Loeb’s Third Point Builds Stake in Disney, Exits Campbell Soup

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(Bloomberg) -- Dan Loeb’s Third Point built new positions in several companies during the first quarter, including Walt Disney Co., Sherwin-Williams Co. and Raytheon Co., while exiting his investment in Campbell Soup Co.

The activist investor said he held a $137 million stake in Disney as of March 31, according to a regulatory filing Friday. He also built positions in Charter Communications Inc., Roper Technologies Inc., TE Connectivity Ltd. and Servicemaster Global Holdings Inc. during the quarter.

Third Point lost 16% on its investments during the quarter, which was rocked by the coronavirus pandemic. Campbell, where Loeb waged a high-profile proxy fight in 2018, was a bright spot in an otherwise dour quarter, according to an investor letter last month.

In addition to Campbell, Loeb exited positions in Boston Scientific Corp., Fox Corp., Five Below Inc. and TD Ameritrade Holding Corp., among others, the filing shows. He also increased his positions in Allergan Plc and Amazon.com Inc., among others.

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