Billionaires Unloaded These 24 Stocks In Q2

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14. Baxter International (BAX, $84.35)

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Baxter International was Third Point’s highest-profile offload of Q2. The hedge fund sold about 65% of its holdings in Baxter, reducing its weighting by two thirds from 15.0% to 4.6% — however, it is still Third Point’s eighth-largest holding. Third Point first bought into Baxter in the second quarter of 2015 and has stayed in the game.
In their second-quarter shareholder letter Third Point sent out on 6 Aug 2020, Dan Loeb credited the 10.8% increase in Q2 2020 in part to the excellent entry point they got on Baxter at a time when the healthcare company was transforming into a more profitable business.