Dan Loeb’s Third Point acquired new stakes in Netflix Inc. and Intercontinental Exchange Inc. during the fourth quarter while exiting its positions in Bank of America Corp., T-Mobile US Inc. and Shire Plc.
The New York-based hedge fund also added new positions in defense company General Dynamics Corp., MGM Resorts International, Pinnacle Foods Inc., Lennar Corp., health insurance firm Aetna Inc., and Dentsply Sirona Inc. during the quarter, according to a regulatory filing Wednesday.
It sold stakes in Marathon Petroleum Corp., Alexion Pharmaceuticals Inc. and Banco Macro SA.
Third Point said it also increased its positions in Google parent company Alphabet Inc., S&P Global Inc. and Worldpay Inc., while reducing stakes in Baxter International Inc. and Alibaba Group Holding Ltd.
Last month in a letter to Nestle SA investors, Loeb called on the company to buy back more of its shares and accelerate portfolio changes to better align with its strategy, including selling its stake in L’Oreal. The firm’s stake in Vevey, Switzerland-based Nestle doesn’t show up in U.S. regulatory filings.
Third Point also has active positions in Dover Corp., Honeywell International Inc. and Seven & I Holdings Co., among others, according to data compiled by Bloomberg.
Most of Third Point’s equity stakes aren’t tied to activist campaigns, in which a fund seeks to persuade executives and directors to make changes that it argues will reward shareholders.
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