← Latest Third Point portfolio

Third Point portfolio · 2006-03-31

Form 13F reports holdings as of 2006-03-31 and was filed on 2006-05-15. It is delayed, can omit confidential positions, and is not the manager's current portfolio or fund NAV. Options show reported underlying value—not premium, net exposure, or investment intent.

Disclosed long book

$2.56 billion

Long positions

87

Calls / puts

1 / 1

Top 5 concentration

24.8%

Longs with AI data

2 / 87

Average AI 1Y

+11.0%

13F filing comparison

Quarter-over-quarter changes

2005-12-31 to 2006-03-31

Newly reported

45

No longer reported

31

Increased

16

Reduced

17

Newly reported this quarter

Present now and absent from the immediately preceding comparable filing.

PositionKindSharesValue

SEARS HLDGS CORP

SEARS HLDGS CORP

CALL100,000$975,000

PNC

PNC FINL SVCS GROUP INC

LONG1,700,000$114.4 million

LIGAND PHARMACEUTICALS INC

LIGAND PHARMACEUTICALS INC

LONG7,375,000$94.8 million

EXCO RESOURCES INC

EXCO RESOURCES INC

LONG4,300,000$53.9 million

PHELPS DODGE CORP

PHELPS DODGE CORP

LONG555,000$44.7 million

CBS CORP NEW

CBS CORP NEW

LONG1,590,000$38.1 million

TD AMERITRADE HLDG CORP

TD AMERITRADE HLDG CORP

LONG1,680,000$35.1 million

LONE STAR TECHNOLOGIES INC

LONE STAR TECHNOLOGIES INC

LONG610,600$33.8 million

NYSE GROUP INC

NYSE GROUP INC

LONG425,000$33.7 million

Talisman Energy Inc

Talisman Energy Inc

LONG625,000$33.2 million

WASHINGTON GROUP INTL INC

WASHINGTON GROUP INTL INC

LONG500,000$28.7 million

SPRINT NEXTEL CORP

SPRINT NEXTEL CORP

LONG1,000,000$25.8 million

CABOT OIL & GAS CORP

CABOT OIL & GAS CORP

LONG500,000$24.0 million

ABBOTT LABS

ABBOTT LABS

LONG550,000$23.4 million

NTL INC DEL

NTL INC DEL

LONG700,000$20.4 million

MIRANT CORP NEW

MIRANT CORP NEW

LONG786,589$19.7 million

CABLEVISION SYS CORP

CABLEVISION SYS CORP

LONG700,000$18.7 million

ATI INC

ATI INC

LONG300,000$18.4 million

NABI BIOPHARMACEUTICALS

NABI BIOPHARMACEUTICALS

LONG2,950,000$16.6 million

MITTAL STEEL CO N V

MITTAL STEEL CO N V

LONG400,000$15.1 million

RTI INTL METALS INC

RTI INTL METALS INC

LONG250,000$13.7 million

MOLEX INC

MOLEX INC

LONG442,000$13.1 million

ALLTEL CORP

ALLTEL CORP

LONG200,000$12.9 million

BIOVAIL CORP

BIOVAIL CORP

LONG500,000$12.2 million

COMVERSE TECHNOLOGY INC

COMVERSE TECHNOLOGY INC

LONG500,000$11.8 million

NEWS CORP

NEWS CORP

LONG700,000$11.6 million

SCHNITZER STL INDS

SCHNITZER STL INDS

LONG250,000$10.7 million

PROGRESS ENERGY INC

PROGRESS ENERGY INC

LONG200,000$8.8 million

AMERICAN TOWER CORP

AMERICAN TOWER CORP

LONG250,000$7.6 million

SILVER WHEATON CORP

SILVER WHEATON CORP

LONG700,000$7.5 million

SMURFIT-STONE CONTAINER CORP

SMURFIT-STONE CONTAINER CORP

LONG505,800$6.9 million

NS GROUP INC

NS GROUP INC

LONG100,000$4.6 million

ZOLTEK COS INC

ZOLTEK COS INC

LONG200,000$4.6 million

EAGLE MATERIALS INC

EAGLE MATERIALS INC

LONG69,700$4.4 million

EXTENDICARE INC CDA

EXTENDICARE INC CDA

LONG155,000$3.3 million

AMARIN CORP PLC

AMARIN CORP PLC

LONG990,000$3.1 million

OUTBACK STEAKHOUSE INC

OUTBACK STEAKHOUSE INC

LONG59,000$2.6 million

TRANSDIGM GROUP INC

TRANSDIGM GROUP INC

LONG100,000$2.6 million

BLOCK H & R INC

BLOCK H & R INC

LONG100,000$2.2 million

WRIGHT MED GROUP INC

WRIGHT MED GROUP INC

LONG100,000$2.0 million

TERABEAM INC

TERABEAM INC

LONG425,000$1.7 million

CANO PETE INC

CANO PETE INC

LONG200,000$1.6 million

QLT INC

QLT INC

LONG61,000$469,000

RICHARDSON ELECTRS LTD

RICHARDSON ELECTRS LTD

LONG18,800$177,000

KNIGHT RIDDER INC

KNIGHT RIDDER INC

PUT20,000$4,000

No longer reported this quarter

Present in the prior comparable filing and absent from this one.

PositionKindPrior sharesPrior value

AMERITRADE HLDG CORP NEW

AMERITRADE HLDG CORP NEW · COM

LONG3,750,000$90.0 million

ARCHIPELAGO HLDG INC

ARCHIPELAGO HLDG INC · COM

LONG800,000$39.8 million

AXCELIS TECHNOLOGIES INC

AXCELIS TECHNOLOGIES INC · COM

LONG1,500,000$7.2 million

CAMBREX CORP

CAMBREX CORP · COM

LONG100,000$1.9 million

CEPHALON INC

CEPHALON INC · COM

LONG350,000$22.7 million

CF INDS HLDGS INC

CF INDS HLDGS INC · COM

LONG800,000$12.2 million

COMPTON PETE CORP

COMPTON PETE CORP · COM

LONG840,000$12.3 million

DEERFIELD TRIARC CAP CORP

DEERFIELD TRIARC CAP CORP · COM

LONG1,805,500$23.8 million

BAUER EDDIE HLDGS INC

BAUER EDDIE HLDGS INC · COM

LONG1,000,000$15.2 million

ENCYSIVE PHARMACEUTICALS INC

ENCYSIVE PHARMACEUTICALS INC · COM

LONG200,000$1.6 million

HAYNES INTERNATIONAL INC

HAYNES INTERNATIONAL INC · COM

LONG669,500$14.1 million

HILLENBRAND INDS INC

HILLENBRAND INDS INC · COM

LONG200,000$9.9 million

HOLLINGER INTL INC

HOLLINGER INTL INC · CL A

LONG610,400$5.5 million

HUDSON CITY BANCORP

HUDSON CITY BANCORP · COM

LONG3,700,000$44.8 million

ICO GLOBAL COM HLDG NEW

ICO GLOBAL COM HLDG NEW · COM

LONG5,000,000$31.3 million

INTERNATIONAL COAL GRP INC N

INTERNATIONAL COAL GRP INC N · COM

LONG1,000,000$9.5 million

INTEROIL CORP

INTEROIL CORP · COM

LONG50,000$1.3 million

KKR FINL CORP

KKR FINL CORP · COM

LONG1,250,000$30.0 million

LIGAND PHARMACEUTICALS INC

LIGAND PHARMACEUTICALS INC · CL B

LONG7,375,000$82.2 million

MOLEX INC

MOLEX INC · COM

LONG425,000$11.0 million

NEUROMETRIX INC

NEUROMETRIX INC · COM

LONG50,000$1.4 million

NEW CENTURY FINANCIAL CORP M

NEW CENTURY FINANCIAL CORP M · COM

LONG1,200,000$43.3 million

NRG ENERGY INC

NRG ENERGY INC · COM NEW

LONG1,000,000$47.1 million

OFFICEMAX INC DEL

OFFICEMAX INC DEL · COM

LONG175,000$4.4 million

PRECISION DRILLING TR

PRECISION DRILLING TR · TR UNIT

LONG400,000$2.6 million

PROGENICS PHARMACEUTICALS IN

PROGENICS PHARMACEUTICALS IN · COM

LONG400,000$10.0 million

SEITEL INC

SEITEL INC · COM

LONG8,000,000$16.6 million

SOVEREIGN BANCORP INC

SOVEREIGN BANCORP INC · COM

LONG250,000$5.4 million

TLC VISION CORP

TLC VISION CORP · COM

LONG250,000$1.6 million

WENDYS INTL INC

WENDYS INTL INC · COM

LONG850,000$47.0 million

WORLDSPACE INC

WORLDSPACE INC · CL A

LONG400,000$5.8 million

“No longer reported” means the position is absent from this comparable 13F filing. It does not prove the manager sold it: reporting thresholds, confidential treatment, corporate actions, or instrument changes can also explain the omission.

PositionKindSharesValueLong weightQuarter changeAI at filing · 1YAI now

MASSEY ENERGY COMPANY

MASSEY ENERGY COMPANY · COM · 576206106

LONG4,800,000$173.1 million6.8%INCREASED

1Y —

5Y —

LEAP WIRELESS INTL INC

LEAP WIRELESS INTL INC · COM NEW · 521863308

LONG2,717,300$118.4 million4.6%REDUCED

1Y —

5Y —

DADE BEHRING HLDGS INC

DADE BEHRING HLDGS INC · COM · 23342J206

LONG3,260,000$116.4 million4.6%REDUCED

1Y —

5Y —

PNC

PNC Financial Services Group Inc.

LONG1,700,000$114.4 million4.5%NEWLY REPORTED

1Y +12.3%

5Y +59.2% · 24 models

PLAINS EXPL& PRODTN CO

PLAINS EXPL& PRODTN CO · COM · 726505100

LONG2,900,000$112.1 million4.4%REDUCED

1Y —

5Y —

SHIRE PLC

SHIRE PLC · SPONSORED ADR · 82481R106

LONG2,350,000$109.3 million4.3%INCREASED

1Y —

5Y —

LIGAND PHARMACEUTICALS INC

LIGAND PHARMACEUTICALS INC · COM · 53220K207

LONG7,375,000$94.8 million3.7%NEWLY REPORTED

1Y —

5Y —

AMERICAN EXPRESS CO

AMERICAN EXPRESS CO · COM · 025816109

LONG1,800,000$94.6 million3.7%UNCHANGED

1Y —

5Y —

WESTERN GAS RES INC

WESTERN GAS RES INC · COM · 958259103

LONG1,675,000$80.8 million3.2%REDUCED

1Y —

5Y —

FIRST DATA CORP

FIRST DATA CORP · COM · 319963104

LONG1,650,000$77.3 million3.0%INCREASED

1Y —

5Y —

PFIZER INC

PFIZER INC · COM · 717081103

LONG2,700,000$67.3 million2.6%INCREASED

1Y —

5Y —

NEXEN INC

NEXEN INC · COM · 65334H102

LONG1,200,000$66.0 million2.6%REDUCED

1Y —

5Y —

AEP INDS INC

AEP INDS INC · COM · 001031103

LONG2,000,000$59.3 million2.3%UNCHANGED

1Y —

5Y —

FLOW INTL CORP

FLOW INTL CORP · COM · 343468104

LONG4,483,000$59.0 million2.3%INCREASED

1Y —

5Y —

EXCO RESOURCES INC

EXCO RESOURCES INC · COM · 269279402

LONG4,300,000$53.9 million2.1%NEWLY REPORTED

1Y —

5Y —

HUNTSMAN CORP

HUNTSMAN CORP · COM · 447011107

LONG2,360,000$45.5 million1.8%INCREASED

1Y —

5Y —

PHELPS DODGE CORP

PHELPS DODGE CORP · COM · 717265102

LONG555,000$44.7 million1.7%NEWLY REPORTED

1Y —

5Y —

VALERO ENERGY CORP NEW

VALERO ENERGY CORP NEW · COM · 91913Y100

LONG725,000$43.3 million1.7%INCREASED

1Y —

5Y —

CBS CORP NEW

CBS CORP NEW · CL B · 124857202

LONG1,590,000$38.1 million1.5%NEWLY REPORTED

1Y —

5Y —

VIACOM INC NEW

VIACOM INC NEW · CL B · 92553P201

LONG980,000$38.0 million1.5%REDUCED

1Y —

5Y —

FIDELITY NATL FINL INC

FIDELITY NATL FINL INC · COM · 316326107

LONG1,000,000$35.5 million1.4%UNCHANGED

1Y —

5Y —

TD AMERITRADE HLDG CORP

TD AMERITRADE HLDG CORP · COM · 87236Y108

LONG1,680,000$35.1 million1.4%NEWLY REPORTED

1Y —

5Y —

MCD

McDonald's Corp.

LONG1,000,000$34.4 million1.3%REDUCED

1Y +9.7%

5Y +52.4% · 24 models

CORE MARK HOLDING CO INC

CORE MARK HOLDING CO INC · COM · 218681104

LONG885,000$33.9 million1.3%REDUCED

1Y —

5Y —

LONE STAR TECHNOLOGIES INC

LONE STAR TECHNOLOGIES INC · COM · 542312103

LONG610,600$33.8 million1.3%NEWLY REPORTED

1Y —

5Y —

NYSE GROUP INC

NYSE GROUP INC · COM · 62949W103

LONG425,000$33.7 million1.3%NEWLY REPORTED

1Y —

5Y —

Talisman Energy Inc

Talisman Energy Inc · COM · 87425E103

LONG625,000$33.2 million1.3%NEWLY REPORTED

1Y —

5Y —

RUDDICK CORP

RUDDICK CORP · COM · 781258108

LONG1,330,000$32.3 million1.3%INCREASED

1Y —

5Y —

IPSCO INC

IPSCO INC · COM · 462622101

LONG300,000$31.2 million1.2%UNCHANGED

1Y —

5Y —

WASHINGTON GROUP INTL INC

WASHINGTON GROUP INTL INC · COM NEW · 938862208

LONG500,000$28.7 million1.1%NEWLY REPORTED

1Y —

5Y —

SIX FLAGS INC

SIX FLAGS INC · COM · 83001P109

LONG2,750,000$28.0 million1.1%UNCHANGED

1Y —

5Y —

CYPRESS SEMICONDUCTOR CORP

CYPRESS SEMICONDUCTOR CORP · COM · 232806109

LONG1,576,500$26.7 million1.0%REDUCED

1Y —

5Y —

SPRINT NEXTEL CORP

SPRINT NEXTEL CORP · COM FON · 852061100

LONG1,000,000$25.8 million1.0%NEWLY REPORTED

1Y —

5Y —

FREESCALE SEMICONDUCTOR INC

FREESCALE SEMICONDUCTOR INC · CL B · 35687M206

LONG900,000$25.0 million1.0%REDUCED

1Y —

5Y —

CABOT OIL & GAS CORP

CABOT OIL & GAS CORP · COM · 127097103

LONG500,000$24.0 million0.9%NEWLY REPORTED

1Y —

5Y —

ABBOTT LABS

ABBOTT LABS · COM · 002824100

LONG550,000$23.4 million0.9%NEWLY REPORTED

1Y —

5Y —

MCDERMOTT INTL INC

MCDERMOTT INTL INC · COM · 580037109

LONG400,000$21.8 million0.9%REDUCED

1Y —

5Y —

OSI PHARMACEUTICALS INC

OSI PHARMACEUTICALS INC · COM · 671040103

LONG650,000$20.9 million0.8%INCREASED

1Y —

5Y —

NTL INC DEL

NTL INC DEL · COM · 62941W101

LONG700,000$20.4 million0.8%NEWLY REPORTED

1Y —

5Y —

MIRANT CORP NEW

MIRANT CORP NEW · COM · 60467R100

LONG786,589$19.7 million0.8%NEWLY REPORTED

1Y —

5Y —

CABLEVISION SYS CORP

CABLEVISION SYS CORP · CL A NY CABLVS · 12686C109

LONG700,000$18.7 million0.7%NEWLY REPORTED

1Y —

5Y —

MAXIM INTEGRATED PRODS INC

MAXIM INTEGRATED PRODS INC · COM · 57772K101

LONG500,000$18.6 million0.7%INCREASED

1Y —

5Y —

ATI INC

ATI INC · COM · 01741R102

LONG300,000$18.4 million0.7%NEWLY REPORTED

1Y —

5Y —

NABI BIOPHARMACEUTICALS

NABI BIOPHARMACEUTICALS · COM · 629519109

LONG2,950,000$16.6 million0.7%NEWLY REPORTED

1Y —

5Y —

UNISOURCE ENERGY CORP

UNISOURCE ENERGY CORP · COM · 909205106

LONG530,500$16.2 million0.6%REDUCED

1Y —

5Y —

MITTAL STEEL CO N V

MITTAL STEEL CO N V · NY REG SH CL A · 60684P101

LONG400,000$15.1 million0.6%NEWLY REPORTED

1Y —

5Y —

FREESCALE SEMICONDUCTOR INC

FREESCALE SEMICONDUCTOR INC · COM CL A · 35687M107

LONG500,000$13.9 million0.5%REDUCED

1Y —

5Y —

RTI INTL METALS INC

RTI INTL METALS INC · COM · 74973W107

LONG250,000$13.7 million0.5%NEWLY REPORTED

1Y —

5Y —

SEARS HLDGS CORP

SEARS HLDGS CORP · COM · 812350106

LONG100,000$13.2 million0.5%REDUCED

1Y —

5Y —

MOLEX INC

MOLEX INC · CL A · 608554200

LONG442,000$13.1 million0.5%NEWLY REPORTED

1Y —

5Y —

ALLTEL CORP

ALLTEL CORP · COM · 020039103

LONG200,000$12.9 million0.5%NEWLY REPORTED

1Y —

5Y —

NUVELO INC

NUVELO INC · COM NEW · 67072M301

LONG700,000$12.5 million0.5%INCREASED

1Y —

5Y —

IMS HEALTH INC

IMS HEALTH INC · COM · 449934108

LONG475,000$12.2 million0.5%INCREASED

1Y —

5Y —

BIOVAIL CORP

BIOVAIL CORP · COM · 09067J109

LONG500,000$12.2 million0.5%NEWLY REPORTED

1Y —

5Y —

EL PASO CORP

EL PASO CORP · COM · 28336L109

LONG1,000,000$12.1 million0.5%INCREASED

1Y —

5Y —

COMVERSE TECHNOLOGY INC

COMVERSE TECHNOLOGY INC · COM PAR $0.10 · 205862402

LONG500,000$11.8 million0.5%NEWLY REPORTED

1Y —

5Y —

NEWS CORP

NEWS CORP · CL A · 65248E104

LONG700,000$11.6 million0.5%NEWLY REPORTED

1Y —

5Y —

FIDELITY NATIONAL FINANCIAL

FIDELITY NATIONAL FINANCIAL · CL A · 31620R105

LONG490,000$11.2 million0.4%UNCHANGED

1Y —

5Y —

OPTIMAL GROUP INC

OPTIMAL GROUP INC · CL A NEW · 68388R208

LONG750,000$10.9 million0.4%REDUCED

1Y —

5Y —

SCHNITZER STL INDS

SCHNITZER STL INDS · CL A · 806882106

LONG250,000$10.7 million0.4%NEWLY REPORTED

1Y —

5Y —

NEKTAR THERAPEUTICS

NEKTAR THERAPEUTICS · COM · 640268108

LONG500,000$10.2 million0.4%REDUCED

1Y —

5Y —

IVANHOE MINES LTD

IVANHOE MINES LTD · COM · 46579N103

LONG1,000,000$9.6 million0.4%REDUCED

1Y —

5Y —

LORAL SPACE & COMMUNICATNS I

LORAL SPACE & COMMUNICATNS I · COM · 543881106

LONG313,027$9.0 million0.4%INCREASED

1Y —

5Y —

PROGRESS ENERGY INC

PROGRESS ENERGY INC · COM · 743263105

LONG200,000$8.8 million0.3%NEWLY REPORTED

1Y —

5Y —

AMERICAN TOWER CORP

AMERICAN TOWER CORP · CL A · 029912201

LONG250,000$7.6 million0.3%NEWLY REPORTED

1Y —

5Y —

ITURAN LOCATION AND CONTROL

ITURAN LOCATION AND CONTROL · SHS · M6158M104

LONG500,000$7.6 million0.3%INCREASED

1Y —

5Y —

SILVER WHEATON CORP

SILVER WHEATON CORP · COM · 828336107

LONG700,000$7.5 million0.3%NEWLY REPORTED

1Y —

5Y —

SMURFIT-STONE CONTAINER CORP

SMURFIT-STONE CONTAINER CORP · COM · 832727101

LONG505,800$6.9 million0.3%NEWLY REPORTED

1Y —

5Y —

STAR GAS PARTNERS L P

STAR GAS PARTNERS L P · UNIT LTD PARTNR · 85512C105

LONG2,100,000$5.9 millionUNCHANGED

1Y —

5Y —

NS GROUP INC

NS GROUP INC · COM · 628916108

LONG100,000$4.6 million0.2%NEWLY REPORTED

1Y —

5Y —

ZOLTEK COS INC

ZOLTEK COS INC · COM · 98975W104

LONG200,000$4.6 million0.2%NEWLY REPORTED

1Y —

5Y —

EAGLE MATERIALS INC

EAGLE MATERIALS INC · CL B · 26969P207

LONG69,700$4.4 million0.2%NEWLY REPORTED

1Y —

5Y —

PAIN THERAPEUTICS INC

PAIN THERAPEUTICS INC · COM · 69562K100

LONG340,000$3.7 million0.1%INCREASED

1Y —

5Y —

EXTENDICARE INC CDA

EXTENDICARE INC CDA · SUB VTG SH · 30224T871

LONG155,000$3.3 millionNEWLY REPORTED

1Y —

5Y —

AMARIN CORP PLC

AMARIN CORP PLC · SPONSORED ADR · 023111107

LONG990,000$3.1 million0.1%NEWLY REPORTED

1Y —

5Y —

DRUGMAX INC

DRUGMAX INC · COM · 262240104

LONG4,000,000$3.1 million0.1%UNCHANGED

1Y —

5Y —

OUTBACK STEAKHOUSE INC

OUTBACK STEAKHOUSE INC · COM · 689899102

LONG59,000$2.6 million0.1%NEWLY REPORTED

1Y —

5Y —

TRANSDIGM GROUP INC

TRANSDIGM GROUP INC · COM · 893641100

LONG100,000$2.6 million0.1%NEWLY REPORTED

1Y —

5Y —

BLOCK H & R INC

BLOCK H & R INC · COM · 093671105

LONG100,000$2.2 million0.1%NEWLY REPORTED

1Y —

5Y —

WRIGHT MED GROUP INC

WRIGHT MED GROUP INC · COM · 98235T107

LONG100,000$2.0 million0.1%NEWLY REPORTED

1Y —

5Y —

TERABEAM INC

TERABEAM INC · COM · 88077B108

LONG425,000$1.7 million0.1%NEWLY REPORTED

1Y —

5Y —

ONETRAVEL HLDGS INC

ONETRAVEL HLDGS INC · COM NEW · 68275A201

LONG1,700,000$1.6 million0.1%UNCHANGED

1Y —

5Y —

CANO PETE INC

CANO PETE INC · COM · 137801106

LONG200,000$1.6 million0.1%NEWLY REPORTED

1Y —

5Y —

HAWAIIAN HOLDINGS INC

HAWAIIAN HOLDINGS INC · COM · 419879101

LONG250,000$1.3 million0.1%UNCHANGED

1Y —

5Y —

SALTON INC

SALTON INC · COM · 795757103

LONG395,218$1.1 million0.0%UNCHANGED

1Y —

5Y —

QLT INC

QLT INC · COM · 746927102

LONG61,000$469,0000.0%NEWLY REPORTED

1Y —

5Y —

RICHARDSON ELECTRS LTD

RICHARDSON ELECTRS LTD · COM · 763165107

LONG18,800$177,0000.0%NEWLY REPORTED

1Y —

5Y —

SEARS HLDGS CORP

SEARS HLDGS CORP · COM · 812350106

CALL100,000$975,000NEWLY REPORTED

1Y —

5Y —

KNIGHT RIDDER INC

KNIGHT RIDDER INC · COM · 499040103

PUT20,000$4,000NEWLY REPORTED

1Y —

5Y —

AI outlook values are averages across the latest successful run per covered model at the labeled cutoff. “No longer reported” does not necessarily mean sold; thresholds, confidential treatment, corporate actions, or instrument changes may explain an omission. Reviewed API mapping covers 5.8%of disclosed long-book value; exact editorial CUSIP mappings may add current-only AI coverage on this public page. Research use only. No warranty and not investment advice.