In a significant portfolio shift, Dan Loeb's Third Point sold its entire $15.34 million stake in the VanEck Semiconductor ETF (SMH) during the second quarter of 2026. The move was part of a broader rotation that also saw the firm exit major individual chip stocks, including Nvidia and Broadcom. This represents a quick reversal for the fund, which had first established the position in the prior quarter to gain exposure to the artificial intelligence boom.
This trade information, disclosed in an August 14th regulatory filing, reflects activity between April and June 30th. While exiting the broad market ETF, Third Point didn't abandon the sector entirely, instead opting for a more selective approach by increasing its investment in specific semiconductor-related companies like ASML and Taiwan Semiconductor Manufacturing (TSM) during the same period.