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