Loeb’s Third Point Cuts Amgen, Allergan Stakes; Buys Alphabet

  • Third Point buys 700,000 Alphabet shares in the first quarter
  • Third Point’s health-care holdings fall to 39.8% from 52.9%

Daniel Loeb’s Third Point cut its exposure to health-care stocks during the first quarter by selling shares of Amgen Inc. and Allergan Plc.

The New York-based money manager held 3 million Amgen shares with a market value of $450 million as of March 31, down from 9 million shares as of Dec. 31, according to a regulatory filing. Third Point’s Allergan stake declined by 400,000 shares to 5 million.

Loeb said in April that hedge funds are in the first stage of a “washout” after “catastrophic” performance this year. Third Point lost 2.3 percent in the first three months of this year, hurt by losses from Amgen and Allergan.

Third Point also acquired 700,000 Alphabet Inc. shares during the first quarter with a market value of $534 million as of March 31.

The firm continues to hold almost 54 million shares of Baxter International Inc., the Deerfield, Illinois, medical device manufacturer. Loeb during the first quarter also acquired a $242 million stake in Baxalta Inc., a bio-pharmaceutical company that Baxter spun off last year.

Health-care stocks comprised about 39.8 percent of the assets that Third Point reported in the Form 13F, down from 52.9 percent at Dec. 31, according to data compiled by Bloomberg.

Money managers who oversee more than $100 million in equities in the U.S. must file a Form 13F within 45 days of each quarter’s end to list those stocks as well as options and convertible bonds. The filings don’t show non U.S. securities, holdings that aren’t publicly traded, or cash.

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