贝塔投资智库·2025-05-16 04:15Core Viewpoint - Third Point, led by billionaire Daniel Loeb, reported a decrease in total market value of its U.S. stock holdings to $6.55 billion for Q1 2025, down 12% from the previous quarter's $7.44 billion, indicating a concentrated portfolio with top ten holdings accounting for 49.74% of total market value [2][3]. Summary by Sections Holdings Overview - Third Point's Q1 2025 report shows new purchases of 11 stocks, increased holdings in 9 stocks, while selling out of 9 stocks and reducing holdings in 7 stocks [2][3]. - The firm’s top ten holdings are diversified across sectors including semiconductors, utilities, consumer staples, telecommunications, real estate, and materials [3]. Top Holdings - The largest holding is Pacific Gas and Electric (PCG.US) with 51.1 million shares valued at approximately $878 million, representing 13.40% of the portfolio [4]. - Amazon (AMZN.US) is the second largest holding with 2.35 million shares valued at about $447 million, but saw a significant reduction of 31.88% in shares held [4]. - Taiwan Semiconductor Manufacturing Company (TSM.US) ranks third with 1.78 million shares valued at approximately $295 million, showing no change in holdings [4]. Sector Allocation - The portfolio reflects a long-standing preference for utilities, consumer staples, and technology, with a strong emphasis on the semiconductor sector [3][8]. - New positions include Kenvue Inc (KVUE.US), while Brookfield Corporation (BN.US) saw a 15% reduction in holdings [5]. Recent Transactions - The top five new purchases include Kenvue, S&P 500 index put options, Nvidia (NVDA.US), CoStar Group Inc (CSGP.US), and U.S. Steel (X.US) [6]. - The top five sold positions were Danaher (DHR.US), Meta (META.US), Amazon, Ferguson Enterprises Inc (FERG.US), and Tesla (TSLA.US) [7]. AI and Semiconductor Focus - Third Point's new positions in U.S. Steel and Nvidia highlight a continued interest in utilities and semiconductors, particularly in AI-related investments [8]. - TSMC's strong demand for AI chips is expected to persist, with a projected revenue CAGR of about 20% over the next five years, and AI-related revenue anticipated to grow by approximately 45% [8]. Reduction in Holdings - Significant reductions were noted in holdings of Microsoft (MSFT.US) by 47.5% and Vistra Corp (VST.US) by 15%, while both Meta and Tesla were completely sold out [9].