Dan Loeb went big on Wall Street.
A February 10 regulatory filing shows that Loeb’s Third Point went big on JPMorgan and Bank of America, and to a lesser extent, Goldman Sachs, investing nearly $1 billion in the banks’ shares during the fourth quarter of 2016.
The JP Morgan position was worth about $453 million, while the Bank of America holding was worth about $387 million. The Goldman holding was worth about $96 million, the filing shows.
Bank stocks soared in the aftermath of the election, but have since levelled off a little since. JPMorgan, Goldman Sachs and Bank of America are all flat or up slightly for the year to date,
The regulatory filing, called a 13-F, lists long stock positions that investment firms make. The positions are current as of 45 days prior, so it is possible that Third Point has changed its positions.
“This environment is undoubtedly better for active investing — just as active investing was considered to be on its deathbed,” Loeb wrote in his most recent quarterly letter to investors.