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Form 13Fs, filed quarterly, provide a way for investors to track which stocks Wall Street's genius money managers are buying and selling.
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Third Point completely exited its stake in AT&T during the second quarter -- and simple profit-taking may not tell the full story.
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Meanwhile, billionaire Dan Loeb has made the leading provider of artificial intelligence (AI) hardware his fund's third-largest holding.
Data is the fuel that keeps Wall Street's engine running. The only problem for investors is that the amount of data they have to digest can be overwhelming, which allows important news to occasionally slip through the cracks.
A little over three weeks ago, on Aug. 14, institutional investors with at least $100 million in assets under management were required to file Form 13F with the Securities and Exchange Commission -- and investors might have missed these filings. A 13F provides a concise snapshot of which stocks, exchange-traded funds (ETFs), and select options Wall Street's savviest fund managers purchased and sold in the latest quarter (in this instance, the second quarter).
Although 13Fs aren't perfect -- they can provide outdated information for active hedge funds -- they can help clue investors into the stocks and trends piquing the interest of Wall Street's most-successful investors. This includes Third Point's billionaire chief Dan Loeb.
As of the midpoint of 2025, Loeb was overseeing 51 securities equating to more than $7.6 billion in market value. While he's known for buying off-the-radar companies in the small- and mid-cap arena, it's his trading activity in high-profile businesses that really stood out in the June-ended quarter.
Specifically, Loeb bid adieu to high-yield telecom stock AT&T (NYSE: T) in the second quarter, while nearly doubling his fund's stake in the company powering the evolution of artificial intelligence (AI).
During the June-ended quarter, Third Point's 13F shows Loeb reduced 12 positions and kicked 10 completely to the curb. The headline-grabbing exit has to be the 3,775,000 shares of AT&T that were given the boot.
The most logical of all explanations for Loeb disconnecting from AT&T has to do with simple profit-taking. The average security in Loeb's fund has been held for less than 15 months, which signals that Third Point's billionaire investor isn't afraid to lock in gains when presented with the opportunity.