Third Point Notable Additions and Exit

Dan Loeb, the head of Third Point LLC, released his Third Quarter 2014 Investment Letter today. In it, he points to several stock additions, one exit, and overall market conditions. Losses in July were offset by August gains, with September being essentially flat. He goes on to sat the firm will continue to look to optimize position sizes to increase portfolio concentration, essentially focusing on fewer names than in prior years. Some new additions to the portfolio were Ailbaba

and EBay

, with Sony

being a notable exit. The letter goes on to suggest that a large Third Point holding, Amgen

, could benefit from a split into two separate entities, a growth company and a value company, to unlock shareholder value in a similar fashion to EBAY.