Dan Loeb’s Third Point built a sizable stake in Google parent Alphabet in the first quarter, according to a new regulatory filing. The hedge fund added a position in Alphabet worth nearly $500 million at the end of March, making it the fund’s fifth biggest holding, the SEC filing showed. The owner of YouTube has been on a tear lately as investors grow optimistic about the company’s artificial intelligence capabilities. Shares of Alphabet rallied almost 12% this month alone, pushing its 2023 gain near 36%. Google recently announced it would bring AI features to its signature search product to turn complex queries into simple answers by combining results from multiple sources. Alphabet also attracted interest from Bill Ackman’s Pershing Square Capital Management, which opened a new position totaling nearly $1.1 billion during the first quarter. This isn’t the first time Loeb has owned Alphabet. In fact, he held the tech stock throughout 2021. Third Point kept its biggest holdings — PG & E , Colgate-Palmolive , Danaher and Bath & Body Works — relatively unchanged last quarter. Loeb has been pushing for board changes at Bath & Body Works to improve the way it’s governed. The manager first took a stake in the retailer in the third quarter of 2022. As for Colgate, Loeb previously said he saw hidden value in its subsidiary, Hill’s Pet Nutrition, a pet food company, if it were spun off. In other bets, Loeb added a new stake in Salesforce , worth $160 million at the end of March. The hedge fund manager also picked up a pair of computer chip makers last quarter – Advanced Micro Devices and Micron Technologies.
