13-F Alert: Loeb's Third Point Sells Apple
Daniel Loeb's super-successful hedge fund firm Third Point LLC released its 13-F filing after the market close on Thursday, detailing the fund's long equity positions. The first obvious change in the portfolio was the fund's liquidation of its Apple (NASDAQ: AAPL) position. Yesterday, Leon Cooperman's Omega Advisors also showed that it had sold out of Apple during the recent downdraft in the stock.
Third Point sold its entire $474 million stake in Apple during the fourth-quarter of 2012. The firm added shares of fertilizer producer Agrium (NYSE: AGU) during the quarter and was showing a $100 million stake in the stock. The hedge fund continues to hold a very large position in American International Group (NYSE: AIG), which has become a very popular hedge fund stock in recent quarters.
Third Point continued to show a large position in Delphi Automotive (NYSE: DLPH), valued at $382.5 million. Loeb's new Herbalife (NYSE: HLF) stake showed up on Third Point's most recent 13-F. The position was valued at around $102.5 million.
Loeb made news with his Herbalife purchase as he bought the stock after a deep plunge caused by a presentation by Pershing Square Capital Management founder Bill Ackman where he revealed that his firm was short more than $1 billion worth of HLF. Thus far, Third Point has made a tidy profit on its HLF investment which was acquired in January.
The filing also showed a new position in Morgan Stanley (NYSE: MS) for Third Point, valued at over $148 million. Other large stakes include Liberty Global (NASDAQ: LBTYA), LyondellBasell Industries (NYSE: LYB), Murphy Oil (NYSE: MUR), News Corp. (NASDAQ: NWSA), Nexen (NYSE: NXY), Symantec (NASDAQ: SYMC), and Tesoro (NYSE: TSO).
Third Point's largest position by far is its activist stake in Yahoo (NASDAQ: YHOO). That stock is up almost 19 percent in the last 3 months and Third Point's 6.17 percent stake is valued at around $1.17 billion.
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