Daniel Loeb's Third Point Invests Again in Apple, Drops Energy Names

   By Lauren Pollock 
 

Daniel Loeb's Third Point LLC invested again in Apple Inc. in the third quarter, while eliminating its position in a number of energy companies.

The New York hedge fund reported a stake worth $282.6 million in Apple as of Sept. 30. Apple shares have declined 7.7% over the past 12 months, leading some high-profile investors, such as Warren Buffett's Berkshire Hathaway Inc., to take advantage of the slide to buy up shares in recent months.

Third Point last reported a position in the iPhone maker's stock in 2014.

In other moves disclosed Thursday, Third Point eliminated its positions in exploration-and-production firm Marathon Oil Corp., energy producer Devon Energy Corp. and refiner Tesoro Corp., among other names in the energy sector.

Shares of Marathon and Devon have surged this year as oil prices have steadied and the energy sector stages a recovery. Tesoro, however, is down 20% year to date.

Third Point's positions were disclosed in a 13F filing with the Securities and Exchange Commission, a quarterly requirement for investors managing more than $100 million. The report indicates the number of shares held and the value of each stake at the end of the quarter. Monday is the filing deadline.

Write to Lauren Pollock at [e-mail]

(END) Dow Jones Newswires

November 10, 2016 18:10 ET (23:10 GMT)

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