Dan Loeb's Trades and Holdings in Q3 2025

Breaking down the stocks Dan Loeb (Third Point) bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from Third Point's 13F filed on November 14, 2025.

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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Q3 '25 13F filed with SEC

Holdings in Q3 2025

Current Investment Strategy

Dan Loeb's Third Point pivoted back into Big Tech during Q3 2025, more than doubling its stake in Microsoft and adding to Nvidia and Amazon after dumping most Magnificent 7 positions earlier in the year amid tariff concerns, while maintaining PG&E as its largest holding and deploying SPY put options as a portfolio hedge. The activist hedge fund also initiated positions in Class I railroads Norfolk Southern and Union Pacific, positioning itself ahead of the proposed $85 billion merger between the two carriers, alongside new stakes in MasTec and Tempur Sealy as part of its event-driven, opportunistic investment approach.

New Investments

S&P 500 SPY

Dan Loeb bought put options on S&P 500 valued at $582.91M in Q3 2025. The S&P 500 ETF has delivered strong +16.21% returns over the past 12 months, including robust +14.17% gains over the last three months, reflecting sustained equity market strength. Despite a challenging -4.27% start in Q1 2025, the fund recovered with +5.55% gains in Q2 and +1.05% in Q3, achieving +8.53% year-to-date performance through mid-November. However, current quarter momentum has faltered with a 1.66% decline recorded on November 13, 2025, as uncertainty surrounding Federal Reserve policy decisions weighs on market sentiment.

• 12-month return of +16.21% with 3-month performance of +14.17%.
• YTD 2025 return: +8.53% despite Q1 decline of -4.27%.
• Recent headwind: 1.66% decline on November 13, 2025 driven by Fed policy uncertainty.

Norfolk Southern NSC

Dan Loeb bought $495.68M of Norfolk Southern in Q3 2025. Norfolk Southern delivered mixed Q3 2025 results with adjusted EPS of $3.30 beating consensus estimates, though revenue of $3.1 billion slightly missed expectations, triggering a 2.82% stock decline despite operational outperformance. The company achieved 2% revenue growth on flat volumes through disciplined cost management, with the adjusted operating ratio improving by 10 basis points to 63.3% versus the prior year adjusted quarter. While management raised 2025 productivity targets to $200 million from $175 million, ongoing headwinds in the intermodal market and a $30 million decline in fuel surcharge revenue underscore persistent challenges despite strong operational execution.

• Adjusted EPS reached $3.30, beating consensus of $3.18 by 3.6%, reflecting improved cost discipline.
• Operating ratio improved 10 basis points to 63.3% on flat volumes, demonstrating operational leverage.
• Revenue grew 2% year-over-year to $3.1 billion with income from railway operations at $1.1 billion.

SomniGroup International TPX

Dan Loeb bought $252.99M of SomniGroup International in Q3 2025. Somnigroup delivered record Q3 2025 results with net sales of $2.12 billion, up 63% year-over-year, significantly outpacing analyst estimates and benefiting substantially from the Mattress Firm acquisition integration. The company achieved record profitability with adjusted EPS of $0.95, up 16% annually, alongside record free cash flow of $360 million, demonstrating strong operational execution and successful cost synergy realization. The company is well-positioned for continued growth as Mattress Firm synergies exceed expectations, with management raising full-year EBITDA guidance and targeting a return to its 2-3x leverage range in early 2026.

• Revenue grew 63.3% year-over-year to $2.12 billion, surpassing analyst expectations by 3.41%, driven by $1.07 billion in Mattress Firm acquisition contributions.
• Adjusted EPS increased 16% to $0.95 per share, with adjusted EBITDA up 52% to $419 million and net income growing 36.5% year-over-year.
• Record free cash flow of $360 million and debt reduction of $300 million in Q3 position the company to achieve its target leverage ratio by early 2026.

Union Pacific UNP

Dan Loeb bought $206.82M of Union Pacific in Q3 2025. Union Pacific demonstrated strong operational execution in Q3 2025, with adjusted EPS growing 12% year-over-year despite modest volume softness and macroeconomic headwinds. The company achieved best-ever quarterly records across multiple operational metrics including freight revenue, terminal dwell, workforce productivity, and fuel consumption, while improving its adjusted operating ratio by 180 basis points to 58.5%. The proposed Norfolk Southern merger represents a significant strategic development that could reshape the railroad industry, though near-term economic uncertainty persists in key segments like automotive and housing.

• Adjusted EPS increased 12% year-over-year to $3.08, beating analyst expectations of $2.99.
• Adjusted operating ratio improved 180 basis points to 58.5%, with freight revenue reaching best-ever record levels.
• Operating revenue increased 3% to $6.2 billion with freight revenue up 4% excluding fuel surcharge.

MasTec MTZ

Dan Loeb bought $154.29M of MasTec in Q3 2025. MasTec delivered strong Q3 2025 results with $3.97 billion in sales and $160.66 million in net income, demonstrating year-over-year growth momentum. The company raised its 2025 full-year guidance to $14.075 billion in revenue and $399 million in net income, reflecting robust infrastructure demand and successful project execution. Forward guidance projects $17.2 billion in revenue and $730.8 million in earnings by 2028, supported by sustained utility grid upgrades and clean energy transition buildouts.

• Q3 2025 net income of $160.66 million reflects strong year-over-year earnings growth amid infrastructure expansion.
• 2025 net income guidance raised to $399 million, implying approximately 50% increase from prior guidance level.
• 9.6% implied annual revenue growth through 2028 to $17.2 billion with earnings expanding to $730.8 million.

Floor & Decor FND

Dan Loeb bought $98.02M of Floor & Decor in Q3 2025. Floor & Decor delivered exceptional operational execution in Q3 2025, reporting a 15.6% EPS beat over consensus with $0.53 diluted EPS despite persistent consumer demand weakness that pressured comparable store sales down 1.2%. Net sales grew 5.5% year-over-year to $1.18 billion while operating income expanded 10.8% to $218.1 million, with operating margins improving 20 basis points to 6.1%, demonstrating strong profitability growth through operational discipline. The company's ability to expand earnings substantially amid a challenging demand environment, combined with its disciplined store expansion of 5 new warehouses in the quarter, positioned it favorably with investors and signals resilience in a soft market.

• Diluted EPS of $0.53 beat consensus estimates by $0.06 or 15.6%, representing the second consecutive quarter of double-digit EPS growth.
• Net sales increased 5.5% year-over-year to $1.18 billion, though comparable store sales declined 1.2% in a challenging consumer demand environment.
• Operating margin expanded 20 basis points to 6.1% while net income grew 6.9% to $169.3 million, reflecting strong cost management and operational efficiency.

Core Scientific CORZ

Dan Loeb bought $53.82M of Core Scientific in Q3 2025. Core Scientific delivered Q3 2025 revenue of $81.1 million, representing a 15% decline year-over-year and missing consensus estimates by 24.33%, though the company narrowed its per-share loss to -$0.46 from much deeper losses in the prior year. The planned merger with CoreWeave collapsed due to insufficient shareholder support in November 2025, removing a transformational growth catalyst and signaling investor concerns over valuations in the AI infrastructure sector. Despite persistent unprofitability and near-term revenue headwinds, the stock has outperformed the broader market by 13.9 percentage points year-to-date, reflecting investor conviction in the company's strategic pivot toward high-density colocation and AI workload support.

• Q3 revenue declined 15% year-over-year to $81.1M, significantly missing the $112.8M FactSet consensus estimate by 24.33%.
• Diluted EPS loss of -$0.46 per share beat expectations by 45.88%, materially improving from prior year despite overall unprofitability.
• Stock has appreciated 28.5% year-to-date, outpacing the S&P 500's 14.6% gain despite the CoreWeave merger termination and weak Q3 revenue.

Strata Medical BLDE

Dan Loeb bought $25.3M of Strata Medical in Q3 2025. Strata Critical Medical delivered exceptional Q3 2025 results with revenue of $49.3 million, up 36.7% year-over-year, while accelerating organic growth to 29.0% well above management's mid-teens H2 expectations. The Medical Segment Adjusted EBITDA margin expanded significantly to 15.1% in Q3 from 10.8% in the prior year quarter, reflecting improved operational efficiencies, reduced fleet maintenance periods, and successful Keystone Perfusion integration. The strategic pivot toward end-to-end organ recovery services, combined with the Keystone acquisition and Passenger business divestiture to Joby Aviation, positions the company for sustained high-margin growth in the mission-critical medical logistics sector.

• Q3 2025 revenue surged 36.7% year-over-year to $49.3 million, with organic growth accelerating to 29.0% and significantly exceeding management's mid-teens H2 guidance.
• Medical Segment Adjusted EBITDA margin expanded 430 basis points year-over-year to 15.1% in Q3 2025 from 10.8% in Q3 2024, driven by operational leverage and fleet efficiency gains.
• Full-year 2025 revenue guidance raised to $185-195 million with record Adjusted EBITDA performance, reflecting successful portfolio transformation and integration of transformative Keystone acquisition.

Bausch Health BHC

Dan Loeb bought $645K of Bausch Health in Q3 2025. Bausch Health delivered strong Q3 2025 results with adjusted earnings per share of $1.16, beating consensus estimates by $0.09, while consolidated revenues reached $2.68 billion, representing 7% reported growth and 5% organic growth year-over-year. The company achieved its 10th consecutive quarter of revenue and adjusted EBITDA growth (excluding Bausch + Lomb), demonstrating consistent operational execution despite the stock declining 26.8% year-to-date against industry growth of 6.2%. Recent strategic moves including the DURECT Corporation acquisition with larsucosterol (an FDA Breakthrough Therapy Designation candidate for alcohol-associated hepatitis) and raised full-year guidance position the company for improved value creation going forward.

• Adjusted EPS of $1.16 beat consensus of $1.07, up 3.6% from $1.12 in Q3 2024.
• Salix segment revenues grew 12% YoY to $716 million, driven by Xifaxan's 16% growth.
• Adjusted EBITDA increased 8% YoY to $986 million, while consolidated net income swung from an $85 million loss to a $179 million profit.

Community Health Systems CYH

Dan Loeb bought $481.5K of Community Health Systems in Q3 2025. Community Health Systems demonstrated a significant operational and financial turnaround in Q3 2025, with a massive EPS beat of $1.27 versus consensus estimate of -$0.32 loss, driven by robust same-store revenue growth of 6.0% and improved cost management. Net income swung from a $391 million loss in Q3 2024 to $130 million profit, while adjusted EBITDA increased 8.4% year-over-year to $376 million, signaling strengthened operational efficiency and pricing power. Strategic asset divestitures, including the sale of Pennsylvania hospitals, combined with improved financing through debt refinancing, position the company for sustained profitability improvement as it executes its restructuring strategy.

• Q3 2025 EPS of $1.27 beat consensus estimate of -$0.32 loss, with nine-month net income of $2.97 per share versus -$3.38 loss in prior year.
• Same-store net operating revenues increased 6.0% in Q3 2025 with adjusted EBITDA growing 8.4% year-over-year to $376 million.
• Stock appreciated 25.77% following earnings announcement with 2025 full-year EPS guidance of $0.80-$0.90 and revenue guidance of $12.4B-$12.6B.

Added, Trimmed, and Exited

Added

Dan Loeb significantly increased exposure to mega-cap technology, adding 700,000 shares to Microsoft (MSFT) (position up 175% to $569.75M), 70,000 shares to Meta (META) (up 47% to $161.56M), and 100,000 shares to Amazon (AMZN) (up 4% to $616.99M). He also materially added to consumer-focused holdings, increasing Casey's (CASY) by 140,000 shares (up 39% to $282.66M) and SharkNinja (SN) by 600,000 shares (up 50% to $185.67M), while making a smaller addition to Carpenter Technology (CRS).
What it means: Third Point is concentrating capital into its highest-conviction ideas, rotating into mega-cap tech leaders with AI exposure—Microsoft's Azure cloud and Meta's AI infrastructure investments position them as direct beneficiaries of enterprise AI adoption. The aggressive adds to consumer names SharkNinja (innovative home appliances) and Casey's (rural convenience stores with fuel margins) signal confidence in consumer spending resilience despite macro uncertainty, suggesting Loeb sees these businesses as secular growers with pricing power that can navigate economic volatility.

Trimmed

Dan Loeb made substantial reductions across multiple sectors, nearly exiting Danaher (DHR) (down 90% to $9.91M), dramatically cutting Kenvue (KVUE) call options (down 82% to $24.35M), and reducing Apollo Global (APO) by 49% to $86.63M and Talen Energy (TLN) by 55% to $148.88M. He also trimmed energy play Vistra (VST) by 25%, entertainment holding Live Nation (LYV) by 32%, semiconductor exposure via Taiwan Semiconductor (TSM) by 23%, financial Capital One (COF) by 23%, and industrials Jacobs Solutions (J) by 28% and CRH (CRH) by 16%. Notably, some trimmed positions like PG&E (PCG), Rocket Companies (RKT), and CRH increased in value despite share reductions.
What it means: Third Point is executing disciplined profit-taking and risk management, particularly in trades that worked exceptionally well—Talen Energy and Vistra surged on AI data center power demand, while the near-complete exit from Danaher suggests the life sciences recovery thesis may have stalled. The broad-based trimming across financials (Apollo, Capital One), industrials (Jacobs, CRH, Taiwan Semiconductor), and entertainment (Live Nation) indicates Loeb is reducing cyclical exposure amid mounting recession concerns, rotating capital from economically sensitive sectors into secular growth winners. The reduction of Kenvue calls suggests diminished conviction in the consumer staples spinoff story.

Exited

Dan Loeb completely liquidated 16 positions totaling approximately $814 million, led by fintech/payments platform Corpay (CPAY) at $227.30M, exchange operator Intercontinental Exchange (ICE) at $174.30M, and enterprise software names Workday (WDAY) at $72.00M and DocuSign (DOCU) at $48.68M. He also exited industrial holdings Flowserve (FLS) at $62.56M, Fortive (FTV) at $60.47M, and Chart Industries (GTLS) at $35.40M, along with consumer/hospitality play Soho House (SHCO) at $38.01M, auctioneer RB Global (RBA) at $73.80M, and several smaller positions including Sea (SE), Ralliant (RAL), Sabre (SABR), ServiceTitan (TTAN), Claritev (CTEV), Ategrity (ASIC), and Ardent Health (ARDT).
What it means: Third Point is dramatically consolidating its portfolio, clearing out medium-conviction positions across multiple sectors to concentrate firepower in higher-conviction ideas. The complete exits from enterprise software (Workday, DocuSign) reflect concerns about post-pandemic normalization and decelerating cloud spending, while the departure from industrial cyclicals (Flowserve, Fortive, Chart Industries) and financial infrastructure (Intercontinental Exchange, Corpay) suggests Loeb is positioning defensively ahead of potential economic weakness. This wholesale portfolio pruning—freeing up over $800 million—funded the massive new railroad positions (Norfolk Southern, Union Pacific) and mega-cap tech adds, signaling a strategic shift toward fewer, larger, more activist-oriented bets where Third Point can drive value creation through engagement rather than passive exposure.

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.