Third Point posted a strong 2.5 percent gain in February, bringing its return to 4.7 percent for the year so far. The fund beat the S&P 500, which was up just 0.5 percent for the first two months of 2026.

The hedge fund also significantly reshuffled its top holdings last month.

Four of the firm's five largest long positions at the end of February had not appeared in the top-five ranking in any previous month. The only exception was Amazon, which was the third-largest U.S. long position at year-end, according to the most recent 13F filing, and the fourth-largest, according to Third Point's December monthly report, which also includes stocks listed outside the U.S.

CRH, a Dublin-based building materials company, is now Third Point’s second-largest long, rising from sixth at year-end. Spanish IT company Indra Sistemas is the third-biggest. It is unclear whether Third Point previously held a position in the stock.

Bedding manufacturer Somnigroup International is Third Point’s fourth-largest long, up from seventh at year-end. Third Point noted in its fourth-quarter client letter that Somnigroup has grown its share of the domestic wholesale market from 27 percent in 2018 to more than 40 percent in 2024.

“Looking forward, we believe Somnigroup has multiple ways to win,” Third Point said. “Either the housing cycle turns, which [will] provide a billion-dollar revenue tailwind at high margins, or the trough sustains and the last competitors standing, Sleep Number and Serta Simmons, face continued top-line pressure with 2027 and 2028 maturity walls looming.”

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Telephone and Data Systems climbed from tenth at year-end to become the fifth-largest long.

After Amazon, the four largest long positions the previous month were Nvidia; Union Pacific; Siemens Energy; and DSV, a Danish transport and logistics company.

In February, Third Point was led by Keysight Technologies, a maker of hardware and software for engineering workflows; Generac Holdings, a maker of backup generators; Carpenter Technology, a maker of stainless steel and corrosion-resistant alloys; Union Pacific; and Pacific Gas & Electric.