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Moore Capital Sells JPM, USB, WFC, MHS and GR

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Moore Capital Sells JPM, USB, WFC, MHS and GR

Moore Capital Management LLC is a New York based hedge fund. The hedge fund was founded by Louis Bacon in 1989. The hedge fund just filed a 13F with the Securities and Exchange Comission. According to the filing, the fund reports assets of 1.6 billion. However, most of the securities which Moore invests in are not listed on 13Fs including; credit, and fixed income. The fund has close to $8 billion under management, and has recently announced its decision to return two billion of that to shareholders.

The latest filling shows the following purchases;

ishares high yield corporate debt

Johnson & Johnson (NYSE:JNJ)

puts on the MSCI Inc (NYSE:MSCI) emerging market index

SPDR Gold Trust (ETF) (NYSEARCA:GLD) gold shares

and Human Genome Sciences.

The five new buys represent slightly over 6% of stated assets.

Moore sold out of some big positions especially in the financial sector. JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo & Company (NYSE:WFC), U.S. Bancorp (NYSE:USB) are among the banks sold. The London Whale JPM story broke in May, so it is unclear if they sold before or after the news.

The fund also sold Medco Health Solutions Inc. (NYSE:MHS) and Goodrich Corporation (NYSE:GR).

The largest five positions of the fund make up close to 10% of stated assets. The largest positions as of June 30th are listed below in decending order:

Utilities SPDR ETF

Alterra Capital Holdings Ltd (NASDAQ:ALTE) (FRA:MXX)

The new position in ishares  iShares iBoxx $ High Yid Corp Bond (NYSE:HYG) is also a top holding.

News Corp (NASDAQ:NWSA) (NASDAQ:NWS) and Assured Guaranty Ltd. (NYSE:AGO) are the final two top holdings of the fund.

Disclosure: Long Wells Fargo


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