Billionaire investor Daniel Loeb’s hedge fund, Third Point, revealed its large holdings in U.S. Steel and Kenvue, two companies that investors hope will soon be acquired.
U.S. Steel has been trying to finalize a buyout by Nippon Steel, Japan’s largest steel producer, since 2023. However, the deal has stalled after the Biden administration blocked it and ordered a new national security review in April, following similar actions under the Trump administration.
According to a 13F filing released Thursday, Third Point owned 12.2 million shares of U.S. Steel at the end of the first quarter. In a letter to investors, Loeb said he had built a “meaningful stake” in U.S. Steel and remained hopeful that a merger with Nippon Steel could still happen.
Third Point also revealed a stake in Kenvue, the maker of Band-Aids and Tylenol, holding 8.9 million shares as of March 31, 2025. Loeb has not publicly commented on this position. Other investors have been urging Kenvue to explore selling parts of the company or even the entire business.
Investment filings like these show the stock holdings of major investment firms at the end of each quarter. Though these reports look backward, they are closely watched by market participants for clues about investment trends.
Another hedge fund, Toms Capital Investment Management, also increased its stakes in U.S. Steel and Kenvue during the first quarter. Its 13F filing showed 4.9 million shares in U.S. Steel and 14.4 million shares in Kenvue. Sources say Toms Capital has been encouraging Kenvue to consider strategic options, including a possible sale of the company or some of its assets.
The moves by Third Point and Toms Capital highlight growing investor interest in these firms as potential acquisition targets amid ongoing market activity.
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