Hedge Fund Pequot Capital's 13F Filing: One Position Left

Hedge fund portfolio disclosures are starting to come in via 13F filings for the fourth quarter 2009 and this one surprised us. A while back we mentioned that Art Samberg's hedge fund Pequot Capital was shutting down and we already covered their portfolio unwind. Interestingly enough, Pequot Capital has filed their latest disclosure and they still own one last position: 212,821 shares worth of InterOil (IOC) worth $16.3 million.

We just thought we'd highlight it for those interested, as it seems this would be their last position left to unwind. And speaking of InterOil, when we looked at Whitney Tilson's investor letter, we saw that his hedge fund T2 Partners was short IOC.

Taken from Google Finance, InterOil is "an integrated energy company operating in Papua New Guinea. The Company operates in four business segments: Upstream, Midstream, Downstream and Corporate."

Hedge Fund Pequot Capital Update: Unwinding Portfolio

Even though Art Samberg's hedge fund Pequot Capital is shutting down, we are still covering their last slew of SEC filings. In his goodbye letter, Art Samberg revealed that their Matawin and Special Opportunities funds will become separate entities. So, we are just covering the last slowly dwindling days of Pequot as they wind everything down. Their most recent SEC filings include their 13F and an amended 13G.

Firstly, we start with the 13G they amended on Impax Laboratories (IPXL). Due to activity on July 31st, 2009, Pequot has completely sold out of this name and now shows ownership of 0 shares. Secondly, we turn to their 13F filing where their hedge fund still shows a number of US equity long positions. However, keep in mind that this filing shows their holdings as of June 30th, 2009. But, if you wish to discern which positions they are most likely to liquidate (if they haven't already), you can check out their full 13F filing with the SEC here. Notable large positions include Chipotle Mexican Grill (CMG-B), IMAX (IMAX), Impax Laboratories (IPXL), Jack in the Box (JACK), and McDonald's (MCD).

We've also detailed numerous other changes to Pequot's portfolio recently. We noted all the changes to various 13G filings they made in this post. Additionally, we noted their sales of Akorn (AKRX). On the blog we often tracked the commentary of Pequot's Chief Investment Strategist, Byron Wien. (Read his July letter here). Since Pequot is shutting down, Wien has moved to The Blackstone Group as Vice Chairman of Advisory Services. Prior to Pequot, Wien was Chief Investment Strategist at Morgan Stanley.

Other recent news out of Pequot indicates that they have been cited in 44 reports since 2005 from securities exchange 'watchdogs' who alert possible insider trading misconduct. The trades connected to wrongdoing by Pequot include Google (GOOG), Cox Communications, International Securities Holdings, and Premcor amongst many others. Many of the reported infractions come from companies that were subject to takeover bids. For instance, shares of Premcor were up 18% after it was announced they were being bought out by Valero (VLO). We'll continue to monitor the developments in this regard, but their source of downfall is pretty evident. Art Samberg himself has cited the negative cloud hanging over Pequot as a main reason for shutting down. They had a large image problem and that's tough to overcome on a Wall Street that is now more focused on regulation than ever.

Pequot Capital: Byron Wien's July 2009 Commentary

At first, we thought it was a bit odd that we were reading commentary coming from Pequot Capital, seeing as they are liquidating their core fund (And, not to mention, we just revealed some of the positions they were unwinding). Donno, just seems weird to us, even if they are shutting down mainly due to poor image and marketing problems, more-so than poor performance (after all, AUM is king in hedgefundland). Just seems like we're reading something from the grave, even though 2 of their funds will still remain open. In the past, we've covered some of Byron's previous commentary too.

Take note that this particular piece deals more with the state of affairs regarding Pequot and does not really deal with market commentary like Byron's typical work. Unique circumstances, obviously. RSS & Email readers may need to come to the blog to view it. Attached below is the July 2009 commentary from Pequot's strategist Byron Wien:

Art Samberg's Pequot Capital Unwinds Positions: 13G Filings

Just yesterday we saw a barrage (yes, a barrage) of amended 13G SEC filings from Art Samberg's hedge fund Pequot Capital. As you're well aware, Pequot Capital will be shutting down due to the negative effect ongoing investigations have had on the firm. Last week, we saw initial signs of the firm winding down as they sold the vast majority of their Akorn (AKRX) position. While Pequot's shuttering undoubtedly means many positions will be liquidated, not all of them will be. This is due to the fact that their Matawin and Special Opportunities funds will remain open under their current managers. So, while you'll see ample selling, you won't quite see a complete wipeout of their portfolios. And, with that in mind, let's get to what they have been selling.

As per all of the amended 13G filings, Pequot no longer holds a position in the following companies: Essex Rental (ERNT), IMAX Corporation (IMAX), GP Strategies Corporation (GPX), STAAR Surgical (STAA), Electronic Game Card (EGMI), Vicor Corp (VICR), Chipotle Mexican Grill (CMG), Ballantyne Strong (BTN) and Shells Seafood Restaurants (SHLLQ). While they completely sold out of those positions, there were 3 remaining 13G/13D filing amendments made to positions they still hold.

Due to activity on June 30th, Pequot filed an amended 13G on Health Fitness Corporation (FIT) and they now show a 3.08% ownership stake in the company with 319,770 shares. Previously, Peuot had owned upwards of 523,400 shares. While they have not sold their entire stake, they definitely have been selling. Additionally, Pequot also filed an amended 13G on Velocity Express (VEXP) where they are now showing a 0.3% ownership stake with only 13,790 shares reported. Lastly, they are now showing a 0.2% ownership stake in MedClean Technologies (MCLN) with 1,192,589shares. That sums up everything Pequot filed with the SEC yesterday and we'll continue to bring you any other major updates in this regard. Because, after all, they are not liquidating everything... just *mostly* everything. When the dust settles, we'll have to see what positions their 2 remaining funds will hold. As we've mentioned before, Pequot is just another name to add to the list of prominent funds that have fallen during these rough times. Check out a list of 2008 hedge fund closures here.

If you're unfamiliar with this hedge fund, we've given background on Samberg & Pequot here. For more on Pequot, check out our past coverage of Pequot's March commentary from Byron Wien. Lastly, for those of you curious as to which other positions Pequot could possibly liquidate, you can check out their portfolio here as filed with the SEC which details their holdings as of March 31st, 2009.

Hedge Fund Pequot Capital Sells Vast Majority of Akorn (AKRX) Position

Given the fact that we already know Art Samberg's hedge fund Pequot Capital is winding down, we hesitated to even post this. But, we figured we'd quickly write it up anyways because Pequot will still have $1 billion or so invested within their Special Opportunities fund and their Matawin fund, both of which will continue to exist under their current managers. So, while a lot of Pequot's positions will undoubtedly be liquidated, some will still remain.

In an amended 13G filing with the SEC, Pequot Capital Management has disclosed a 1.5% ownership stake in Akorn (AKRX). This was due to activity on May 31st, 2009 and they hold 1,315,285 shares. This is a massive decrease in their stake in Akorn, as they previously held over 15 million shares in their last 13F filing which disclosed holdings as of March 31st, 2009. So, they have done some substantial selling in this name over the past 3 months. As we covered recently, Pequot is shutting down because of the negative effect an ongoing investigation has had on the firm.

Taken from Google Finance,

Akorn is "engaged in manufacturing and marketing diagnostic and therapeutic pharmaceuticals in specialty areas, such as ophthalmology, rheumatology, anesthesia and antidotes, among others. In addition, the Company markets and distributes vaccines purchased from outside sources. Its customers include physicians, optometrists, hospitals, wholesalers, group purchasing organizations and other pharmaceutical companies."

Art Samberg's Hedge Fund Pequot Capital Shuts Down

Well known hedge fund Pequot Capital Management is shutting down. Prominent investor and fund manager Art Samberg wrote in a letter to investors that, "Public disclosures about the continuing investigation have cast a cloud over the firm and have become a source of personal distraction ... I have concluded that Pequot can no longer stay in business." Pequot was under SEC investigation regarding an insider trading allegation with Microsoft (MSFT). The incident has dragged on and on and has hung a dark cloud over Pequot's door. As such, investors became spooked and potential investors weren't arriving in the droves that they used to. And, as we all know, assets under management (AUM) are key to survival in hedge fund land. A tarnished image certainly does not help that.

This brings a sad end to Pequot's illustrious run where they managed $15 billion at their peak, but more recently managed around $3 billion. Samberg and Pequot have seen annualized gains of 16.8% after fees over a 22 year timespan; a record that speaks for itself and more than doubles that of the S&P 500. We had covered Pequot's portfolio in the past as part of our hedge fund portfolio tracking series, where we are currently in the midst of examining their Q1 2009 holdings. Additionally, we also presented the March commentary from Byron Wien of Pequot. However, it doesn't look like we'll be covering Pequot this time around.

Unfortunately for the investing world, Samberg has now decided to hang it up and retire. We ponder though, whether Samberg would have the desire to start new and afresh after dissolving the fund that was causing him headaches. But, after the overhang of ongoing investigations and distractions, it appears that Samberg has had enough and is ready to relax. Pequot still has $1 billion tied up within their Special Opportunities fund and their Matawin fund, which will continue to exist with their current managers.

Pequot is yet another fund on a growing list of prominent names that have been forced to close their doors. We previously covered Jeffrey Gendell's Tontine Associates blowup. Gendell had been a highly regarded and respected investor, but the crisis of 2008 became too much for 2 of his funds as illiquid positions and mounting losses overcame him. His firm still remains alive for the time being, managing the remainder of their funds.

Further back in time, we also noted that Dwight Anderson's Ospraie hedge fund blew up. Anderson is well known for his time both at Tiger Management and Tudor Investment Corp. But, just recently, we learned that Anderson will be back with 2 new Ospraie funds, which prompted us to wonder when investors will ever learn.

Overall, 2008 was definitely a bleak year in hedge fund land. A few other notable closures we've covered on the blog include Satellite Asset Management and Okumus Capital. (See the list of other 2008 closures here).

The prime distinction here between Pequot and the others is that Ospraie and Tontine closed due to large losses, while Samberg felt that Pequot would never be able to overcome their now tarnished image. In the end, such an image became equatable to large losses, as his fund has suffered the same fate as countless other funds. The hedge fund graveyard continues to expand.

This only goes to show that 2008/09 and beyond will be humbling for many fund managers out there. Many previously prominent names have been brought to their knees. After all, they're untouchable... until they're not.

Here's Samberg's letter to investors:
(RSS & Email readers will need to come to the blog to view the slidedeck)

Publish at Scribd or explore others: Finance Business & Law societies Secret

Art Samberg's Pequot Capital Management 13F Filing Q4 2008

This is the 4th Quarter 2008 edition of our ongoing hedge fund portfolio tracking series. Before reading this update, make sure you check out the Hedge Fund 13F filings preface.

Next up is Pequot Capital Management run by Art Samberg. Pequot was founded by Art in 1986 with $3 million in assets and peaked with $15 billion in assets around the tech bubble. Today, he manages over $4 billion. They have 150 employees and employ multiple strategies, including private equity and venture capital, as Art believes equity returns will decline over time. Art holds a S.B. from Massachusetts Institute of Technology, an M.S. from Stanford University, and he received his MBA from Columbia University. Pequot Capital Management was recently ranked 93rd in Alpha's hedge fund rankings. In terms of their 2008 performance, their main fund was -17.5% for 2008, while their health care fund finished -27.9% as noted in our post on hedge fund year-end performance. Recently, we had noted that they amended some 13G filings and made some portfolio changes to a few larger positions. You can also read Pequot's March Commentary here by Byron Wien.

The following were their long equity, note, and options holdings as of December 31st, 2008 as filed with the SEC. We have not detailed the changes to every single position in this update, but we have covered all the major moves. All holdings are common stock unless otherwise denoted.


Some New Positions (Brand new positions that they initiated in the last quarter):
Medarex (MEDX)
Service Corp (SCI)
Brinker (EAT)
Marsh & McClennan (MMC)
Partnerre (PRE)
Hewitt (HEW)
Regal Entertainment (RGC)
Google (GOOG)
AMR (AMR)
Verifone (PAY)
Sterling Financial (STSA)
Shaw Group (SGR)
CA (CA)
Renaissance Re (RNR)
Continental Airlines (CAL)
MGM Mirage (MGM)
Onyx Pharma (ONXX) Calls
Amazon (AMZN)
American Italian Pasta (AITP)
Southwestern Energy (SWN) Calls
National Oilwell Varco (NOV)
Arch Capital (ACGL)
Microsoft (MSFT) Calls
Brink Home Security (CFL)
Cisco (CSCO) Calls
Exxon Mobil (XOM) Calls
Apple (AAPL) Calls
SPDR Gold (GLD) Calls
Monsanto (MON) Calls
Everest Re (RE)


Some Increased Positions (A few positions they already owned but added shares to)
XTO Energy (XTO): Increased by 655%
Apple (AAPL): Increased by 59.8%
Lifetime Fitness (LTM): Increased by 47.5%
Qualcomm (QCOM): Increased by 24.4%
Lender Processing (LPS): Increased by 18.4%


Some Reduced Positions (Some positions they sold some shares of - note not all sales listed)
Bank of America (BAC): Reduced by 58%
Huron Consulting (HURN): Reduced by 51.8%
SPDR Gold (GLD): Reduced by 50%
Apollo Group (APOL): Reduced by 45%
Qualcomm (QCOM) Calls: Reduced by 43.4%
Jack in the Box (JBX): Reduced by 32%
Onyx Pharma (ONXX): Reduced by 26.7%
Akorn (AKRX): Reduced by 25%
Panera Bread (PNRA): Reduced by 21%


Removed Positions (Positions they sold out of completely)
JPMorgan Chase (JPM)
ThermoFisher Scientific (TMO)
Cognizant Tech (CTSH)
Coach (COH)
Microstrategy (MSTR)
Burlington Northern (BNI)
Mohawk (MHK)
Sunpower (SPWRA)
McGraw Hill (MHP)
CSX (CSX)
Scientific Games (SGMS)
State Street (STT)
Helmerich and Payne (HP)
Freeport McMoran (FCX)
Moodys (MCO)
Union Pacific (UNP)
Bank of NY Mellon (BK)
Nasdaq (NDAQ)
Halliburton (HAL)
Cigna (CI) Puts
Middleby (MIDD)
Weatherford (WFT)
Microsoft (MSFT)
Healthcare Services (HCSG)
Wells Fargo (WFC)
JC Penney (JCP)
Ultra Petroleum (UPL)
Chesapeake (CHK) Calls
XTO Energy (XTO) Calls
iShares Emerging Markets (EEM) Puts


Top 20 Holdings (by % of portfolio)

1. SPDR Gold (GLD): 12.05% of portfolio
2. Chipotle (CMG-B): 4.74% of portfolio
3. XTO Energy (XTO): 4.6% of portfolio
4. McDonalds (MCD): 4.35% of portfolio
5. Southwestern Energy (SWN): 3.93% of portfolio
6. Everest Re (RE): 3.77% of portfolio
7. Qualcomm (QCOM): 3.7% of portfolio
8. Akorn (AKRX): 3.14% of portfolio
9. Onyx Pharma (ONXX): 3.07% of portfolio
10. Walmart (WMT): 3% of portfolio
11. Qualcomm (QCOM) Calls: 2.77% of portfolio
12. Monsanto (MON) Calls: 1.99% of portfolio
13. Goldcorp (GG): 1.98% of portfolio
14. SPDR Gold (GLD) Calls: 1.95% of portfolio
15. Apple (AAPL) Calls: 1.76% of portfolio
16. Apollo Group (APOL): 1.61% of portfolio
17. Exxon Mobil (XOM) Calls: 1.58% of portfolio
18. Occidental Petroleum (OXY): 1.56% of portfolio
19. Lender Processing (LPS): 1.54% of portfolio
20. Jack in the Box (JBX): 1.47% of portfolio

So, we have yet another big fund with Gold in the top 3 positions of their portfolio. Samberg's Pequot joins the ranks of David Einhorn's Greenlight Capital, Paulson & Co (John Paulson), and Eric Mindich's Eton Park as prominent funds holding gold as a top position. Pequot also shows a large position in Goldcorp as well, as their 13th largest holding. Assets from the collective long US equity, options, and note holdings were $3 billion last quarter and were $1.26 billion this quarter. This is just one of many funds in our hedge fund portfolio tracking series in which we're tracking 35+ prominent funds.

We've already covered:

• Paulson & Co (John Paulson)
• Carl Icahn
• Warren Buffett
• Stephen Mandel's Lone Pine Capital
• George Soros
• Bill Ackman's Pershing Square
• Andreas Halvorsen's Viking Global
• Timothy Barakett's Atticus Capital
• David Einhorn's Greenlight Capital
• Seth Klarman's Baupost Group
• Peter Thiel's Clarium Capital
• Bret Barakett's Tremblant Capital
• David Stemerman's Conatus Capital
• James Pallotta's Raptor Capital Management
• Lee Ainslie's Maverick Capital
• John Griffin's Blue Ridge Capital
• Bruce Kovner's Caxton Associates
• Paul Tudor Jones' Tudor Investment Corp
• Louis Bacon's Moore Capital Management
• Anand Parekh's Alyeska Investment Group
• Eric Mindich's Eton Park Capital

Check back daily as we'll cover a new fund each day.

Art Samberg's Pequot Capital Management: Portfolio Update (13G Filings)

Art Samberg's hedge fund, Pequot Capital Management, has filed a few amended 13G's with the SEC, detailing changes to their portfolio made on December 31st, 2008. Firstly, they have disclosed a 0% ownership stake in Healthcare Services Group (HCSG). They have completely sold out of their position, having previously owned 2,500,199 shares. You can view the rest of Pequot's portfolio holdings here.

Secondly, Pequot has also filed an amended 13G and disclosed a 19.4% ownership stake in Akorn (AKRX). They currently own 17,293,857 shares, down from their prior holdings of 22,974,772 shares. So, they sold off a decent amount of their position.

Lastly, they also disclosed a 92.8% ownership stake in TrueYou.com (TUYU). This is a new holding for them, as they previously did not show a position in their last 13F filing. This is a slightly complex ownership stake. Taken directly from the 13G filing with the SEC, they hold,

"237,208,429 shares of Common Stock issuable upon exercise of a warrant to purchase 7,161,040 shares (the “Series B Shares”) of Series B Convertible Preferred Stock of the Issuer, par value $0.001 per share (the “Series B Preferred Stock”), which converts into Common Stock at the rate of one share of Series B Preferred Stock to 10,000 shares of Common Stock; (ii) 222,969,976 shares of Common Stock issuable upon the conversion of 223 shares (the “Series E Shares”) of Series E Convertible Preferred Stock of the Issuer, par value $0.001 per share (the “Series E Preferred Stock”), which converts into Common Stock at the rate of one share of Series E Preferred Stock to 1,000,000 shares of Common Stock; and (iii) 7,077,413 shares of Common Stock issuable upon the exercise of a warrant to purchase Common Stock (the “Common Stock Warrant”). The Series B and E Preferred Stock will automatically convert into Common Stock after the Issuer amends its Certificate of Incorporation to increase the number of authorized shares of Common Stock to enable (i) all of the shares of Series E Preferred Stock to be converted at the applicable conversion number, and (ii) all shares of Series B Preferred Stock to be converted in accordance with their terms (the “Authorized Share Increase”). If the Common Stock Warrant is exercised prior to the Authorized Share Increase, the Common Stock Warrant is exercisable to purchase an equivalent amount of Series B Preferred Stock."

Pequot was founded by Art in 1986 with $3 million in assets and peaked with $15 billion in assets around the tech bubble. Today, he manages over $4 billion. They have 150 employees and employ multiple strategies, including private equity and venture capital, as Art believes equity returns will decline over time. Art holds a S.B. from Massachusetts Institute of Technology, an M.S. from Stanford University, and he received his MBA from Columbia University. Pequot Capital Management was recently ranked 93rd in Alpha's hedge fund rankings.

Taken from Google Finance,

Healthcare Services Group "provides housekeeping, laundry, linen, facility maintenance and food services to the healthcare industry, including nursing homes, retirement complexes, rehabilitation centers and hospitals located throughout the United States. Healthcare Services Group, Inc. operates in two segments: housekeeping, laundry, linen and other services (Housekeeping), and food services (Food)."

Akorn is "engaged in manufacturing and marketing of diagnostic and therapeutic pharmaceuticals in specialty areas, such as ophthalmology, rheumatology, anesthesia and antidotes, among others."

TrueYou.com is "engaged in developing an over the counter (OTC) skin care line of products called Cosmedicine. The Company launched the products in January 2006 for retail distribution at Sephora stores, Home Shopping Network (HSN), JCPenney and their respective Websites."

Pequot Capital Management (Art Samberg): Hedge Fund Tracking - 13F Filing Q3 2008

This is the 3rd Quarter 2008 edition of our ongoing hedge fund tracking series. Before reading this update, make sure you check out the preface to the series we're doing on Hedge Fund 13F's here.


Next up is Pequot Capital Management ran by Art Samberg. Pequot was founded by Art in 1986 with $3 million in assets and peaked with $15 billion in assets around the tech bubble. Today, he manages over $4 billion. They have 150 employees and employ multiple strategies, including private equity and venture capital, as Art believes equity returns will decline over time. Art holds a S.B. from Massachusetts Institute of Technology, an M.S. from Stanford University, and he received his MBA from Columbia University. Pequot Capital Management was recently ranked 93rd in Alpha's hedge fund rankings.


The following were their long equity, note, and options holdings as of September 30th, 2008 as filed with the SEC. All holdings are common stock unless otherwise denoted.


Some New Positions (Brand new positions that they initiated in the last quarter):
XTO Energy (XTO) Calls
Chesapeake Energy (CHK) Calls
Wells Fargo (WFC)
Microsoft (MSFT)
Ishares emerging markets (EEM)
Exxon Mobil (XOM)
Petrohawk (HK)
Nasdaq (NDAQ)
Bank of NY Mellon (BK)
Union Pacific (UNP)
Lender Processing (LPS)
Moody (MCO)
State Street (STT)
CSX (CSX)
McGraw Hill (MHP)
Mohawk Industries (MHK)
Amgen (AMGN)
Burlington Northern (BNI)
XTO Energy (XTO)
Spdr S&P500 (SPY)
Ishares Russell 2000 (IWM)
JPMorgan Chase (JPM)
NYSE Euronext (NYX)
Intercontinental Exchange (ICE)
Schering Plough (SGP)
Chesapeake Energy (CHK)
St Jude (STJ)
CME Group (CME)
Chipotle (CMG)
Halozyme Therapeutics (HALO)


Some Increased Positions (A few positions they already owned but added shares to)
Spdr Gold Trust (GLD): Increased position by 997%
Ishares Emerging Markets (EEM) Puts: Increased position by 477%
Onyx Pharma (ONXX): Increased position by 179%
Bank of America (BAC): Increased position by 150%
Alexion Pharma (ALXN): Increased position by 100%
Apollo Group (APOL): Increased position by 36%
Cigna Corp (CI) Puts: Increased position by 30%


Some Reduced Positions (Some positions they sold some shares of - note not all sales listed)
Petroleo Brasileiro (PBR): Increased position by 72%
Freeport McMoran (FCX): Increased position by 70%
Qualcomm (QCOM): Increased position by 33%
Occidental Petroleum (OXY): Increased position by 31%
Jack in the Box (JBX): Increased position by 29%
Helmerich & Payne (HP): Increased position by 29%
Southwestern Energy (SWN): Increased position by 23%
Halliburton (HAL): Increased position by 20%
JC Penney (JCP): Increased position by 11%


Removed Positions (Positions they sold out of completely)
Insulet (PODD)
SPDR S&P500 (SPY) Puts
Schering Plough (SGP) Calls
Cree (CREE)
New Oriental Education (EDU)
Companhia Vale (RIO) Calls
Netflix (NFLX) Calls
Elan (ELN) Puts
Burger King (BKC)
Akamai (AKAM) Calls
Spirit Aerosystems (SPR)
Wells Fargo (WFC) Puts
Broadcom (BRCM) Calls
First Solar (FSLR)
Focus Media (FMCN)
Energy Conversion Devices (ENER)
Map Pharma (MAPP)
Career Education(CECO)
Focus Media (FMCN) Calls
Google (GOOG)
Baidu (BIDU) Calls
First Advantage (FADV)
Apple (AAPL) Calls
Juniper Networks (JNPR) Calls
Intuitive Surgical (ISRG) Puts
Research in Motion (RIMM)
Sandisk (SNDK) Calls
Barrick Gold (ABX)
Arcelor Mittal (MT)
Powershares QQQ (QQQQ) Puts


Top 20 Holdings (by % of portfolio)

1. Ishares Emerging Markets (EEM) Puts: 10.2% of portfolio
2. Spdr Gold Trust (GLD): 9.9% of portfolio
3. XTO Energy (XTO) Calls: 6.2% of portfolio
4. Chesapeake Energy (CHK) Calls: 4.8% of portfolio
5. Akorn (AKRX): 3.9% of portfolio
6. Ultra Petroleum (UPL): 2.7% of portfolio
7. Qualcomm (QCOM) Calls: 2.5% of portfolio
8. JC Penney (JCP): 2.1% of portfolio
9. Onyx Pharma (ONXX): 1.9% of portfolio
10. McDonalds (MCD): 1.8% of portfolio
11. Southwestern Energy (SWN): 1.8% of portfolio
12. Wells Fargo (WFC): 1.6% of portfolio
13. Chipotle Class-B (CMG-B): 1.5% of portfolio
14. Healthcare Services (HCSG): 1.5% of portfolio
15. Qualcomm (QCOM): 1.5% of portfolio
16. Walmart (WMT): 1.5% of portfolio
17. Microsoft (MSFT): 1.4% of portfolio
18. Ishares Emerging Markets (EEM): 1.4% of portfolio
19. Weatherford International (WFT): 1.3% of portfolio
20. Exxon Mobil (XOM): 1.2% of portfolio

Assets from the collective long US equity, options, and note holdings were $4 billion last quarter and were $3 billion this quarter. Its interesting to see that Pequot started two new Call option positions in XTO and Chesapeake and brought them both up to very large positions, the 3rd and 4th largest fund positions respectively. Please note that we have not detailed changes to every single position in this update, but we have covered all the major moves. Also, keep in mind that these filings only include long equity, notes, and options holdings. They do not reflect their cash, short portions, or holdings in other markets (currency, commodities, debt, foreign markets, etc). This is just one of many funds in our hedge fund tracking series in which we're tracking 35+ prominent funds. The other funds we've already covered include:

• Timothy Barakett's Atticus Capital
• Whitney Tilson's T2 Partners
• Peter Thiel's Clarium Capital
• Bill Ackman's Pershing Square
• Bret Barakett's Tremblant Capital
• John Paulson's Paulson & Co
• David Einhorn's Greenlight Capital
• Dan Loeb's Third Point
• Paul Tudor Jones' Tudor Investment Corp
• Louis Bacon's Moore Capital Management
• Bruce Kovner's Caxton Associates
• George Soros Soros Fund Management
• Chase Coleman's Tiger Global
• Stephen Mandel's Lone Pine Capital
• Lee Ainslie's Maverick Capital
• John Griffin's Blue Ridge Capital
• Andreas Halvorsen's Viking Global
• Chris Shumway's Shumway Capital Partners
• Touradji Capital (Paul Touradji)
• Eric Mindich's Eton Park Capital
• Barry Rosenstein's Jana Partners
• Seth Klarman's Baupost Group
  

Overall, its been one of the worst years ever for hedge funds, as we noted in our new November hedge fund performance number update. Thus, the recent moves they've made in their portfolios become all the more interesting given the way the market has played out.

More on Samberg, Pequot, & hedge funds:
- Prominent Hedge Fund manager interviews
- Hedge Fund investor letters
- Hedge Fund Rankings
- November hedge fund performance numbers
- October hedge fund performance numbers