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Morning Brief: Caxton’s Curious 13F Revision

There’s a huge difference in the amount of assets reported by Caxton Associates in its latest 13F filing.

It’s not unusual for an investment firm to revise an earlier 13F, the quarterly filing of U.S. long stock positions, as firms often file updated versions to reflect sensitive positions regulators had permitted them to omit as they were still building them. Sometimes, firms revise earlier versions that had an inadvertent error or omission.

So, it was interesting to see Caxton Associates’ revision this week of its June 30 13F that was first filed August 14. The revised filing said Caxton had a little more than $2.59 billion in equity assets spread over 459 different issues. Its earlier version said the assets were valued at nearly $15 billion invested in the same 459 issues. Huge difference. This compares with a stock portfolio valued at nearly $26 billion at the end of the first quarter. This figure itself is inflated since it includes leverage, as well as the market value of the underlying securities of call and put options positions. In any case, Caxton used $2.2 billion for the fourth quarter of 2016.

Interestingly, the macro firm headed by Andrew Law had $8 billion in assets under management at the beginning of the year. Its main fund, Caxton Global Investment, was down 11 percent for the year through August 15. The firm did not return two calls seeking comment.


Elliott Management participated in the $3 million Series A financing of ExplORer Surgical, which offers software as a service (SaaS) to manage, track and analyze intra-operative activity and information for the operating room and interventional suites, according to a company statement this week.


Brigade Capital Management trimmed its stake in Bon-Ton Stores to a little more than 1.6 million shares, or 8.75 percent of the total shares of the regional department store chain, according to a regulatory filing.

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