Loeb’s Third Point Increases Holdings in AIG and Apple

Third Point LLC, the New York-based hedge fund run by Daniel Loeb, added to shares of American International Group Inc. and Apple Inc. in the third quarter, according to a regulatory filing.

Third Point increased its holding of New York-based insurer AIG by 21.3 million common shares to 23.5 million, valued at $771 million as of Sept. 30, according to a filing today with the U.S. Securities and Exchange Commission. The firm raised its stake in Cupertino, California-based Apple by 285,000 common shares to 710,000, valued at $474 million.

Third Point said in a letter to investors last month that AIG’s shares have “significant upside” and that the insurer may start paying a dividend as the U.S. Treasury Department winds down the stake it took during the 2008 financial crisis. Moore Capital Management LP, the hedge fund run by billionaire Louis Moore Bacon, also said today in a regulatory filing that it bought shares of AIG.

Yahoo! Inc. was Third Point’s largest position by market value as of Sept. 30, with 73 million shares valued at $1.17 billion. Loeb, 50, pushed to shake up Yahoo’s board and flagged discrepancies in former Chief Executive Officer Scott Thompson’s resume, which resulted in Thompson’s decision to step down in May. As part of Loeb’s agreement with Yahoo to drop his proxy fight, he become a director along with two Third Point nominees, Harry Wilson and Michael Wolf.

Third Point is an event-driven fund, betting on companies facing mergers, spinoffs and bankruptcies. Elissa Doyle, a spokeswoman for Third Point, declined to 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.

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