13F filer · CIK 1040273 ↗
Third Point
You are looking at Q4 2025. See the latest, Q2 2026 →
Reported value
$7.27B
−19% on the quarter before
Positions
44
11 new · 13 sold out
Top 10
54.1%
of the value
Est. gain
−$40.9M
on stocks held all quarter
Est. return
−0.7%
on those stocks since Q3 2025
Positions as of Dec 31, 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 Q3 2025. Striped tiles are options.
Largest buys
Since Q3 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.
- Union Pac Corp~$216.3MAdded · 2.3% → 5.8%+935,000 shares
- Chipotle Mexican Grill Inc~$174.8MNew · 0.0% → 2.4%+4,725,000 shares
- Constellation Energy Corp~$167.8MNew · 0.0% → 2.3%+475,000 shares
- Danaher Corporation~$125.9MAdded · 0.1% → 1.9%+550,000 shares
- Alibaba~$120.9MNew · 0.0% → 1.7%+825,000 shares
- Api Group Corp~$114.8MNew · 0.0% → 1.6%+3,000,000 shares
- Rocket Cos Inc~$106.8MAdded · 0.9% → 2.5%+5,515,000 shares
- Brookfield Corp~$70.0MAdded · 3.6% → 3.9%+1,525,000 shares
- Spotify Technology S A~$58.1MNew · 0.0% → 0.8%+100,000 shares
- Crh Plc~$54.3MAdded · 2.9% → 4.5%+435,000 shares
Largest sells
Since Q3 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~$582.9MSold out · 6.5% → 0.0%−875,000 underlying
- Flutter Entmt Plc~$284.5MSold out · 3.2% → 0.0%−1,120,000 shares
- Pg&E Corp~$253.9MCut · 8.4% → 7.6%−15,800,000 shares
- TSMC~$205.1MCut · 3.4% → 1.8%−675,000 shares
- Mr Cooper Group Inc~$195.0MSold out · 2.2% → 0.0%−925,000 shares
- Norfolk Southn Corp~$194.9MCut · 5.5% → 3.9%−675,000 shares
- Meta~$161.6MSold out · 1.8% → 0.0%−220,000 shares
- Talen Energy Corp~$148.9MSold out · 1.7% → 0.0%−350,000 shares
- Amazon~$148.9MCut · 6.9% → 6.9%−645,000 shares
- Jacobs Solutions Inc~$137.1MSold out · 1.5% → 0.0%−915,000 shares
Holdings
As of Dec 31, 2025. Changes are in shares against Sep 30, 2025, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Pg&E CorpCOM · shares −32% · price +6.6% | 7.6% | $551.2M | +$34.0M | ||||||||
| NvidiaCOM · shares +3.5% · price −0.0% | 7.6% | $550.2M | −$228,000 | ||||||||
| AmazonCOM · shares −23% · price +5.1% | 6.9% | $499.7M | +$24.4M | ||||||||
| MicrosoftCOM · shares −16% · price −6.6% | 6.1% | $447.3M | −$31.8M | ||||||||
| Union Pac CorpCOM · shares +107% · price −2.1% | 5.8% | $418.7M | −$4.4M | ||||||||
| Crh PlcORD · shares +20% · price +4.1% | 4.5% | $324.5M | +$10.6M | ||||||||
| Somnigroup International IncCOM · shares +13% · price +5.9% | 4.2% | $303.6M | +$14.9M | ||||||||
| Brookfield CorpCL A LTD VT SH · shares +33% · price −33.1% | 3.9% | $284.5M | −$106.1M | ||||||||
| Norfolk Southn CorpCOM · shares −41% · price −3.9% | 3.9% | $281.5M | −$11.4M | ||||||||
| Telephone & Data Sys IncCOM NEW · shares −0.5% · price +4.5% | 3.8% | $273.7M | +$11.7M | ||||||||
| Capital One Finl CorpCOM · shares −21% · price +14.0% | 3.7% | $266.6M | +$32.8M | ||||||||
| Caseys Gen Stores IncCOM · shares −9.0% · price −2.2% | 3.5% | $251.5M | −$5.7M | ||||||||
| Carpenter Technology CorpCOM · shares −7.6% · price +28.2% | 3.4% | $247.1M | +$54.4M | ||||||||
| Live Nation Entertainment InCOM · shares +28% · price −12.8% | 3.4% | $245.8M | −$28.2M | ||||||||
| Costar Group IncCOM · shares +4.9% · price −20.3% | 2.9% | $212.8M | −$51.7M | ||||||||
| Mastec IncCOM · shares +28% · price +2.1% | 2.8% | $201.1M | +$3.3M | ||||||||
| Rocket Cos IncCOM CL A · shares +138% · price −0.1% | 2.5% | $184.2M | −$80,000 | ||||||||
| Lpl Finl Hldgs IncCOM · shares −14% · price +7.4% | 2.5% | $182.2M | +$12.5M | ||||||||
| Chipotle Mexican Grill IncCOM · shares New | 2.4% | $174.8M | — | ||||||||
| Constellation Energy CorpCOM · shares New | 2.3% | $167.8M | — | ||||||||
| VistraCOM · shares +7.5% · price −17.7% | 2.2% | $162.1M | −$32.3M | ||||||||
| Danaher CorporationCOM · shares +1,100% · price +15.5% | 1.9% | $137.4M | +$1.5M | ||||||||
| Sharkninja IncCOM SHS · shares −33% · price +8.5% | 1.8% | $134.3M | +$10.5M | ||||||||
| TSMCSPONSORED ADS · shares −61% · price +8.8% | 1.8% | $129.2M | +$10.5M | ||||||||
| AlibabaSPONSORED ADS · shares New | 1.7% | $120.9M | — | ||||||||
| Total · 44 positions | 100% | $7.27B | −$40.9M |
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 Q3 2025 to Q4 2025: 32 stocks held throughout, down $40.9M (−0.7%).
- Carpenter Technology Corp+$54.4M+28%
- Pg&E Corp+$34.0M+7%
- Capital One Finl Corp+$32.8M+14%
- Amazon+$24.4M+5%
- Somnigroup International Inc+$14.9M+6%
- Live Nation Entertainment In−$28.2M−13%
- Microsoft−$31.8M−7%
- Vistra−$32.3M−18%
- Costar Group Inc−$51.7M−20%
- Brookfield Corp−$106.1M−33%
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 ↗ |