BOSTON (Reuters) – Billionaire investor Daniel Loeb’s hedge fund made a string of new investments in the information technology sector, including buying 10.7 million shares of NXP Semiconductors NV, during the second quarter, according to a regulatory filing on Friday.
Hedge fund manager Daniel Loeb speaks during a Reuters Newsmaker event in Manhattan, New York, U.S., September 21, 2016. REUTERS/Andrew Kelly/File Photo
The $18 billion fund also said that NXP became its second largest position after Baxter International Inc.
The filing also showed that Third Point bought 10 million shares of online payments company PayPal Holdings Inc, a new investment which Loeb discussed in the company’s most recent investor letter that came out in July. He said the company could earn $1 billion of annual revenue from its social payments platform Venmo.
The filing also showed that Third Point had already begun trimming its position in Facebook Inc by selling 1 million shares or a quarter of its holding. The fund exited its entire Facebook position recently.
During the quarter, Third Point also took a new stake in Visa Inc, buying 1.7 million shares.
The quarterly filings show what big investment firms owned at the end of the previous quarter and are considered backward looking but they are still closely scrutinized for possible investment trends.
Reporting by Svea Herbst-Bayliss