Third Point 13F: Q2 2026 Portfolio — $4.68B Across 43 Positions

Third Point’s Q2 2026 activity increased breadth while keeping a very concentrated portfolio, with the top-10 holdings at 60.1% of assets. The quarter featured 19 new positions alongside 13 adds, while trimming 4 and exiting 9 positions, a mix consistent with rotation rather than broad de-risking.

The most consequential theme is fresh exposure and reinforcement in large, information- and platform-linked names. The fund initiated Warner Bros Discovery at 11.39% as a new position, and added sharply to Alphabet at 7.83% (share count up 485.7%). Smaller but still notable new entries include Keysight Technologies (4.38%), Block (4.16%), and Flex (3.57%). This tech-forward tilt is reinforced by additional adds to Taiwan Semiconductor Manufac (4.69%) and Live Nation Entertainment In (4.44%).

At the same time, the trimming and exits show select de-emphasis. Amazon was trimmed (weight 8.91%), while exits removed exposure such as Meta Platforms, Nvidia, and Spdr Gold Tr Gold. Overall, the actions point to rebalancing within a concentrated top-10 framework rather than exiting the portfolio’s core risk profile.

A Form 13F is a quarterly snapshot institutional managers with over $100M in US-listed assets must file within 45 days of quarter end. It shows long equity positions only: no short book, no cash, no non-US listings, no timing inside the quarter. Treat it as a delayed map of where the manager's conviction sat on the reporting date — not a live portfolio, and not a buy list.