Daniel Loeb's (Third Point) Trades and Holdings in Q2 2025

Breaking down the stocks Daniel Loeb (Third Point) bought, sold, and held in Q2 2025, including their holdings at the end of the quarter. All data sourced from Third Point's 13F filed on August 14, 2025.

Who is 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.

Thirdpoint.com
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Q2 '25 13F filed with SEC

Portfolio Changes in Q2 2025

New positions

Third Point established 16 new positions in Q2 2025, with the largest being Mr. Cooper (COOP) at $138 million, Meta (META) at $111 million, and Comfort Systems USA (FIX) at $99 million. Other notable new holdings include Danaher (DHR) at $99 million, Workday (WDAY) at $72 million, and Rocket Companies (RKT) at $67 million, representing a diverse mix across technology, financial services, and industrial sectors.

Bought

Third Point significantly increased several existing positions, most notably adding 1.35 million shares of Nvidia (NVDA) worth $285 million and 3 million shares of Primo Brands (PRMB) worth $73 million. The fund also made substantial additions to Capital One (COF) with 754,204 additional shares worth $196 million, Amazon (AMZN) with 360,000 shares worth $147 million, and Vistra (VST) with 400,000 shares worth $142 million.

Sold

Third Point completely exited seven positions including EQT (EQT) worth $158 million, US Steel (X) worth $153 million, and Discover (DFS) worth $126 million. Among existing holdings, the fund reduced its Fortive (FTV) position by 740,000 shares, trimmed Kenvue (KVUE) by 375,000 shares, and decreased Taiwan Semiconductor (TSM) by 350,000 shares, though the latter still increased in value due to share price appreciation.

New Investments in Q2 2025

Mr. Cooper COOP

Dan Loeb bought $138.02M of Mr. Cooper in Q2 2025. Mr. Cooper delivered mixed Q2 2025 results with strong operational metrics but missed analyst expectations on both earnings and revenue. The company reported $198 million net income and achieved a 25% year-over-year growth in its servicing portfolio to $1.509 trillion, while maintaining consistent double-digit returns for over two years. Despite margin compression affecting profitability, the company's balanced business model and focus on home equity lending present significant growth opportunities.

• Net income of $198 million with 15.9% return on common equity in Q2 2025.
• Servicing portfolio grew 25% year-over-year to $1.509 trillion in unpaid principal balance.
• Operating ROTCE improved to 17.2% from 16.8% in the previous quarter.

Meta META

Dan Loeb bought $110.71M of Meta in Q2 2025. Meta delivered exceptional Q2 2025 results with revenue growing 22% year-over-year to $47.5 billion and net income surging 36% to $18.3 billion, demonstrating the company's strong monetization capabilities across its platform ecosystem. The company's operating margin expanded significantly to 43% from 38% in the prior year, reflecting improved operational efficiency while maintaining robust user engagement with Family daily active people growing 6% to 3.48 billion. Meta's stock gained 9% in after-hours trading following the earnings beat, with management providing optimistic Q3 2025 revenue guidance of $47.5-50.5 billion, indicating continued momentum in the business.

• Diluted earnings per share increased 38% year-over-year to $7.14 in Q2 2025.
• Operating margin expanded 500 basis points to 43% compared to 38% in Q2 2024.
• Revenue growth accelerated to 22% year-over-year in Q2 2025, beating analyst expectations.

Comfort Systems USA FIX

Dan Loeb bought $99.2M of Comfort Systems USA in Q2 2025. Comfort Systems USA delivered exceptional Q2 2025 results, with GAAP EPS of $6.53 crushing analyst estimates of $4.84 and representing over 70% year-over-year growth. The mechanical and electrical contracting giant demonstrated robust operational execution with revenue hitting $2.17 billion (beating consensus by $200 million) and achieving a record backlog of $8.12 billion, signaling strong future demand visibility. The stock surged 28.3% following the earnings release, reflecting investor confidence in the company's market positioning and execution in high-demand sectors including technology infrastructure.

• EPS jumped 75% year-over-year to $6.53, significantly outpacing Wall Street expectations.
• Revenue grew 20.0% year-over-year with same-store revenue growth of 19%.
• EBIT increased 50% to $334 million while 12-month trailing EBITDA exceeded $1 billion for the first time.

Danaher DHR

Dan Loeb bought $98.77M of Danaher in Q2 2025. Danaher delivered a strong Q2 2025 performance, significantly beating earnings expectations with $1.80 adjusted EPS versus $1.64 consensus, driven by robust 8% year-over-year growth in its Bioprocessing segment. While overall revenue growth was modest at 3.5% year-over-year to $5.9 billion, the company demonstrated operational excellence with strong cash flow generation of $1.3 billion and maintained healthy margins despite a challenging macro environment. The Bioprocessing division's strength successfully offset weakness in Life Sciences, positioning Danaher well for continued value creation despite the fluid market conditions.

• Adjusted EPS grew 4.7% year-over-year to $1.80, beating consensus by 9.76%.
• Bioprocessing segment revenue surged 8% year-over-year, significantly outpacing overall core revenue growth of 1.5%.
• Generated robust free cash flow of $1.1 billion with gross profit margin maintained at 59.3%.

Workday WDAY

Dan Loeb bought $72M of Workday in Q2 2025. Workday has demonstrated solid but decelerating growth over the past two quarters, with revenue growth moderating from 16.7% in Q2 FY2025 to 12.6% in the most recent Q1 FY2026. The company continues to execute well operationally, beating Q1 FY2026 EPS consensus by $0.22 with earnings of $2.23 per share and maintaining strong subscription revenue momentum. With Q2 FY2026 earnings scheduled for August 21st and analyst expectations for 33.46% EPS growth next year, the company appears well-positioned despite trading at a premium valuation.

• Revenue growth decelerated from 16.7% in Q2 FY2025 to 12.6% in Q1 FY2026, though still above consensus estimates.
• Q1 FY2026 EPS of $2.23 beat analyst consensus of $2.01 by $0.22.
• Stock trades at a high P/E ratio of 122.24 with analysts projecting 33.46% EPS growth for the next fiscal year.

Rocket Companies RKT

Dan Loeb bought $67.36M of Rocket Companies in Q2 2025. Rocket Companies delivered a strong Q2 2025 performance, with total revenue of $1.36 billion exceeding expectations by 5% and adjusted revenue of $1.34 billion surpassing the high end of guidance. The company successfully completed its strategic all-stock acquisition of Redfin Corporation, which is expected to expand its real estate presence and drive synergies through increased purchase funnel conversion rates. Despite year-over-year margin compression, the company demonstrated solid operational momentum with 18% growth in closed loan originations and robust Q3 revenue guidance of $1.6-1.75 billion that significantly exceeds analyst forecasts.

• Adjusted diluted EPS of $0.04 exceeded analyst estimates by 33% versus consensus of $0.03.
• Closed loan origination volume grew 18% year-over-year to $29.1 billion in Q2 2025.
• Stock surged 11.78% following earnings release, with Q3 revenue guidance exceeding analyst forecasts by over 21%.

Flowserve FLS

Dan Loeb bought $62.56M of Flowserve in Q2 2025. Flowserve delivered strong operational performance in Q2 2025 with adjusted earnings per share surging 24.7% year-over-year to $0.91, significantly beating analyst expectations by $0.13. However, revenue growth remained modest at 2.7% to $1.188 billion, falling short of estimates, indicating some softness in demand despite improved operational efficiency with adjusted operating margins reaching 14.6%. The company's financial position strengthened following the termination of its Chart Industries merger, resulting in a $266 million one-time cash payment and raised full-year 2025 EPS guidance.

• Adjusted EPS jumped 24.7% year-over-year in Q2 2025, beating consensus estimates by 16.7%.
• Revenue growth of 2.7% YoY but missed analyst expectations by 3.1%.
• Operating margin improved to 12.3% with adjusted operating margin reaching 14.6%.

DocuSign DOCU

Dan Loeb bought $48.68M of DocuSign in Q2 2025. DocuSign demonstrated solid but decelerating growth in its most recent quarter, with 7% year-over-year revenue growth to $736 million and a record 32.2% non-GAAP operating margin, showcasing improved operational efficiency. However, the company faces headwinds with billings growth slowing to just 2% year-over-year, the lowest quarterly rate in fiscal 2025, primarily due to timing of large customer renewals. The company maintained confidence by raising its full-year fiscal 2025 revenue guidance to $2.94-$2.952 billion and returned capital to shareholders through a $200 million share repurchase, while launching its new Intelligent Agreement Management platform to drive future growth.

• Revenue grew 7% year-over-year to $736 million in Q2 2025.
• Non-GAAP operating margin reached a record 32.2% in the quarter.
• Billings growth decelerated significantly to just 2% year-over-year, the lowest rate in fiscal 2025.

Chart Industries GTLS

Dan Loeb bought $35.4M of Chart Industries in Q2 2025. Chart Industries demonstrated strong operational momentum in Q2 2025 with significant order growth and margin expansion, positioning the company well ahead of its pending acquisition by Baker Hughes. The company's focus on clean energy solutions, particularly in hydrogen and LNG markets, drove robust demand with orders surging 28.6% to $1.50 billion while maintaining healthy profitability metrics. The record $24 billion commercial pipeline and strategic positioning in high-growth end markets should drive continued value creation for shareholders through the acquisition process.

• Q2 2025 adjusted EPS grew 18.8% to $2.59 with free cash flow surging 40.9% to $124.0 million.
• Orders increased 28.6% year-over-year to $1.50 billion with adjusted operating margin of 21.1%.
• Net income jumped 27% to $79.9 million while maintaining gross margins at 33.6%.

Sea SE

Dan Loeb bought $8M of Sea in Q2 2025. Sea Limited has demonstrated strong momentum over the past two quarters, with the most recent Q2 2025 results showcasing robust growth across all business segments and driving a 16.7% post-earnings stock surge. The company's transformation from losses to significant profitability, coupled with 38.2% revenue growth and expanding market leadership in Asia and Brazil, signals a compelling turnaround story that institutional investors are embracing despite an EPS miss. Management's raised guidance for digital entertainment bookings and the company's ability to generate $414 million in net income compared to just $80 million a year ago underscores the operational leverage inherent in their diversified gaming, e-commerce, and fintech platform.

• Revenue surged 38.2% year-over-year to $5.3 billion in Q2 2025, beating consensus estimates by 4.67%.
• Net income exploded to $414 million from $80 million in the prior year quarter, representing a 417.5% increase.
• Gross profit margin expansion of 52.1% year-over-year to $2.4 billion demonstrates improving operational efficiency across segments.

Ralliant RAL

Dan Loeb bought $6.06M of Ralliant in Q2 2025. Ralliant demonstrated sequential improvement in Q2 2025 with revenue growing 4% quarter-over-quarter to $503 million, though still declining 6% year-over-year as the company navigates its recent spin-off from Fortive completed on June 28, 2025. The company's net income dropped 26.5% to $47.6 million with margins under pressure from spin-related dis-synergies, prompting management to launch a cost savings program targeting $9-11 million in annualized savings. Management's capital allocation strategy includes authorizing up to $200 million in share repurchases and establishing a quarterly dividend of $0.05 per share, signaling confidence in the business despite near-term headwinds.

• Revenue grew 4% sequentially in Q2 2025 to $503 million but declined 6% year-over-year.
• Net income dropped 26.5% to $47.6 million with adjusted EPS of $0.67.
• Q3 2025 revenue guidance projects growth to $513-527 million, representing potential sequential improvement of 2-5%.

Sabre SABR

Dan Loeb bought $2.37M of Sabre in Q2 2025. Sabre has faced significant operational headwinds in recent quarters, with Q2 2025 results demonstrating persistent weakness across key metrics as the company missed revenue expectations by 7% and reported an adjusted loss despite analyst expectations for breakeven performance. The travel technology company continues struggling with softness in air distribution bookings, particularly in corporate and government travel segments, leading to a dramatic 36% stock decline following earnings. Management's cautious guidance for Q3 2025 and full-year EBITDA projections that fall well short of analyst expectations suggest ongoing challenges in the operating environment.

• Revenue declined 1.1% year-over-year to $687.1 million in Q2 2025, missing analyst estimates by 7%.
• Adjusted EPS of -$0.02 missed breakeven expectations, continuing a streak of earnings misses in the trailing four quarters with an average negative surprise of 53.7%.
• Operating margin improved to 13% from 7% in the prior year quarter, though adjusted EBITDA of $118 million fell 15.1% short of analyst estimates.

ServiceTitan TTAN

Dan Loeb bought $1.61M of ServiceTitan in Q2 2025. ServiceTitan demonstrated strong operational execution in Q1 FY26, delivering an EPS of $0.18 that significantly beat consensus estimates of $0.12, representing a 50% upside surprise. The software platform provider for trades businesses also exceeded revenue expectations with $215.69M versus the estimated $208.61M. However, analysts expect the company to post a loss of $0.22 per share for Q2 FY26, which will be reported on September 4, 2025, suggesting potential headwinds in the current quarter.

• Q1 FY26 EPS beat consensus by 50%, reporting $0.18 versus expected $0.12.
• Q1 FY26 revenue outperformed estimates by 3.4% at $215.69M compared to $208.61M expected.
• Q2 FY26 consensus EPS forecast of -$0.22 indicates expected quarterly loss.

Claritev CTEV

Dan Loeb bought $1.35M of Claritev in Q2 2025. Claritev has executed a notable financial turnaround in Q2 2025, returning to growth with revenue increasing 3.5% to $241.6 million and dramatically narrowing its net loss by 89.1% to $62.6 million. The healthcare data analytics company improved its cash generation significantly, moving from negative $(7.0) million free cash flow in Q2 2024 to positive $36.6 million in Q2 2025, while exceeding analyst revenue estimates by 4.4%. Management's focus on cost discipline and AI-driven solutions across expanded markets positions the company for continued improvement, though full-year guidance remains conservative at flat to +2% revenue growth.

• Revenue grew 3.5% year-over-year to $241.6 million in Q2 2025, exceeding analyst estimates by 4.4%.
• Net loss improved dramatically by 89.1% to $62.6 million compared to the prior year period.
• Stock surged 37.75% weekly post-earnings with 69.71% returns over a 30-day period.

Ategrity ASIC

Dan Loeb bought $1.08M of Ategrity in Q2 2025. The company demonstrated strong momentum in Q2 2025, significantly outperforming expectations with 32.3% growth in gross written premiums to $167.5 million and non-GAAP EPS of $0.41 that beat consensus by $0.10. Management's focus on their proprietary "productionized underwriting model" combining data analytics and automation has driven operational efficiencies while maintaining underwriting discipline, resulting in a strong combined ratio of 88.9%. The specialty insurance provider is successfully expanding distribution relationships and concentrating on targeted micro-segments where they have deep expertise, positioning the company favorably for continued profitable growth.

• Gross written premiums surged 32.3% year-over-year to $167.5 million in Q2 2025.
• Non-GAAP EPS of $0.41 exceeded expectations by $0.10 with revenue reaching $101.78 million.
• Combined ratio of 88.9% demonstrates strong underwriting profitability and operational efficiency.

Ardent Health ARDT

Dan Loeb bought $1.02M of Ardent Health in Q2 2025. The healthcare provider delivered exceptional Q2 2025 results with $1.65 billion in total revenue representing 11.9% year-over-year growth, while adjusted EBITDA surged 38.9% to $170 million, demonstrating strong operational leverage and margin expansion. Net income more than doubled to $73 million compared to $43 million in Q2 2024, with earnings per share rising to $0.52 from $0.34, reflecting the company's ability to convert revenue growth into bottom-line profitability. The stock responded favorably to these results, gaining 12.1% following the earnings announcement, and management reaffirmed their full-year 2025 guidance with revenue expected between $6.2-6.45 billion.

• Total revenue grew 11.9% year-over-year to $1.65 billion in Q2 2025.
• Adjusted EBITDA increased 38.9% year-over-year to $170 million.
• Stock price up 12.1% following strong Q2 2025 earnings results.

Holdings at the end of Q2 2025

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.