), and token trims to Telephone & Data Systems (TDS).
What it means: The breadth and severity of these cuts—spanning railroads, semiconductors, financials, industrials, consumer discretionary, and healthcare—point to a deliberate and large-scale portfolio rotation rather than stock-specific disillusionment. Dan Loeb appears to have harvested gains or cut losses across cyclical and economically sensitive names to free up capital for the sweeping new positions in AI-infrastructure semiconductors, gold, and crypto miners added this quarter. The near-complete exit from Nvidia (NVDA) is particularly striking: after riding the AI chip wave, Third Point appears to have rotated the semiconductor exposure downstream into capital-equipment plays like KLA (KLAC), Lam Research (LRCX), and ASML (ASML), and into broader ETF exposure via VanEck Semiconductor (SMH), suggesting a view that the next leg of the AI trade favors picks-and-shovels equipment suppliers over fabless chip designers.

Exited

Third Point fully liquidated 19 positions in Q1 2026: PG&E (PCG), Microsoft (MSFT), Brookfield (BN), Casey's (CASY), CoStar (CSGP), Rocket Companies (RKT), LPL Financial (LPLA), Chipotle (CMG), Constellation Energy (CEG), Vistra (VST), Alibaba (BABA), Comfort Systems USA (FIX), Spotify (SPOT), Kenvue (KVUE), Progressive (PGR), Thermo Fisher (TMO), Wix (WIX), CSX (CSX), and Bausch Health (BHC).
What it means: The exits tell a clear thematic story about what Dan Loeb is stepping away from. The complete liquidation of power and utility names—Constellation Energy (CEG), Vistra (VST), and PG&E (PCG)—suggests Third Point views the AI-driven power demand trade as largely priced in after those stocks' sharp runs, and that the risk/reward no longer justifies holding. Exiting both railroad names still held—CSX (CSX)—alongside the trimming of Union Pacific (UNP) and Norfolk Southern (NSC) signals a broad exit from the freight/infrastructure macro thesis. The sale of Microsoft (MSFT) alongside the near-elimination of Nvidia (NVDA) and the new purchase of Alphabet (GOOGL) and Meta (META) suggests a deliberate shift within big tech toward platforms with clearer near-term AI monetization and more attractive relative valuations. Exiting consumer-facing names like Chipotle (CMG), Kenvue (KVUE), and Spotify (SPOT) alongside financial services names like LPL Financial (LPLA), Rocket Companies (RKT), and Progressive (PGR) further reinforces that Third Point is concentrating the portfolio sharply around AI infrastructure, macro hedges (gold via SPDR Gold (GLD)), and high-conviction thematic bets rather than maintaining a diversified multi-sector book.

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.