Dan Loeb’s Third Point Posts Strong Early-Year Gains, Revamps Top Holdings

The February rise lifted the year-to-date return to 4.7 percent, coinciding with a major shift in the hedge fund’s largest long holdings.

Stephen Taub March 6, 2026

Third Point posted a strong 2.5 percent gain in February, bringing its return to 4.7 percent for the year so far. The fund beat the S&P 500, which was up just 0.5 percent for the first two months of 2026.

The hedge fund firm also significantly reshuffled its top holdings last month.

Four of its five largest long positions at the end of February had not appeared in the top-five ranking in any previous month. The only exception was Amazon, the fund’s biggest long position (according to the firm’s February monthly client report); the third-largest U.S.-listed long at year-end (per the 13F filing); and the fourth-largest (as detailed in the December monthly report).

CRH, a Dublin-based building materials company, is now Third Point’s second-largest long, rising from sixth at year-end. Spanish IT company Indra Sistemas is the third-biggest. It is unclear whether Third Point previously held a position in the stock.

Bedding manufacturer Somnigroup International is Third Point’s fourth-largest long, up from seventh at year-end. Third Point noted in its fourth-quarter client letter that Somnigroup has grown its share of the domestic wholesale market from 27 percent in 2018 to more than 40 percent in 2024.

“Looking forward, we believe Somnigroup has multiple ways to win,” Third Point said. “Either the housing cycle turns, which [will] provide a billion-dollar revenue tailwind at high margins, or the trough sustains and the last competitors standing, Sleep Number and Serta Simmons, face continued top-line pressure with 2027 and 2028 maturity walls looming.”