Defying Trend, Perry Sells Financials

Aug 19 2009 | 9:05am ET

While most hedge funds have gorged themselves on financial services stocks, Perry Capital is running the other way.

The $6 billion hedge fund has actually cut its holdings in financials at precisely the time when his peers have been betting the farm on them—and winning, so far. Perry reduced its financials portfolio by 10% in the second quarter, according to Wealth Bulletin.

At the same time as Perry was cutting, many other hedge funds and private equity shops were buying financials, among them Paulson & Co., JANA Partners and Steel Partners. In a recent filing with the Securities and Exchange Commission, JANA reported buying more than 3.6 million shares of Bank of America, currently worth more than $61 million.

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Editor's Note

    Oct 21 2015 | 10:41am ET

    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…