Louis Bacon’s Moore Capital Management shuffled up its portfolio’s allocations over the third quarter of 2009. The hedge fund manager increased its holdings most notably in the financial, basic materials, information technology, and consumer discretionary sectors.
Moore Capital’s highest exposure was to the Financials sector where it increased its holdings by approximately $226mm, bringing its total sector holdings to about $704mm, or 32% of its portfolio. As of 9/31/2009, its top financials holdings included:
- Bank of America Corp (BAC): $288.5mm / 17,050,000 shares, 0.2% held, Change: $-50.8mm / -3,000,000 shares
- streetTRACKS Series Trust KBW Bk ETF (KBE): $96.8mm / 4,150,000 shares, 0.0% held, Change: $96.8mm / 4,150,000 shares change
- Mastercard Inc (MA): $71.8mm / 355,000 shares, 0.3% held, Change: $71.8mm / 355,000 shares
- Assured Guaranty Ltd (AGO): $57.3mm / 2,950,000 shares, 1.9% held, Change: $17.1mm / 880,000 shares
- Citigroup Inc (C): $50.8mm / 10,500,000 shares, 0.0% held, Change: $50.8mm / 10,500,000 shares
Moore Capital also closed-out of some positions in the financials sector, including CIT Group (CITGQ), iShares Xinhua China ETF (FXI), Wells & Fargo Co (WFC), JP Morgan Chase (JPM), and Goldman Sachs Group Inc (GS). Overall, the hedge fund manager’s sell-offs for these five companies totaled $26mm.
Moore Capital’s most active sector was the Tech and Telecom sector, where it increased its exposure from only $3mm to over $433mm during the third quarter. The largest new positions include:
- SPDR Technology Sector (XLK): $125.2mm / 6,000,000 shares, 0.0% held, Change: $125.2mm / 6,000,000 shares
- Vimpel-Communications (ADR) (VIP): $68.4mm / 3,655,400 shares, 1.8% held, Change: $68.4mm / 3,655,400 shares
- Merrill Lynch Internet HOLDRs Trust (HHH): $35.5mm / 700,000 shares, 0.0% held, Change: $35.5mm / 700,000 shares
- America Movil S.A. de C.V. (ADR) (AMX): $28.5mm / 650,000 shares, 0.0% held, Change: $28.5mm / 650,000 shares
- China Mobile (Hong Kong) Limited (ADR) (CHL): $26.5mm / 540,000 shares, 0.0% held, Change: $26.5mm / 540,000 shares
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