Third Point Q4 2025: Dan Loeb Balances PG&E Activism with NVIDIA Growth
Analyzing Dan Loeb's $7.27 billion 13F for Q4 2025, where distressed utility PG&E shares the top spot with AI leader NVIDIA.
Dan Loeb's Third Point LLC revealed a $7.27 billion portfolio in their Q4 2025 13F, showcasing a sharp pivot into special situations and select mega-cap tech. Unlike massive index-hugging funds, Third Point's 44-position portfolio is built on event-driven catalysts and concentrated value plays.
The PCG Utility Play
Interestingly, the top holding is not a tech darling, but PG&E Corp (PCG), valued at $551.2 million (7.6%). This reflects Loeb's classic distress-to-value playbook, betting on the utility's turnaround and regulatory stabilization. Right behind it, however, is a $550.2 million stake in NVIDIA (NVDA), balancing the deep-value utility play with aggressive AI growth exposure.
Third Point also maintains significant positions in Amazon (AMZN) and Microsoft (MSFT), proving that even activist value investors cannot ignore the secular tailwinds of cloud infrastructure and artificial intelligence.
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