Dan Loeb's Third Point adds to megacap tech holdings in first quarter — with one notable exception

Dan Loeb's Third Point largely bought into the big technology space during the first quarter, offering a sign of confidence in further gains after a big rally. But there was one key exception to this trend. The New York -based hedge fund opened a stake valued at more than $450 million in Alphabet while building out positions in Amazon and Meta Platforms during the first three months of 2024, according to regulatory fillings.

The fund's fifth-largest holding, it amounted to about $600 million at the end of the quarter. Shares of Meta soared more than 37% in the first quarter, but they have pulled back by 2% since the new quarter commenced. Strong performance from these tech names can bode well for Loeb. He has been closely followed in the wake of a report in The Wall Street Journal last year, citing sources familiar, that found Third Point was grappling with an exodus of assets because of its underperformance.

Source: News Formal (newsformal.com)

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