Dan Loeb at 2014 WEF in Davos, Switzerland.
Justin Solomon | CNBC
Activist investor Dan Loeb and his hedge fund Third Point, which has racked up 14% annual returns since 1996, aggressively shifted positions in major tech stocks last quarter.
Third Point bought 70,000 shares of Amazon, a position worth roughly $129 million at the end of the fourth quarter quarter, according to a securities filing. However, it dissolved positions in Microsoft and PayPal that had been worth more than $360 million combined.
Loeb is one of the financial world’s most high-profile activists, and news of his taking positions in companies can lead to major stock moves. He has targeted Sony several times in recent years, with the company rejecting his calls to sell off parts of its business last September. In the past, he has been known to send aggressive letters to companies, proposing big changes, including the removal of management. Though recently, his investing campaigns have been less contentious.
Third Point still has 1.5 million shares of Sony, but it changed its position in several other companies during the fourth quarter.
Here’s what else he’s betting on…