Moore Capital Management LP, Louis Moore Bacon’s hedge fund, sold its stakes in JPMorgan Chase & Co., Wells Fargo & Co. and U.S. Bancorp last quarter as financial companies led declines in U.S. stocks.
The hedge fund sold 6.47 million shares of New York-based JPMorgan, 6.83 million shares of Wells Fargo in San Francisco, and 5.15 million shares of Minneapolis, Minnesota-based U.S. Bancorp, according to a filing Tuesday with the U.S. Securities and Exchange Commission. The stakes had a combined value of $639.4 million at the end of the first quarter.
Financial companies lost 7.3 percent in the second quarter, the biggest decliners among 10 industries in the Standard & Poor’s 500 Index. Bacon told clients on Aug. 1 that he plans to give back $2 billion, or 25 percent of his main hedge fund, to investors, saying it may be too big for him to achieve past returns as “liquidity and opportunities have become more constrained.”
Patrick Clifford, a spokesman for Moore Capital, declined to comment on the filing.
Moore, which is based in New York, added 275,000 shares of the iShares iBoxx High Yield Corporate Bond Fund in the quarter, valued at $25.1 million as of June 30, and 120,000 shares of SPDR Gold Trust, valued at $18.6 million. The fund bought 302,600 shares of Johnson & Johnson, the world’s biggest health-products maker.
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