Beer and burgers for Pequot

Sun Feb 1, 2004



Art Samberg's Pequot Capital Management finished its final lap around the track in 2003 with a rather surprising portfolio mix. While you might have expected the firm to capitalize on the technology revival, Pequot was instead exploiting a diverse range of investments from McDonald's to adult entertainment, discounted pet supplies and breakthrough cancer drugs.

SEC records show that, in the final quarter, the $4 billion-plus long portfolio was rebalanced to go after a combination of high-tech and, most notably, low-tech opportunities. Allocations to pharmaceuticals and managed healthcare fell. Meanwhile, the size of the medical specialties investments plunged. And where did the money go? Well, forget the new economy and think 'recovering old economy.'

In fact, one of Pequot's largest holdings is fast food giant McDonald's. The iconic 'golden arches' have been good to investors of late, providing beefy returns for nine months straight culminating most recently with a 12.2% increase...

ISSN: 2151-1845 / CDC10004H

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