Dan Loeb, whose Third Point hedge fund took a $3.5 billion stake in Nestle about a year ago, is looking for a bigger return on his investment. Mr. Loeb criticized Nestle for its “overly complex” management, which was too slow to react to emerging trends. He wants the company to sell its stake in L’Oreal and sell off other “weak and non-strategic” brands including Dreyers ice cream and Hot Pockets.