Daniel Loeb’s Third Point revealed new positions in retailers Bath & Body Works and TJX Companies for the third quarter, a new regulatory filing shows. Filings show the hedge fund placed a $265 million bet on Bath & Body Works, making the retailer the sixth-largest shareholder at the end of the third quarter. Shares of TJX, the parent company of TJ Maxx and Marshalls, were smaller, valued at $108.7 million at the end of September. Shares of Bath & Body Works have fallen 52% this year as the retailer slashes Earnings outlook at the start of the year is partly due to inflationary pressures that are expected to intensify. Discount retailer TJX has performed better amid inflation, with shares down more than 3% on the year. Consumer giant Colgate-Palmolive was Loeb’s largest position at the end of the third quarter, with a stake north of $800 million, filings show. CNBC previously reported that Loeb sees potential value in Colgate’s subsidiary, Hill’s Pet Nutrition, a pet food company, should it be spun off. The hedge fund manager is also engaged in a merger arbitrage game. Loeb bought $241 million worth of shares on Twitter last quarter, betting that Elon Musk’s takeover deal would succeed. Loeb also significantly increased his position at Disney last quarter. The manager has been pushing the entertainment giant to break away from sports network ESPN, saying the business generates significant free cash flow for Disney. Meanwhile, Third Point added new bets on energy names Range Resources and Comstock Resources, plumbing supplier Ferguson and video game company Take-Two Interactive.
