Third Point Buys Stakes in Facebook, Charter; Trims Baxter, Dow

  • Stake in Facebook worth $428.6 million at second quarter’s end
  • Firm divests holdings in Amgen valued at $449.8 million

Third Point, the hedge fund run by Daniel Loeb, bought stakes in Facebook Inc., Charter Communications Inc. and Monsanto Co. in the second quarter.

The New York fund bought 3.75 million shares in Facebook worth $428.6 million as of June 30, according to a filing with the U.S. Securities and Exchange Commission. Third Point took a position in Charter Communications worth $331.5 million and Monsanto valued at $206.8 million at the end of the quarter.

The hedge fund trimmed investments in its biggest holdings, Baxter International Inc., Allergan Plc and Dow Chemical Co., while divesting a stake in Amgen Inc., which was worth $449.8 million at the end of the first quarter.

Money managers who oversee more than $100 million in U.S. equities must file a Form 13F within 45 days of the end of each quarter to list their holdings in stocks that trade on U.S. exchanges, as well as options and convertible debt. The filings don’t show non-U.S. traded securities or wagers against stocks.

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