Louis Moore Bacon - Moore Capital Management, Lp Portfolio Q3'2025: Top Holdings & Recent Changes
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Louis Moore Bacon, the legendary macro trader behind Moore Capital Management, showcases his signature high-turnover, opportunistic style in the latest 13F filing. His $7.3B Q3 2025 portfolio reflects aggressive repositioning amid market volatility, with massive ETF builds, selective tech additions like MSFT, and trims in high-flyers such as NVDA, all within an expansive 618-position universe.
Portfolio Snapshot: High Turnover in a Diversified Powerhouse
Portfolio Highlights (Q3 2025): - Market Value: $7,268.1M - Top 10 Holdings: 27.5% - Portfolio Size: 618 +58 - Average Holding Period: 3 quarters - Turnover: 69.3%
This Moore Capital portfolio stands out for its sheer scale and dynamism, managing over $7.2 billion across 618 positions—a net addition of 58 new names quarter-over-quarter. The top 10 holdings represent just 27.5% of the portfolio, signaling a highly diversified approach that contrasts with concentrated superinvestor peers. With an average holding period of only 3 quarters and a blistering 69.3% turnover, Louis Bacon's strategy emphasizes tactical flexibility over long-term conviction, likely reflecting his macro trading roots where positioning adapts swiftly to global economic shifts.
The portfolio's expansion to 618 holdings underscores a broad opportunity set, blending broad-market ETFs with individual names in tech and financials. This structure allows for precise risk allocation while maintaining liquidity through ETF exposure. High turnover at 69.3% indicates active management, with significant capital rotation into market proxies amid uncertain conditions, as seen in the Q3 updates.
Top Positions Breakdown: ETF Surge Meets Tech Rebalancing
The portfolio's changes paint a picture of strategic pivots, starting with the standout SPDR S&P 500 ETF TR at 8.9% after an explosive Add 808.97%, positioning $643.9M for broad market upside. Microsoft appears twice in flux: a new Add 16.50% tranche at 3.4% $249.2M alongside a Reduce 47.77% in another MSFT slice at 1.8% $130.2M, netting nuanced exposure to the tech giant. ISHARES TR follows with Add 528.61% to 3.2% $229.8M, complemented by yet another ISHARES TR Add 123.73% at 1.2% $89.4M, amplifying passive indexing bets.
Trims balance the aggression: SPDR S&P MIDCAP 400 ETF TR at 2.8% $202.7M after Reduce 46.35%, while Bank of America (BAC) edges up with Add 2.17% to 1.9% $135.6M. NVIDIA (NVDA) sees Reduce 30.40% to 1.7% $119.9M, INVESCO QQQ TR surges with Add 262.80% to 1.5% $108.9M, and Meta Platforms (META) grows via Add 24.56% to 1.3% $92.2M. These moves highlight a tilt toward liquid ETFs for core exposure, selective financial adds, and profit-taking in mega-cap tech.
What the Portfolio Reveals About Bacon's Macro Playbook
Louis Bacon's Q3 moves reveal a tactical macro mindset, blending broad-market hedges with opportunistic equity bets: - ETF Dominance for Liquidity: Massive adds in S&P 500, midcap, iShares, and QQQ ETFs (over 15% combined) suggest hedging against volatility while maintaining upside capture. - Tech Sector Rotation: Dual MSFT positions, NVDA trim, and META add indicate profit-taking in AI leaders while doubling down on software stability. - Financials as Value Anchor: BAC addition points to banking resilience amid rate uncertainty. - High Diversification for Risk Control: 618 positions mitigate single-name risk in a high-turnover 69.3% framework. - Short Holding Periods: 3-quarter average reflects event-driven trades over buy-and-hold.
This setup prioritizes adaptability, using ETFs for beta exposure and stocks for alpha in a fragmented market.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| SPDR S&P 500 ETF TR | $643.9M | 8.9% | Add 808.97% |
| Microsoft Corporation | $249.2M | 3.4% | Add 16.50% |
| ISHARES TR | $229.8M | 3.2% | Add 528.61% |
| SPDR S&P MIDCAP 400 ETF TR | $202.7M | 2.8% | Reduce 46.35% |
| Bank of America Corporation | $135.6M | 1.9% | Add 2.17% |
| Microsoft Corporation | $130.2M | 1.8% | Reduce 47.77% |
| NVIDIA Corporation | $119.9M | 1.7% | Reduce 30.40% |
| INVESCO QQQ TR | $108.9M | 1.5% | Add 262.80% |
| Meta Platforms, Inc. | $92.2M | 1.3% | Add 24.56% |
The table underscores Moore Capital's low concentration, with the top position—SPDR S&P 500 ETF TR—at just 8.9% despite an 808.97% surge, and top 10 totaling only 27.5%. This diffused structure suits Bacon's macro style, avoiding over-reliance on any single bet amid 69.3% turnover. ETF-heavy top ranks provide efficient market access, while trims in NVDA and one MSFT slice demonstrate disciplined profit-taking, balancing growth with midcap and financial diversification.
Investment Lessons from Louis Bacon's Macro Mastery
- Embrace High Turnover for Adaptability: 69.3% turnover and 3-quarter holds teach that rigid positions lose to evolving markets—stay nimble.
- Leverage ETFs for Core Exposure: Explosive adds in S&P 500 and QQQ show how proxies deliver beta without stock-picking risk.
- Rotate Within Winners: Dual MSFT moves (add one, trim another) highlight fine-tuning over wholesale exits.
- Diversify Aggressively: 618 positions across ETFs and stocks manage risk in uncertain macro environments.
- Time Trims Ruthlessly: 30-47% reductions in NVDA and MSFT prove locking gains preserves capital.
Looking Ahead: What Comes Next?
With 618 positions and high turnover, Moore Capital appears primed for further rotation, potentially deploying into volatility-spiking areas like energy or emerging markets if macro signals shift. The ETF buildup suggests cash readiness for opportunistic strikes, while tech trims free capital for undervalued cyclicals. In a 2026 landscape of potential rate cuts and AI digestion, current positioning—broad beta via S&P/QQQ plus BAC stability—sets up for resilient returns, monitoring for new 13F reveals on Moore Capital's page.
FAQ about Louis Bacon's Moore Capital Portfolio
Q: What drove the massive ETF additions like SPDR S&P 500's 808.97% increase?
A: These moves signal a defensive pivot to broad-market exposure amid volatility, allowing low-cost beta capture while freeing resources for tactical stock bets—classic Bacon macro hedging.
Q: Why the high 69.3% turnover and 618 positions— is concentration not key?
A: Bacon's style favors diversification and frequent trades over conviction bets, using scale to spread risk across global opportunities rather than ultra-concentrated wagers.
Q: What explains the mixed Microsoft signals (add 16.50%, reduce 47.77%)?
A: Likely portfolio rebalancing: building fresh exposure while trimming legacy positions, optimizing tax efficiency or conviction levels in a key tech holding.
Q: How does NVDA's 30.40% reduction fit Bacon's tech view?
A: Profit-taking after AI run-up, redirecting to META adds and ETFs—shows selective growth rotation without abandoning tech.
Q: How can I track Louis Bacon's Moore Capital portfolio?
A: Follow quarterly 13F filings on the SEC (45-day lag post-quarter-end) via ValueSense's superinvestor tracker at https://valuesense.io/superinvestors/moore-capital for real-time analysis, visualizations, and change alerts.
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