Third Point 13F Portfolio · Daniel Loeb

Third Point's biggest buys this quarter were not one idea; they were three overlapping ones, and the largest is the least glamorous. The fund opened test-and-measurement house Keysight Technologies, added Flex for power and thermal content, bought TTM Technologies for PCB capacity, and expanded ASML and TSMC by 150.0% and 67.3% in share count.

• Keysight Technologies: new at 4.40% of the book, $204.8M, already 15.5% above average cost.
• Flex: new at 3.59%, $166.9M — the power, cooling and enclosure layer inside the rack.
• TTM Technologies: new at 2.03%, $94.4M — printed circuit boards, the component that tightens first.
• TSMC and ASML: TSMC sits 83.9% above cost, ASML 28.7% above cost. The fund is buying tools and foundry, not chip design.

The second cluster is platform scale: Alphabet's share count rose 485.7% to a 7.88% weight and $366.3M. The third is cheap assets with a re-rating path — Warner Bros. Discovery opened at 11.46%, Block at 4.18%, and Capital One was expanded 489.3% to 3.56%. Add Norfolk Southern's 500.0% increase and Union Pacific's 250.0%, and the message holds: own the toll booths and the assets, not the story stocks.

Not one of the four visible trims was a retreat. Each was a position already deep in the money.

• Carpenter Technology: shares down 30.6%, still 249.4% above average cost; $58.6M came off the table.
• Amazon: shares down 9.8%, about -$45.3M, with an 86.8% embedded gain — and still the second-largest holding at 8.97%.
• MasTec: shares down 9.4%, up 53.8% on cost, still 2.59% of the book.
• Telephone & Data Systems: shares down 4.9%, up 47.4% on cost.

The scale tells you what kind of quarter this was. Carpenter's $58.6M trim is a rounding error beside the $533.2M committed to Warner Bros. Discovery alone, so these sales are not the funding mechanism for the new book — they are position discipline on names that already worked. Amazon staying at 8.97% and Carpenter at 2.85% says the theses are intact; only the sizing changed.

Read the sector bar chart literally and it will mislead you. Consumer discretionary still shows as the largest bucket at 36.05%, but that is Warner Bros. Discovery, a media company; Amazon, a cloud-and-logistics business wearing a retail label; Live Nation; and Somnigroup. The real rotation is in the moves: technology jumped from 10.38% to 24.48% of the book, while telecom slid from 11.28% to 5.13% and industrials from 33.24% to 26.16%.

Some of those declines are dilution rather than selling. Industrials fell from 33.24% to 26.16% even though the fund added to CRH, Keysight, Norfolk Southern, TransDigm and Union Pacific — when a book grows this quickly, weights fall without a share changing hands. Finance, meanwhile, rose from 5.93% to 7.98%, and health care nearly vanished at 0.21%.

The label problem cuts both ways. Hut 8, Core Scientific and Applied Digital are filed under finance but are really bitcoin miners turning into AI data-center landlords; APG is filed under consumer discretionary but builds water and power infrastructure. Net it out: the reported 24.48% technology weight understates the AI and power exposure, and the 7.98% finance weight is really Capital One, Block and Ares, not a bank bet.

Strip the labels away and Third Point has made one large directional bet: that AI capital spending keeps converting into orders for test gear, PCBs, power and cooling, lithography and foundry capacity. That sleeve is now the centre of gravity, with Alphabet's 7.88% as the platform-scale anchor inside it.

The other half of the book is a special-situations bet on asset value. Warner Bros. Discovery at 11.46% is the largest position and the one most likely to be driven by a split or corporate action rather than quarterly earnings. Block, Capital One, Ares and the two rails belong to the same family — cash-generative assets with a re-rating path.

The risk is correlation, not stock picking. Top-ten concentration of 60.4% and a technology weight that tripled in a single quarter mean the new leadership all trades on one variable: whether the AI buildout keeps accelerating. Off the back of a 14.38% quarter, this portfolio is not built for a quiet tape. Watch two things next quarter — whether the AI sleeve keeps growing, and whether the trims stay this small.