Key Takeaways
- Dan Loeb's Third Level Capital bought 900,000 shares of Alphabet Class A inventory to exit its place within the final quarter of 2023.
- Loeb additionally considerably reduce Third Level's stake in Uber and trimmed holdings in different tech firms, together with Amazon, Microsoft and Taiwan Semiconductor. Meta was the one tech firm to see a rise in share rely over This fall.
- Third Level additionally eradicated its stakes in T-Cellular, Possibility Care Well being, and several other SPACs.
- Third Level's new positions embody Fleetcor, EQT Corp., and McKesson, amongst others.
Billionaire Dan Loeb’s Third Level Capital exited its place in Alphabet (GOOGL) and slashed its stake in Uber Applied sciences (UBER) within the fourth quarter of 2023, whereas additionally decreasing its positions in Amazon (AMZN), Microsoft (MSFT) and Taiwan Semiconductor Manufacturing (TSM), in line with the corporate’s newest 13-F filling.
Exits Alphabet, SPACs and T-Cellular
Loeb bought out of a number of positions to wrap up 2023. His fund exited its $118 million place in Alphabet Class A shares. It additionally bought off stakes in particular function acquisition firms together with Disruptive Acquisition Corp., EG Acquisition, and Bluescape. Different notable exits from the quarter included about 1 million shares of T-Cellular US Inc. (TMUS) price roughly $140 million and 5.5 million shares of Possibility Care Well being (OPCH) valued at about $176 million.
Trims to Tech, Boosts to Utilities and Metal
Third Level decreased its positions in a number of tech firms within the final quarter. It bought 480,000 shares of Amazon, 210,000 shares of Microsoft, 600,000 shares of Taiwan Semiconductor Manufacturing Co. (TSM) and 1.7 million shares of Intercontinental Trade Inc. (ICE). Loeb slashed the fund’s holdings in Uber by 3.2 million shares, ending the fourth quarter with 1 million.
Third Level’s additions to preexisting positions had been fewer however included some important boosts. Loeb added 1 million shares every to utilities companies Pacific Gasoline & Electrical (PGE) and Vistra Corp. (VST). He additionally purchased up about 750,000 shares of U.S. Metal (X). Meta Platforms (META) was the only real tech firm to get a lift, as Third Level elevated its stake by 60,000 shares.
New Stakes in Funds, Vitality, Healthcare Companies
Three of Third Level’s largest new positions of the quarter had been enterprise funds firm Fleetcor Applied sciences (FLT), hydrocarbon exploration agency EQT Corp. (EQT) and diversified healthcare firm McKesson (MCK). Loeb’s fund purchased 615,000 shares of Fleetcor price about $174 million. The brand new positions in EQT and McKesson had been comparatively smaller, at $75 million and $76 million, respectively. Third Level additionally entered smaller positions in BioMarin Pharmaceutical (BMRN) and personal airline FlyExclusive Inc. (FLYX).
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