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Moore Capital Slashes U.S. Equity Portfolio
New York City–based macro firm Moore Capital Management reported $1.6 billion in equity related investments at the end of June.
Louis Bacons Moore Capital Management has heavily slashed the size of its U.S. equity portfolio.
The New York Citybased macro firm reported $1.6 billion in equity related investments at the end of June, down from more than $6.3 billion at the end of the first quarter.
At year-end 2011 Moore reported $2.8 billion in U.S. equity investments.
The firm, which in July announced it would return $2 billion in assets to investors at the end of August from Moore Global Investments (MGI) which is managed by Bacon has been struggling of late. MGI lost 3.18 percent in the second quarter and was only up 0.35 percent in the first half. It was up 1.51 percent through July 19.
Moore Macro Managers was up 1.70 percent through July 19.
According to a regulatory filing, the firm closed out about 120 positions in the second quarter. The three biggest liquidations from the portfolio were all banks J.P. Morgan Chase, Wells Fargo and U.S. Bancorp.
Two of the firms three largest new positions at the end of the second quarter were exchange-traded funds that track the high-yield-bond market and gold shares. It also took a large new stake in Johnson & Johnson.