Clarium Capital Management, Peter Thiel's high-performing global macro firm, has been rapidly repositioning its $7.35 billion portfolio to take advantage of the late-summer market upheaval. The fund, which was fully invested in late July, had by late August moved to 64% cash. In the first weeks of September, Clarium brought its exposure down even further, to about 75% cash, according to an investor.
By mid September, however, Clarium had ratcheted up its exposure again, from 38% of net asset value early in the month to 141% of NAV as of September 19, according to communications received by investors. The