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Dan Loeb Increased Third Point’s Position in These Stocks in Q4

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Third Point’s only new position

In Q4 2018, Third Point initiated a new position in Cigna (CI), which is an American healthcare services organization.

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Hike in stakes

The fund also increased its stake in Campbell Soup (CPB) by 16.7% during the quarter. CPB is its second-largest holding. Third Point has an activist stake in CPB. In October 2018, Dan Loeb went after Campbell Soup’s board for poor decisions and was lobbying to oust all 12 of its directors. Loeb, however, settled for two board seats and a say in choosing CPB’s next CEO. CPB stock fell ~30% in 2018, but it is up 4% year-to-date. Third Point also increased its stake in Salesforce by 135% to 1.17 million shares.

Reduced bets

During Q4 2018, Third Point decreased its stake by ~33% in healthcare company Baxter International (BAX). It is still the largest single holding for the fund, accounting for ~28% of the total portfolio at the end of December 2018. Third Point initiated its position in BAX in Q2 2015, and it has been its largest position since Q3 2015.

The fund also slashed its stakes in PayPal (PYPL), Dow Chemical (DOW), American Express (AXP), and Constellation Brands (STZ).

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