Dan Loeb’s Third Point dumped its stake in Alphabet after owning the YouTube parent for less than a year, according to the latest regulatory filing. The hedge fund manager also trimmed Big Tech bets on Amazon and Microsoft . The New York-based hedge fund exited its Alphabet stake, worth about $120 million, entirely in the fourth quarter. Third Point first bought the owner of Google in the first quarter of 2023, and reduced the stake in the following two quarters. Third Point slashed its Amazon holding last quarter by 10%, owning 4.2 million shares at the end of December worth some $638 million. The e-commerce giant was still Third Point’s third biggest holding. The hedge fund also cut its Microsoft stake by about 9%, down to a $758 million bet at the end of 2023 — the fund’s second biggest position. Loeb had a tough 2023 in part due to how underinvested he was in the ” Magnificent 7 ” mega-cap growth stocks, he said in an investor letter. The widely-followed investor correctly called the economy’s disinflation in the beginning of 2023, but instead of betting on tech, he chose to double down on cheap, cyclical names he thought would benefit from a stabilizing economy. Also during the fourth quarter, Loeb added a few new positions, including Verizon Communications , Fleetcor Technologies , Apollo Global Management, McKesson , EQT Corp and Biomarin Pharmaceutical .
