Monday, November 17, 2008

Regulatory Filings Reveal Massive Selling in Hedgistan

From 1440 Wall Street:
The rumors of major selling by hedge funds earlier this fall seem to be accurate; 13-F filings from September 30th indicate the selling was fast and furious as September came to a close:

Regulatory filings last week by 38 hedge funds with more than $1 billion in assets each show that selling and market declines cut the value of their reported holdings by about 30 percent to $273 billion. Bloomberg

He who panics first, panics best, and the hedgies stampeded out of stocks, trampling everything in their paths:

- At Tudor Investment Corp., the Greenwich, Connecticut, hedge-fund group founded by Paul Tudor Jones, 13F holdings fell to $453 million from $5.7 billion. Jones said markets face more selling from managers.

- Atticus Capital LP, based in New York, disclosed that its holdings declined to $510 million from $8.1 billion. The firm, run by Timothy Barakett, 43, sold out of 39 stocks while adding no new holdings. ConocoPhillips, MasterCard Inc. and Burlington Northern Santa Fe Corp. were the three largest positions he exited, with a combined market value of $2.68 billion as of Sept. 30.