In its second-quarter 13F filing, Dan Loeb's Third Point revealed a significant portfolio overhaul, valued at $4.68 billion for the period ending June 30, 2026. The activist fund's most dramatic move was the initiation of a massive $533.2 million position in Warner Bros. Discovery (WBD), which instantly became its largest holding at an 11.39% portfolio weight. This new bet on media was accompanied by a major increase in the fund's Alphabet (GOOGL) stake, which grew by over 485% to become the third-largest position.
This shift into media and select tech was funded by a decisive exit from several high-profile stocks. Third Point completely sold off its holdings in Meta Platforms (META), Nvidia (NVDA), and the SPDR Gold Trust (GLD). The fund also liquidated positions in semiconductor equipment manufacturers KLA Corp (KLAC) and Lam Research (LRCX), signaling a broad rotation away from a group of previously held tech and semiconductor names.
Beyond these headline changes, Third Point also established several other new positions, including a $204.79 million stake in Keysight Technologies (KEYS). The firm significantly increased its holdings in companies like Norfolk Southern (NSC) and Capital One (COF). These moves, featuring 21 high-signal changes, underscore a period of substantial repositioning for the activist investor, prioritizing new opportunities in media and other sectors while moving out of some of the market's most popular technology trades.