Billionaire investor Daniel Loeb’s hedge fund, Third Point LLC, bought a new 3 million-share stake in Morgan Stanley during the fourth quarter, while selling off its entire 8.5 million-share stake in T-Mobile US Inc. . Among other changes Third Point made, from the end of September 2015 through the end of December, it cut its holding of EBay Inc. to 4 million shares from 9 million shares, its holding in Yum Brands Inc. was slashed to 75,300 shares from 11.6 million shares and the Kraft Heinz Co. holding was cut to 82,000 shares from 8.25 million shares. The fund’s overall value of its equity holdings as of Dec. 31 was $9.86 billion, down 7% from $10.6 billion as of Sept. 30. declined to $9.86 billion. The S&P 500 gained 6.5% over the fourth quarter.
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