Unveiling the Strategic Moves in Moore Capital's Latest 13F Filing
Renowned for his global macro investment strategy, Louis Moore Bacon (Trades, Portfolio), the founder of Moore Capital Management, has made significant changes to his portfolio in the third quarter of 2023. Bacon, a prominent figure in the financial world, is celebrated as one of the top traders of the 20th century. His hedge fund, established in 1989, has been a testament to his bold and insightful approach to investing. In a move to focus on personal investments and oversee a robust multi-asset alternatives platform, Bacon transitioned his firm to cater exclusively to internal capital in late 2019.
New Additions to the Portfolio
Louis Moore Bacon (Trades, Portfolio) has expanded his investment horizon with the addition of 111 stocks to his portfolio. Noteworthy new entries include:
- CRH PLC (CRH, Financial), acquiring 1,351,912 shares, which now comprise 1.51% of the portfolio, valued at $73.99 million.
- Alphabet Inc (GOOG, Financial), with a purchase of 349,152 shares, making up 0.94% of the portfolio, at a total value of $46.04 million.
- SL Green Realty Corp (SLG, Financial), adding 1,130,056 shares, accounting for 0.86% of the portfolio, with an investment worth $42.15 million.
Key Position Increases
Strategically bolstering positions in certain stocks, Louis Moore Bacon (Trades, Portfolio) has increased his stakes in 45 companies, with Alphabet Inc (GOOGL, Financial) leading the way:
- Alphabet Inc (GOOGL, Financial) saw an additional 1,847,079 shares, bringing the total to 1,892,079 shares. This impressive 4,104.62% increase in shares now has a 4.93% impact on the portfolio, valued at $247.60 million.
- Allstate Corp (ALL, Financial) also experienced a significant boost with an additional 601,888 shares, totaling 730,730 shares, marking a 467.15% increase, valued at $81.41 million.
Complete Exits
In a decisive move, Louis Moore Bacon (Trades, Portfolio) exited 161 holdings in the third quarter of 2023, including:
- iShares MSCI Brazil ETF (EWZ, Financial), selling all 2,555,200 shares, impacting the portfolio by -1.48%.
- CRH PLC (CRH, Financial), liquidating all 1,484,949 shares, also resulting in a -1.48% portfolio impact.
Significant Reductions
Moore Capital Management has also trimmed positions in 73 stocks, with the most substantial reductions in:
- Amazon.com Inc (AMZN, Financial), cutting 1,514,709 shares, a -90.89% decrease, affecting the portfolio by -3.53%. The stock traded at an average price of $134 during the quarter and has seen a 3.98% return over the past three months and a 74.01% year-to-date return.
- Microsoft Corp (MSFT, Financial), reducing by 298,309 shares, a -46.25% decrease, with a -1.81% impact on the portfolio. The stock's average trading price was $330.44 during the quarter, with a 14.48% return over the past three months and a 55.41% year-to-date return.
Portfolio Overview
As of the third quarter of 2023, Louis Moore Bacon (Trades, Portfolio)'s portfolio encompasses 471 stocks. The top holdings include 7.84% in NVIDIA Corp (NVDA, Financial), 5.55% in Meta Platforms Inc (META, Financial), 5.05% in Alphabet Inc (GOOGL, Financial), 2.28% in Ally Financial Inc (ALLY, Financial), and 2.23% in Microsoft Corp (MSFT). The investments are predominantly concentrated across 11 industries, with a particular focus on Technology, Financial Services, and Communication Services.
Value investors and those interested in the strategic moves of top traders can find more detailed information and analysis on GuruFocus.com.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
