Third Point LLC, the New York-based hedge fund run by Daniel Loeb, added to shares of Sara Lee Corp. and Yahoo! Inc. and reported a stake in Apple Inc. in the first quarter, according to a regulatory filing.
Third Point increased its holding of Downers Grove, Illinois-based Sara Lee by 2.5 million common shares to 10.3 million, valued at $221 million, as of March 31, according to a filing today with the U.S. Securities and Exchange Commission. The firm raised its stake in Sunnyvale, California-based Yahoo by 14.5 million shares to 70.5 million, valued at $1.07 billion.
The firm reported a new holding of 362,000 shares of Cupertino, California-based Apple valued at $217 million.
Yahoo was Third Point’s largest position by market value as of March 31. Loeb, 50, has been pushing to shake up Yahoo’s board since September and flagged discrepancies in Chief Executive Officer Scott Thompson’s resume, which resulted in Thompson’s decision this week to step down.
As part of Loeb’s agreement with Yahoo to drop his proxy fight, Loeb will become a director along with two Third Point nominees, Harry Wilson and Michael Wolf.
Loeb wrote a letter to Yahoo’s directors in September calling for changes to the board and the company’s leadership. The hedge-fund manager sent a follow-up in November demanding two board seats and asking co-founder Jerry Yang to step down as a director following reports that Yahoo was considering a transaction with private-equity firms. He sent a third communication in December calling for the release of letters sent to potential buyers of the Internet company.
Yang resigned in January, before Yahoo announced the departure of four other board members, including Chairman Roy Bostock, the next month. Yahoo’s shares have fallen about 7 percent in the past 12 months.
Third Point is an event-driven fund, betting on companies facing mergers, spinoffs and bankruptcies. Elissa Doyle, a spokeswoman for Third Point, didn’t immediately respond to an e-mail seeking comment.
Money managers who oversee more than $100 million in equities must file a Form 13F within 45 days of each quarter’s end to list their U.S.-traded stocks, options and convertible bonds. The filings don’t show non-U.S. securities or how much cash the firms hold.
Hedge funds are lightly regulated pools of capital whose managers can invest in any asset, and share in annual profits.