Daniel Loeb’s Third Point disclosed new positions in retailers Bath & Body Works and TJX Companies in the third quarter, a new regulatory filing showed. The hedge fund built a $265 million bet in Bath & Body Works, making the retailer its sixth biggest holding at the end of the third quarter, the filing showed. The stake in TJX, the parent of T.J. Maxx and Marshalls, was smaller, worth about $109 million at the end of September. Bath & Body Works’ shares have lost 52% this year as the retailer cut its profit outlook earlier in the year in part due to expected increases in inflationary pressures. Off-price retailer TJX has fared better,, with shares slipping only about 3% on the year. Loeb’s largest positions: Consumer giant Colgate-Palmolive was Loeb’s biggest position at the end of the third quarter, with a stake worth more than $800 million, the filing showed. CNBC previously reported that Loeb sees hidden value in Colgate’s subsidiary, Hill’s Pet Nutrition, a pet food company, if it were spun off. The hedge fund manager was also involved in a merger arbitrage play. Loeb took a $241 million stake on Twitter last quarter, betting that Elon Musk’s takeover deal would go through. Loeb also significantly increased his position in Disney last quarter. The manager has been pushing the media and entertainment giant to spin off its ESPN sports network, saying the segment generates significant free cash flow for Disney. Meanwhile, Third Point added new bets in energy names Range Resources and Comstock Resources , plumbing supplier Ferguson and video game company Take-Two Interactive .
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