Dan Loeb and Bill Ackman are billionaire activist investors who own hedge funds Third point management and Pershing Square Capital Managementrespectively.
Both have spoken out in the media this year when Loeb wanted Disney to sell its unprofitable ESPN segment. Loeb then turned his focus to Colgate-Palmolive’s pet nutrition subsidiary Hill’s Pet Nutrition, which is delivering faster growth and better margins than the business as a whole.
In June 2022, Ackman took to Twitter to report that consumer confidence was weak because of inflation, not the economy, adding that the Federal Reserve “needs to act decisively to fight inflation and inflation expectations.” Speaking to investors on Thursday for the quarter, Ackman said the Fed is unlikely to be able to bring inflation to a steady 2% level.
What was bought?
In the third quarter, Loeb opened a new holding in Bath & Body Works Inc BBWIPurchased more than 8.1 million shares, accounting for 4.8% of the total portfolio.
Loeb also opened a new holding in TJX Companies Inc TJXbought exactly 1.75 million shares, which is 2% of the portfolio.
Loeb opened an investment in Twitter, Purchased around 5.5 million shares, representing 4.4% of the portfolio. If Loeb didn’t just want to capitalize on the arbitrage opportunity, his new stake in Twitter would be even more interesting if he plans to keep it.
What was sold?
Ackman fully sold more than 2 million shares worth Domino’s Pizza Inc DPZ during the third quarter, representing 11% of the total fund. Ackman first opened a stake in Domino’s Pizza in the first quarter of 2021 and hasn’t contributed much since then.
What was traded?
From Ackman’s six stock portfolios Howard Hughes Corp HHC and Chipotle Mexican Grill, Inc. CMG were the only two positions he did not add.
In the third quarter, Ackman…
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