Daniel Loeb’s hedge fund Third Point has disclosed significant positions in US Steel and Kenvue, signalling potential activist interest in two companies currently under strategic and regulatory pressure, according to a report by Reuters.
The report cites a a 13F regulatory filing submitted on Thursday, as showing that Third Point held 12.2 million shares of US Steel and 8.9 million shares of Kenvue as of the end of Q1 2025.
US Steel remains a high-profile event-driven investment after its proposed sale to Japan’s Nippon Steel stalled amid political resistance. The Biden administration initially blocked the deal, and in April, the Trump campaign called for a national security review, further complicating the path to completion.
Despite the uncertainty, Loeb expressed optimism in a recent investor letter, stating he believes the merger can still proceed. The sizeable stake underscores Third Point’s conviction in a favourable resolution to the regulatory deadlock and a value unlock through strategic M&A.
While Loeb has not publicly commented on Third Point’s position in Kenvue, the 13F filing confirms the firm’s 8.9 million share stake in the Johnson & Johnson consumer health spinout – best known for brands including Tylenol and Band-Aids. The investment comes amid growing calls from shareholders for Kenvue to pursue divestitures or an outright sale of the business.
Adding to the pressure, Toms Capital Investment Management has also taken large positions in both US Steel and Kenvue – reporting 4.9 million shares and 14.4 million shares respectively – and is actively pushing Kenvue to explore strategic alternatives, according to sources familiar with the matter.
