13F filer · CIK 1040273 ↗
Third Point
You are looking at Q3 2025. See the latest, Q2 2026 →
Reported value
$8.99B
+18% on the quarter before
Positions
46
11 new · 16 sold out
Top 10
52.9%
of the value
Est. gain
+$394.6M
on stocks held all quarter
Est. return
+6.5%
on those stocks since Q2 2025
Positions as of Sep 30, 2025, from Third Point's 13F filing with the SEC. A 13F lists a manager's US-listed stocks and options at a quarter end and is filed up to 45 days later, so the fund may hold something else today. It leaves out short positions, cash and holdings outside the US.
Portfolio at a glance
- New
- Added
- Cut
- Same
- Options
Each tile is a position, sized by its share, colored by what the fund did with it since Q2 2025. Striped tiles are options.
Largest buys
Since Q2 2025, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.
- SPDR S&P 500 ETF TrPUT~$582.9MNew · 0.0% → 6.5%+875,000 underlying
- Norfolk Southn Corp~$495.7MNew · 0.0% → 5.5%+1,650,000 shares
- Microsoft~$362.6MAdded · 2.6% → 6.3%+700,000 shares
- Somnigroup International Inc~$253.0MNew · 0.0% → 2.8%+3,000,000 shares
- Union Pac Corp~$206.8MNew · 0.0% → 2.3%+875,000 shares
- Mastec Inc~$154.3MNew · 0.0% → 1.7%+725,000 shares
- Floor & Decor Hldgs Inc~$98.0MNew · 0.0% → 1.1%+1,330,000 shares
- Caseys Gen Stores Inc~$79.1MAdded · 2.4% → 3.1%+140,000 shares
- Sharkninja Inc~$61.9MAdded · 1.6% → 2.1%+600,000 shares
- Core Scientific~$53.8MNew · 0.0% → 0.6%+3,000,000 shares
Largest sells
Since Q2 2025, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.
- Corpay Inc~$227.3MSold out · 3.0% → 0.0%−685,000 shares
- Talen Energy Corp~$185.0MCut · 3.0% → 1.7%−435,000 shares
- Intercontinental Exchange In~$174.3MSold out · 2.3% → 0.0%−950,000 shares
- Live Nation Entertainment In~$102.1MCut · 3.9% → 2.5%−625,000 shares
- TSMC~$92.2MCut · 4.3% → 3.4%−330,000 shares
- Danaher Corporation~$89.2MCut · 1.3% → 0.1%−450,000 shares
- Capital One Finl Corp~$89.1MCut · 5.0% → 3.3%−419,204 shares
- Apollo Global Mgmt Inc~$83.3MCut · 2.4% → 1.0%−625,000 shares
- Rb Global Inc~$73.8MSold out · 1.0% → 0.0%−695,000 shares
- Workday~$72.0MSold out · 0.9% → 0.0%−300,000 shares
Holdings
As of Sep 30, 2025. Changes are in shares against Jun 30, 2025, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Pg&E CorpCOM · shares −2.0% · price +8.2% | 8.4% | $755.5M | +$57.1M | ||||||||
| AmazonCOM · shares +3.7% · price +0.1% | 6.9% | $617.0M | +$487,800 | ||||||||
| SPDR S&P 500 ETF TrPUTTR UNIT · shares New | 6.5% | $582.9M | — | ||||||||
| MicrosoftCOM · shares +175% · price +4.1% | 6.3% | $569.7M | +$8.2M | ||||||||
| NvidiaCOM · shares +1.8% · price +18.1% | 5.9% | $531.8M | +$80.1M | ||||||||
| Norfolk Southn CorpCOM · shares New | 5.5% | $495.7M | — | ||||||||
| Brookfield CorpCL A LTD VT SH · shares 0% · price +10.9% | 3.6% | $320.6M | +$31.5M | ||||||||
| TSMCSPONSORED ADS · shares −23% · price +23.3% | 3.4% | $307.2M | +$58.1M | ||||||||
| Capital One Finl CorpCOM · shares −23% · price −0.1% | 3.3% | $294.4M | −$249,300 | ||||||||
| Flutter Entmt PlcSHS · shares +4.7% · price −11.1% | 3.2% | $284.5M | −$34.0M | ||||||||
| Caseys Gen Stores IncCOM · shares +39% · price +10.8% | 3.1% | $282.7M | +$19.8M | ||||||||
| Telephone & Data Sys IncCOM NEW · shares −0.3% · price +10.3% | 2.9% | $263.2M | +$24.5M | ||||||||
| Crh PlcORD · shares −16% · price +30.6% | 2.9% | $259.6M | +$60.8M | ||||||||
| Costar Group IncCOM · shares −2.2% · price +4.9% | 2.8% | $254.5M | +$12.0M | ||||||||
| Somnigroup International IncCOM · shares New | 2.8% | $253.0M | — | ||||||||
| Live Nation Entertainment InCOM · shares −32% · price +8.0% | 2.5% | $220.6M | +$16.4M | ||||||||
| Carpenter Technology CorpCOM · shares +13% · price −11.2% | 2.3% | $208.7M | −$23.1M | ||||||||
| Union Pac CorpCOM · shares New | 2.3% | $206.8M | — | ||||||||
| Lpl Finl Hldgs IncCOM · shares −4.9% · price −11.3% | 2.2% | $197.7M | −$25.1M | ||||||||
| Mr Cooper Group IncCOM · shares 0% · price +41.3% | 2.2% | $195.0M | +$57.0M | ||||||||
| Sharkninja IncCOM SHS · shares +50% · price +4.2% | 2.1% | $185.7M | +$5.0M | ||||||||
| VistraCOM · shares −25% · price +1.1% | 2.0% | $183.2M | +$2.0M | ||||||||
| Comfort Systems USACOM · shares +8.1% · price +53.9% | 1.8% | $165.0M | +$53.5M | ||||||||
| MetaCL A · shares +47% · price −0.5% | 1.8% | $161.6M | −$556,500 | ||||||||
| Mastec IncCOM · shares New | 1.7% | $154.3M | — | ||||||||
| Total · 46 positions | 100% | $8.99B | +$394.6M |
Price is a stock's reported value over its shares at the quarter end. The estimated gain is the shares held at both quarter ends times the change in that price: shares bought or sold during the quarter add nothing, options are left out, and a stock split is read into the earlier share count and price.
What made money
From Q2 2025 to Q3 2025: 34 stocks held throughout, up $394.6M (+6.5%).
- Nvidia+$80.1M+18%
- Crh Plc+$60.8M+31%
- TSMC+$58.1M+23%
- Pg&E Corp+$57.1M+8%
- Mr Cooper Group Inc+$57.0M+41%
- Carpenter Technology Corp−$23.1M−11%
- Lpl Finl Hldgs Inc−$25.1M−11%
- Flutter Entmt Plc−$34.0M−11%
- Kenvue Inc−$40.1M−22%
- Primo Brands Corporation−$43.4M−25%
Estimated as in the holdings table: shares held at both quarter ends times the change in price; options left out.
Reported value by quarter
The total value of each quarter's 13F at that quarter end. It moves with prices as well as with buying and selling. Pick a quarter to see what the fund held then.
Every quarter's filing
| Quarter | Reported value | Filing | |
|---|---|---|---|
| Q2 2026 | Aug 14, 2026 | $4.68B+125% | SEC ↗ |
| Q1 2026 | May 15, 2026 | $2.08B−71% | SEC ↗ |
| Q4 2025 | Feb 17, 2026 | $7.27B−19% | SEC ↗ |
| Q3 2025 | Nov 14, 2025 | $8.99B+18% | SEC ↗ |
| Q2 2025 | Aug 14, 2025 | $7.62B+16% | SEC ↗ |
| Q1 2025 | May 15, 2025 | $6.55B−12% | SEC ↗ |
| Q4 2024 | Feb 14, 2025 | $7.44B+0% | SEC ↗ |
| Q3 2024 | Nov 14, 2024 | $7.43B−15% | SEC ↗ |
| Q2 2024 | Aug 14, 2024 | $8.74B+11% | SEC ↗ |
| Q1 2024 | May 15, 2024 | $7.85B+18% | SEC ↗ |
| Q4 2023 | Feb 14, 2024 | $6.64B+1% | SEC ↗ |
| Q3 2023 | Nov 14, 2023 | $6.59B−3% | SEC ↗ |
| Q2 2023 | Aug 14, 2023 | $6.82B+12% | SEC ↗ |
| Q1 2023 | May 15, 2023 | $6.11B+2% | SEC ↗ |
| Q4 2022 | Feb 14, 2023 | $5.97B+8% | SEC ↗ |
| Q3 2022 | Nov 14, 2022 | $5.53B+31% | SEC ↗ |
| Q2 2022 | Aug 15, 2022 | $4.22B−45% | SEC ↗ |
| Q1 2022 | May 16, 2022 | $7.68B−46% | SEC ↗ |
| Q4 2021 | Feb 14, 2022 | $14.33B−22% | SEC ↗ |
| Q3 2021 | Nov 15, 2021 | $18.32B+7% | SEC ↗ |
| Q2 2021 | Aug 16, 2021 | $17.08B+15% | SEC ↗ |
| Q1 2021 | May 14, 2021 | $14.84B+14% | SEC ↗ |
| Q4 2020 | Feb 16, 2021 | $12.97B+30% | SEC ↗ |
| Q3 2020 | Nov 13, 2020 | $10.00B+37% | SEC ↗ |
| Q2 2020 | Aug 17, 2020 | $7.30B+17% | SEC ↗ |
| Q1 2020 | May 15, 2020 | $6.27B−28% | SEC ↗ |
| Q4 2019 | Feb 13, 2020 | $8.70B+3% | SEC ↗ |
| Q3 2019 | Nov 14, 2019 | $8.42B−1% | SEC ↗ |
| Q2 2019 | Aug 12, 2019 | $8.54B−5% | SEC ↗ |
| Q1 2019 | May 15, 2019 | $8.99B+38% | SEC ↗ |
| Q4 2018 | Feb 8, 2019 | $6.51B−55% | SEC ↗ |
| Q3 2018 | Nov 9, 2018 | $14.31B−0% | SEC ↗ |
| Q2 2018 | Aug 10, 2018 | $14.35B+8% | SEC ↗ |
| Q1 2018 | May 15, 2018 | $13.32B−4% | SEC ↗ |
| Q4 2017 | Feb 14, 2018 | $13.86B+16% | SEC ↗ |
| Q3 2017 | Nov 9, 2017 | $11.90B+5% | SEC ↗ |
| Q2 2017 | Aug 11, 2017 | $11.28B+10% | SEC ↗ |
| Q1 2017 | May 12, 2017 | $10.25B+1% | SEC ↗ |
| Q4 2016 | Feb 10, 2017 | $10.19B−11% | SEC ↗ |
| Q3 2016 | Nov 10, 2016 | $11.50B+10% | SEC ↗ |
| Q2 2016 | Aug 12, 2016 | $10.49B−3% | SEC ↗ |
| Q1 2016 | May 13, 2016 | $10.86B | SEC ↗ |