Third Point dissolves stakes in Netflix, Microsoft and Alibaba

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Daniel S. Loeb, Third Point

Daniel Loeb’s Third Point dissolved its stakes in Netflix, Microsoft and Alibaba as of Dec. 31, according to a Friday filing with the Securities and Exchange Commission.

The hedge fund previously held 1.25 million shares of Netflix, 4.1 million shares of Microsoft and 4.05 million shares of Alibaba as of the quarter ended Sept. 30 last year.

In November, Loeb had expressed concerns about market conditions. In a letter to his investors, he said he had trimmed his firm’s positions in technology stocks. In the November filing, Third Point disclosed it had slashed its position in Netflix by more than 33 percent, but had increased its position in Microsoft.

The filing comes after a difficult year for the fund, which saw a yearly loss of about 11 percent, according to figures obtained by CNBC’s Leslie Picker. The stock markets were rattled by concerns over slowing economic conditions as well as ongoing trade tensions. The S&P 500 ended 2018 with a 6 percent decline.

Historically, Loeb has delivered returns double that of the S&P 500’s for more than two decades. His main hedge fund returned 18.1 percent in 2017, while many of his peers significantly underperformed the market.