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Third Point disclosed in an SEC filing its holdings as of September 30, 2018. Third Point's seven new buys during the quarter included, by size of position, American Express (AXP), Merck (MRK), Shire (SHPG), Iqvia (IQV), and Diamondback Energy (FANG). The fund exited thirteen positions during the quarter, including by size of previous position NXP Semiconductors (NXPI), Facebook Class A (FB), Vulcan Materials (VMC), Wynn Resorts (WYNN), and Electronic Arts (EA). Third Point increased its stake in ten holdings, including by size of previous position Campbell Soup (CPB), Microsoft (MSFT), United Technologies (UTX), Constellation Brands Class A (STZ), and Adobe (ADBE). The fund reduced its stake in six holdings, including by size of previous position Netflix (NFLX), Lennar Class A (LEN), S&P Global (SPGI), PayPal (PYPL), and Salesforce.com (CRM). Third Point's top holdings as of September 30, 2018, in order of size, were Baxter (BAX), United Technologies, PayPal, Alibaba (BABA), and Campbell Soup.

Campbell Soup issued a letter from its interim President and CEO, Keith McLoughlin, to its shareholders in connection with its 2018 Annual Meeting of Shareholders, scheduled for Nov. 29, 2018. In the letter, McLoughlin reiterates Campbell's openness and willingness to consider board refreshment. Campbell said it strongly recommends that shareholders vote to support the current Campbell board of directors with a vote on the GOLD proxy card. "Two years ago, we retained the well-respected executive search firm Russell Reynolds Associates to undertake an "evergreen" director search process so that at any given time we would have a list of qualified potential candidates to serve on the Campbell Board," the letter reads. "We currently have a list of about a dozen candidates who we are considering for any upcoming vacancies, including vacancies due to three planned retirements occurring over the next three years. Our focus when selecting new directors will continue to be choosing individuals with proven track records of operating and turning around businesses, particularly in our industry. You should know that we have had proactive conversations with Third Point over the last few weeks-including yesterday and today regarding our ongoing director refreshment process-and we have asked Third Point for their input. We proposed adding two individuals to our Board after our annual meeting, including Kurt Schmidt and Sarah Hofstetter from the Third Point slate. From the beginning, we have told Third Point that our director selection criteria are simple: We can only consider adding individuals who are truly open to all strategic alternatives and who are free from employment conflicts that would impair that openness or limit the ability to maintain Board confidentiality, which would exclude Third Point employees. Third Point rejected this proposal. Instead, they have decided to continue this wasteful and distracting proxy fight. Nonetheless, we believe it is important for all of our shareholders to know that we are offering to add two new independent directors, Mr. Schmidt and Ms. Hofstetter, from the Third Point slate, as we continue to refresh our Board. We have solicited and will continue to welcome shareholder input into our director selection process-either from Third Point or from any other shareholder. The Campbell Board will continue to be open to any change that will drive long-term shareholder value, and we welcome input from all of our shareholders with respect to that process."

Third Point LLC, a holder of approximately 7% of the outstanding common shares of Campbell Soup Company, has mailed a detailed letter to shareholders regarding Campbell's record of "wantonly spending shareholder money for poor CEO performance that is not linked to positive performance." The letter says, in part: "The Incumbent Board boasts that it has created an executive compensation program that is aligned to performance. One of a board's most important responsibilities is to have a program that sets compensation fairly and thoughtfully, while carefully stewarding shareholder capital. We were skeptical when we saw the results of this Board's "processes" with ex-CEO Morrison. Considering how wastefully the Incumbent Board uses shareholder money in areas like protecting their own secrets rather than being transparent with shareholders,1 we decided we should investigate how they pay their CEOs. The compensation program has failed. We believe it failed because the Incumbent Board was either asleep at the wheel or made affirmatively horrendous decisions to continue awarding million-dollar payments to executives who were not driving long-term value. Once again, this Board is giving away your money without any connection to performance. Mr. McLoughlin is being paid a base salary of more than $1 million and received a shockingly high $3 million restricted stock grant, which vests in full when a successor CEO is appointed (or, if earlier, 12 months from the date of the grant). What has Mr. McLoughlin done to show shareholders he deserves this compensation package? It cannot be that the Incumbent Board believed Mr. McLoughlin would instill a sense of confidence in the market; the stock lost $1.5 billion in value on the day he was appointed. The Incumbent Board's failure to plan for Ms. Morrison's successor has resulted in a windfall for one of their own. Shareholders deserve better. Third Point is confident we can identify a world-class CEO who will modernize products, improve employee morale, and help shareholders. We have done this before, serving on the compensation committees of other public companies and looking out for shareholder interests first. Third Point is determined to bring a culture of accountability, with greater board engagement and fair pay for performance. No one minds paying fairly for a CEO who benefits everyone but paying tens of millions of dollars to a CEO who benefitted almost no one is just insulting. The Independent Slate is running to replace the Incumbent Board because we believe that with a flat stock price over 20 years, Campbell has been focused on serving someone other than its public shareholders and employees."