Moore Capital Management has filed its 13 F form with the SEC for the period ending March 31 2013. The investment firm showed that the equities it holds long under management increased from $3,892,100,970 to $6,193,598,980 in the first three months of the year, a phenomenal increase of more than 59 percent.
Moore Capital Changes In Stock Holdings
The company changed several of its holdings in the financial sector during the first three months of 2013, including selling its entire stake of 1,895,000 shares in Wells Fargo & Company (NYSE:WFC), and 2,050,000 shares of its stake in JPMorgan Chase & Co. (NYSE:JPM), leaving it with 3,010,000 shares in the firm; and 1,735,000 shares, or 14 percent of its stake in Bank of America Corp (NYSE:BAC), leaving it with 10,065,000 shares in the firm.
Continued from part one... Q1 hedge fund letters, conference, scoops etc Abrams and his team want to understand the fundamental economics of every opportunity because, "It is easy to tell what has been, and it is easy to tell what is today, but the biggest deal for the investor is to . . . SORRY! Read More
The firm added a stake in Morgan Stanley (NYSE:MS) of 4,486,312 shares, worth $98,609,136 at the end of March, and added 525,000 shares to its stake in Citigroup Inc. (NYSE:C). Moore Capital Management is still betting on the big banks—four of its top ten holdings are four of the biggest U.S. banks, but the company is re-balancing those investments.
Moore Capital Management is also adding to its investments in the entertainment industry, adding to its stake in News Corp (NASDAQ:NWSA), buying 2,150,000 shares to bring its total holdings to 2,650,000 shares valued at $80,851,501 at the end of the quarter, opening a new position in CBS Corporation (NYSE:CBS) by buying 275,000 shares valued at $12,839,750, and acquiring a new stake in Time Warner Inc (NYSE:TWX) of 1,325,000 shares valued at $76,346,499.
One of the most interesting moves made by Moore Capital Management was a big new stake in Dell Inc. (NASDAQ:DELL). Moore Capital seems to be on board with attempts to get a better deal on the firm’s privatization, a move led by Carl Icahn. The company bought 3,250,000 shares in the company, a stake valued at $46,572,500.
In the period, Moore Capital Management sold out of a total of 163 positions and added 211 new ones to its 13F holdings. The company has rapidly expanded its long equity holdings, possibly in response to the booming equities market. Moore Capital generally invests along macroeconomic themes, and one of the major themes in the first three months of 2013 has been the rally in U.S. stocks.
Other major holdings held by Moore Capital Management at the end of March included a 1,425,000 share holding in SPDR S&P Retail (ETF) (NYSEARCA:XRT), 4,275,000 shares in Hartford Financial Services Group Inc. (NYSE:HIG), and 7,201,580 shares in Assured Guaranty Ltd. (NYSE:AGO).