Richard Perry is one of the hedge fund superstars. He co-founded Perry Capital in 1988, which has a record of generating positive returns in all years since then except for 2008. Perry is known as an event-driven investor. He looks for companies with restructuring opportunities such as spinoffs, or mergers and acquisitions.

Perry recently decided to hedge his long exposure by building a huge put position in Russell 2000 ETF. Here are the top 20 positions in Perry Capital’s 13F portfolio as of September 30, 2011:

Company NameTickerValueActivity
ISHARES TRUST Put(IWM)1038162New
IRON MOUNTAIN(IRM)142448-29%
ANADARKO PETROLEUM(APC)123578145%
MOTOROLA MOB WI(MMI)104380New
BP PLC Call(BP)90175New
YAHOO INC Call(YHOO)8468312%
ISHARES TRUST Call(IWM)82304New
BP PLC(BP)82095New
UNIVERSAL AMERICAN SPIN(UAM)774040%
YAHOO INC(YHOO)67167-59%
SOUTHERN UNION CO NEW(SUG)615933%
ROYAL BANK SCOTLAND Cl 1(RBS)512637%
ROYAL BANK SCOTLAND Cl 2(RBS)442910%
ROYAL BANK SCOTLAND Cl 3(RBS)4144613%
GENERAL MOTORS CO(GM)40360-64%
JOHNSON & JOHNSON(JNJ)336590%
ANADARKO PETROLEUM Call(APC)31525New
ROYAL BANK SCOTLAND Cl 4(RBS)300760%
MEDCO HEALTH SOLUTIONS(MHS)28017New
N. AMERICAN ENERGY PTNRS(NOA)267630%

Read full article here: http://seekingalpha.com/article/313338-hedge-fund-manager-richard-perry-s-top-stock-picks