Caxton Associates, the London-based macro firm headed by Andrew Law, made several big bets on U.S. stocks in the fourth quarter.
Regulatory filings reveal just how aggressively Caxton pivoted toward U.S. equities. The value of its U.S. long portfolio jumped more than 40 percent in the quarter to about $5 billion, excluding the value of put and call options, according to the latest quarterly 13F filings. U.S. stocks now represent about 25 percent of the firm’s $20 billion in total assets.
It’s unclear how much of the increase came from portfolio gains versus new capital allocated to this part of the book. But Caxton’s second-, third-, and fourth-largest U.S. common stock longs were newly established in the fourth quarter.
In 2025, the flagship fund, Caxton Global Investment, was up 16 percent, and Caxton Macro, the fund managed by Law, surged 21 percent. Performance was driven by bets on copper, gold, U.K. banks, European defense stocks, and Japanese rates.
Altogether, Caxton held 751 different U.S.-listed common stocks at the end of the fourth quarter. The firm does not adhere to a buy-and-hold strategy, however. In the fourth quarter, it established 332 new positions and fully liquidated 254. Nonetheless, Law has strong conviction about his favorite stocks.
In the fourth quarter, Caxton boosted its stake in electric-car maker Tesla by nearly 70 percent. The stock now accounts for more than 19 percent of total U.S. long assets and has been the firm’s largest long since the third quarter of 2024. Over the past five quarters, Caxton has increased its stake by about three and a half times, to nearly 2.17 million shares. Since the end of June 2024, shares of Tesla have roughly doubled.
Meanwhile, three of Caxton’s new positions as of the end of the fourth quarter instantly became top-four positions. Combined, they account for more than 21 percent of U.S. long assets, with the four largest longs responsible for 40 percent. The 747 other stocks together make up the remaining 60 percent.
The three new positions represent different industries.
Chip giant Advanced Micro Devices in now the second-largest long, oil giant BP is the third-largest, and Barrick Mining is the fourth-largest.
Where did Caxton’s second-, third-, and fourth-largest longs as of the end of the third quarter stand three months later?
Apple went from No. 2 to No. 15 after Caxton slashed its position by 89 percent. Microsoft dropped from third to 11th when the hedge fund cut its stake by 73 percent. And Amazon slipped from fourth to fifth after the firm reduced its position by a little more than one-third.
