Dan Loeb Is Still Bullish On Amgen, Allergan and Dow Chemical

Over the second quarter of the year, Dan Loeb’s Third Point started 16 new positions, sold out of nine, trimmed its exposure to 13 stocks and increased his participation in another 13 companies. The value of its equity portfolio remained almost unchanged at $10.67 billion.

In terms of allocations, assets were spread across most sectors of the economy, with a slight focus on healthcare stocks, which accounted for 28 percent of the portfolio’s total value.

The fund continued to cut its exposure to Amgen, Inc. AMGN. However, even after a 10 percent reduction in its stake, the nine million shares the fund owns (worth more than $1.3 billion) continued to stand as the fund’s most valuable stake.

This wage makes of Third Point the largest hedge fund shareholder in the company.

Over the second quarter, Dow Chemical Co DOW and Allergan PLC AGN traded places. After a 4 percent increase in the fund’s stake, Dow is now second in Third Point’s list, while Allergan fell to the third spot, following a 7 percent decrease in the firm’s position.

Loeb’s firm now owns 23 million Dow Chemical shares, worth about $1.17 billion, and 3.3 million Allergan shares, worth roughly $1 billion.

Related Link: John Paulson Betting On Healthcare And Consumer Discretionary Stocks

The largest new stake that Third Point initiated in the second quarter was the one in Baxter International Inc BAX. Loeb may be now deemed beneficial ownership of 4,850,600 shares of the company, worth about $310 million.

On the flip side, Dollar General Corp. DG is a company that saw Loeb sell all of his four million shares over the second quarter, same as Douglas Silverman and Alexander Klabin’s Senator Investment Group, which disposed of all of its three million shares.