- Daniel Loeb, CEO of hedge fund Third Point.
Hedge fund manager Daniel Loeb bought Yahoo! (YHOO) stock in the third quarter and his hedge fund still ranks among Yahoo!’s largest institutional shareholders, according to fresh ownership filings.
Technology was the largest sector weighting in the quarter for Third Point, Loeb’s hedge fund operation, at 35.5% of holdings. Filings show Third Point added 48 million Yahoo! shares – valued at $768 million – during the third quarter.
Loeb has been a noted critic of Yahoo! and lobbyist for a board shakeup, including the removal of? co-founder Jerry Yang from the board. Loeb reportedly was talking with the board before it ousted CEO Carol Bartz in September, according to a September Wall Street Journal story. Third Point held a small call position on Yahoo! in the third quarter.
Hedge fund manager David Tepper of Appaloosa Management exited Yahoo! in the third quarter.
Third Point also added more than 1 million shares to a position in online retailer Expedia (EXPE), bringing the total to 2.8 million shares. The position was valued at $79 million.
In the third quarter, Third Point picked up 675,000 shares of semiconductor chip maker SanDisk (SNDK), bringing that position’s total to 1.4 million shares valued at $71.5 million.
Among the positions Loeb exited in the third quarter: AMC Networks (AMCX), a spinoff of Cablevision Systems (CVC), which he also sold; and three semiconductor companies: ! NXP Semi conductors (NXPI), On Semiconductor (ONNN) and Freescale Semiconductor Holdings (FSL).
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