Dan Loeb's Q1 Moves: Allergan, Alphabet, Baxalta And More

Third Point, the investment firm managed by Dan Loeb, filed its 13F for the first quarter of 2016. After initiating 15 new stakes, increasing its exposure to eight more companies, trimming its participation in nine stocks and selling out of six, the firm’s equity portfolio’s value rose from $9.85 billion to $10.85 billion over the January to March period.

On Friday, the fund disclosed its equity portfolio as of March 31, which included 37 long positions, with a focus on healthcare stocks, which accounted for 39 percent of the portfolio’s value.

Third Point’s largest stake, placed in Baxter International Inc BAX, remained untouched at 53,850,000 shares. However, its value rose from $2.05 billion to $2.21 billion, which represented more than 20 percent of its portfolio’s total value.

Completing the podium were:

• Allergan plc Ordinary Shares AGN, which saw the fund trim its exposure over the first quarter, to 5,000,000 shares, worth more than $1.34 billion by March 31.
• Dow Chemical Co DOW, in which the fund disclosed a 25,000,000 shares stake, worth $1.27 billion.

Among the positions that Third Point closed out were:

• Liberty Global plc - Class C Ordinary Shares LBTYK, of which the firm held 5,000,000 shares by December 31.
• eBay Inc EBAY, which accounted for 1.1 percent of its Q4 portfolio. The fund owned 4,000,000 shares.
• Morgan Stanley MS, which saw Loeb sell 3,000,000 shares over the quarter.

The firm’s largest new position was Alphabet Inc GOOGL. Over the first quarter of 2016, the firm opened a new stake in the company, comprising 700,000 shares, worth roughly $534 million.

Finally, another notable new stake was the one initiated in Baxalta Inc BXLT. After acquiring 6,000,000 shares of the company, Third Point held more than $242 million in the biopharmaceutical's stock.