Dan Loeb's Third Point adds 700,000 shares of Alphabet: filing

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May 13, 2016 5:17 PM EDT

Daniel S. Loeb, founder of Third Point LLC, participates in a panel discussion during the Skybridge Alternatives (SALT) Conference in Las Vegas, Nevada in this May 9, 2012 file photo. REUTERS/Steve Marcus

NEW YORK (Reuters) - Dan Loeb's hedge fund Third Point LLC bought more than a half a million Class A share position of Google parent Alphabet Inc, according to a Securities and Exchange Commission filing late Friday.

Third Point took a new stake of 700,000 Alphabet shares, worth roughly $534 million, while eliminating positions in Ace Ltd, eBay Inc and Morgan Stanley.

Third Point also cut its positions in Allergan PLC, and Amgen Inc by more than half. Third Point also took new positions in VMWare Inc, 21st Century Fox Inc and Lowe's Cos, according to the filing.

Hedge-fund SEC disclosures are backward-looking and come out 45 days after the end of each quarter. Still, the filings offer a glimpse into what hedge fund managers saw as investment opportunities.

The filings do not disclose short positions, or bets that a stock will fall. As a result, they do not always present a complete picture of a management firm's stock holdings.

A spokeswoman at Third Point declined to comment on the firm's new holdings.

(Reporting By Jennifer Ablan)


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Daniel Loeb, Morgan Stanley, Third Point LLC, Hedge Funds