- Dan Loeb exited his Palantir position in the first quarter, selling 2,356,991 shares of the big data company, securities filings show.
- The Third Point chief also trimmed back his shares of Alphabet, Amazon, and Facebook.
- Loeb told investors in a letter earlier this month that his fund returned 11% in the first quarter of 2021.
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Billionaire investor Dan Loeb exited his Palantir trade, made a large bet in a newly public company, and trimmed some of his big-tech holdings in the first quarter of 2021.
Third Point securities filings for the period show that Loeb exited his Palantir position, selling 2,356,991 shares of the big-data company. The company's stock is down nearly 13% year-to-date as investors rotate into stocks that hinge on an economic recovery.
Loeb added 41,500,000 shares of Paysafe, a British payments firm that went public via a special purpose acquisition company during the quarter. The company is his fifth largest holding. His eighth largest holding is a new position in CoStar, a commercial real estate company.
The Third Point chief said in a letter to investors earlier this month that his flagship fund gained 11% in the first quarter, outperforming the S&P 500.
Loeb said that one of his best-performing investments last quarter was Upstart. The fund first invested in Upstart at a $145 million valuation about six years ago. It now owns roughly 13.3 million shares for a value of around $1.7 billion following the AI-powered lender's IPO in December. Upstart is the fund's top holding.
Loeb also trimmed back on some of his big tech stocks. He slimmed down his positions in Alphabet, Amazon, and Facebook, but added 300,000 shares of Microsoft.
Loeb also exited his positions in Pinterest, Adobe, Salesforce, Alibaba, Nike, and DoorDash.
The activist investor said that he's bullish on stocks and the US economy in his investor letter, citing ample liquidity in markets, loose monetary and fiscal policy, and a supportive Federal Reserve.