Third Point LLC — Quarter-over-Quarter 13F Allocation Shifts Q1 2026
In Q1 2026, Third Point LLC initiated 10 new positions, increased allocation to 1 existing position, trimmed 10 positions, and exited 21 positions entirely. The fund's 13F equity book declined from $7.27B to $2.08B (-71.4% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $7.27BPrior quarter
- $2.08BCurrent quarter
- $-5.19BNet delta
- -71.4%% change
New Position Initiations Q1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Allocation Weight | History |
|---|---|---|---|
| META PLATFORMS INC | META | 2.47% | Holders → |
| ALPHABET INC | GOOGL | 2.42% | Holders → |
| SPDR GOLD TR | GLD | 1.96% | Holders → |
| HUT 8 CORP | HUT | 1.96% | Holders → |
| TRANSDIGM GROUP INC | TDG | 1.39% | Holders → |
| KLA | KLAC | 0.78% | Holders → |
| LAM RESEARCH CORP. | LRCX | 0.77% | Holders → |
| ASML HOLDING NV | ASML | 0.76% | Holders → |
| BROADCOM INC | AVGO | 0.74% | Holders → |
| VANECK ETF TRUST | SMH | 0.74% | Holders → |
Largest Allocation Increases Q1 2026
Largest portfolio-weight increases in existing positions. Share-count delta is shown separately so price-only re-weighting can be distinguished from active adds.
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| ARS PHARMACEUTICALS INC | SPRY | +0.30% | +79.78% | Holders → |
Largest Allocation Reductions Q1 2026
Largest portfolio-weight decreases in existing positions (positions kept open at a lower allocation).
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| UNION PACIFIC CORP (UNP) | UNP | -4.59% | -94.48% | Holders → |
| NVIDIA CORPORATION | NVDA | -5.97% | -93.56% | Holders → |
| NORFOLK SOUTHN CORP | NSC | -2.49% | -89.74% | Holders → |
| SHARKNINJA INC | SN | -1.18% | -89.12% | Holders → |
| CAPITAL ONE FINL CORP | COF | -2.44% | -87.27% | Holders → |
| LIVE NATION ENTERTAINMENT IN | LYV | 0.03% | -73.04% | History → |
| CLARITEV CORPORATION | CTEV | -0.05% | -69.66% | Holders → |
| MASTEC INC | MTZ | 2.18% | -65.41% | History → |
| CARPENTER TECHNOLOGY CORP | CRS | 2.47% | -60.51% | History → |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | 2.69% | -35.29% | History → |
Exited Positions Q1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| PG&E CORP | PCG | 7.58% |
| MICROSOFT CORP | MSFT | 6.15% |
| BROOKFIELD CORP | BN | 3.91% |
| CASEY'S GENERAL STORES | CASY | 3.46% |
| COSTAR GROUP INC | CSGP | 2.93% |
| ROCKET COMPANIES, INC., CLASS A | RKT | 2.53% |
| LPL FINL HLDGS INC | LPLA | 2.50% |
| CHIPOTLE MEXICAN GRILL INC | CMG | 2.40% |
| CONSTELLATION ENERGY | CEG | 2.31% |
| VISTRA CORP. | VST | 2.23% |
| ALIBABA GROUP HLDG LTD | BABA | 1.66% |
| COMFORT SYS USA INC | FIX | 1.35% |
| SPOTIFY TECHNOLOGY S A | SPOT | 0.80% |
| KENVUE, INC. | KVUE | 0.77% |
| PROGRESSIVE CORP | PGR | 0.69% |
| THERMO FISHER SCIENTIFIC INC | TMO | 0.40% |
| WIX COM LTD | WIX | 0.32% |
| CSX CORP | CSX | 0.25% |
| PG&E CORP | SYN_69331CAL2 | 0.14% |
| PG&E CORP | SYN_69331C306 | 0.08% |
| BAUSCH HEALTH COS INC | BHC | 0.03% |
Methodology & FAQ
How Third Point LLC Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for Third Point LLC against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
Which positions did Third Point LLC initiate in Q1 2026?
Third Point LLC established 10 new positions in Q1 2026: META PLATFORMS INC (META, 2.47%), ALPHABET INC (GOOGL, 2.42%), SPDR GOLD TR (GLD, 1.96%), HUT 8 CORP (HUT, 1.96%), TRANSDIGM GROUP INC (TDG, 1.39%), KLA (KLAC, 0.78%), LAM RESEARCH CORP. (LRCX, 0.77%), ASML HOLDING NV (ASML, 0.76%), BROADCOM INC (AVGO, 0.74%), VANECK ETF TRUST (SMH, 0.74%).
Which existing positions saw the largest allocation increases for Third Point LLC in Q1 2026?
The largest portfolio-weight increases in existing positions were: ARS PHARMACEUTICALS INC (SPRY, +0.30% weight, +79.78% shares).
Which positions did Third Point LLC fully exit in Q1 2026?
Third Point LLC fully exited 21 positions in Q1 2026: PG&E CORP (PCG, last-reported weight 7.58%), MICROSOFT CORP (MSFT, last-reported weight 6.15%), BROOKFIELD CORP (BN, last-reported weight 3.91%), CASEY'S GENERAL STORES (CASY, last-reported weight 3.46%), COSTAR GROUP INC (CSGP, last-reported weight 2.93%), ROCKET COMPANIES, INC., CLASS A (RKT, last-reported weight 2.53%), LPL FINL HLDGS INC (LPLA, last-reported weight 2.50%), CHIPOTLE MEXICAN GRILL INC (CMG, last-reported weight 2.40%), CONSTELLATION ENERGY (CEG, last-reported weight 2.31%), VISTRA CORP. (VST, last-reported weight 2.23%), ALIBABA GROUP HLDG LTD (BABA, last-reported weight 1.66%), COMFORT SYS USA INC (FIX, last-reported weight 1.35%), SPOTIFY TECHNOLOGY S A (SPOT, last-reported weight 0.80%), KENVUE, INC. (KVUE, last-reported weight 0.77%), PROGRESSIVE CORP (PGR, last-reported weight 0.69%), THERMO FISHER SCIENTIFIC INC (TMO, last-reported weight 0.40%), WIX COM LTD (WIX, last-reported weight 0.32%), CSX CORP (CSX, last-reported weight 0.25%), PG&E CORP (SYN_69331CAL2, last-reported weight 0.14%), PG&E CORP (SYN_69331C306, last-reported weight 0.08%), BAUSCH HEALTH COS INC (BHC, last-reported weight 0.03%).
Which existing positions saw the largest allocation reductions for Third Point LLC in Q1 2026?
The largest portfolio-weight reductions in positions kept open were: UNION PACIFIC CORP (UNP) (UNP, -4.59% weight, -94.48% shares), NVIDIA CORPORATION (NVDA, -5.97% weight, -93.56% shares), NORFOLK SOUTHN CORP (NSC, -2.49% weight, -89.74% shares), SHARKNINJA INC (SN, -1.18% weight, -89.12% shares), CAPITAL ONE FINL CORP (COF, -2.44% weight, -87.27% shares), LIVE NATION ENTERTAINMENT IN (LYV, 0.03% weight, -73.04% shares), CLARITEV CORPORATION (CTEV, -0.05% weight, -69.66% shares), MASTEC INC (MTZ, 2.18% weight, -65.41% shares), CARPENTER TECHNOLOGY CORP (CRS, 2.47% weight, -60.51% shares), TAIWAN SEMICONDUCTOR MANUFAC (TSM, 2.69% weight, -35.29% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity.