Hedge Funds

Moore slashes debt portfolio


Usually quick to cut losses, Louis Bacon held on to losers in May, but has now cut them out.

Louis Moore Bacon has liquidated a sizable portion of the debt investments at his $14 billion global macro firm, Moore Capital Management, following May losses caused primarily by his own trades, according to investors. The investors were not aware of the exact size of the firm’s now-liquidated debt holdings.

The flagship Moore Global Investments fund lost 9.24% in May, putting it down 6.36% for the year.

It is not the first time Moore has sold off some of its holdings following a large drawdown, said investors, but they said it was unusual that most of Moore’s May losses came from