Moore Capital Management Portfolio in 2026: Top Holdings & Recent Changes
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Louis Bacon, the legendary founder of Moore Capital Management, showcases his macro-driven trading prowess in the latest 13F filing. His $7.3B Q3 2025 portfolio reflects aggressive repositioning with massive ETF builds and selective tech additions amid high turnover, signaling adaptability in volatile markets.
Portfolio Snapshot: Diversified Yet Dynamic with 69% Turnover
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%
Moore Capital's Q3 2025 portfolio stands out for its sheer scale and diversity, holding 618 positions—a notable expansion of 58 new names—while maintaining a relatively modest top-10 concentration of just 27.5%. This structure diverges from ultra-concentrated peers, embodying Bacon's global macro strategy that blends broad market exposure via ETFs with tactical individual stock bets. The high turnover of 69.3% underscores a nimble approach, trading frequently to capture short-term opportunities rather than long-term holds, as evidenced by the brief average holding period of 3 quarters.
This portfolio evolution highlights Bacon's signature flexibility, ramping up broad-market ETFs while tweaking tech exposure. With positions spanning ETFs, tech giants, and financials, the Moore Capital portfolio appears positioned for macroeconomic shifts, balancing liquidity from index products with growth-oriented singles. The addition of 58 positions suggests opportunistic expansion, potentially hedging against sector-specific risks in a high-volatility environment.
Top Positions Breakdown: ETF Dominance Meets AI Tech Surge
The portfolio's pinnacle is dominated by SPDR S&P 500 ETF TR at a commanding 8.9% after an explosive Add 649.80%, establishing broad market conviction. Microsoft appears twice in the top ranks, with a new tranche at 3.4% (Add 16.50%) alongside a reduced legacy position at 1.8% (Reduce 47.77%), netting bullish exposure to the tech leader. ISHARES TR follows at 3.2% (Add 14.28%), with another instance at 1.2% (Add 80.55%), reinforcing iShares' role in diversified indexing.
SPDR S&P MIDCAP 400 ETF TR holds 2.8% despite a Reduce 46.35%, maintaining midcap tilt, while Bank of America (BAC) at 1.9% saw a modest Add 2.17%, betting on financial stability. NVIDIA (NVDA) exploded with Add 542.82% to 1.7%, capturing AI momentum, complemented by INVESCO QQQ TR at 1.5% (Add 262.80%) for Nasdaq exposure. Meta Platforms (META) rounded out additions at 1.3% (Add 48.72%), signaling social media and AI optimism. These moves across 10 key changers paint a picture of aggressive market-beta plays layered with high-conviction tech.
What the Portfolio Reveals About Moore Capital's Strategy
Moore Capital's Q3 moves reveal a macro trader's playbook: heavy ETF reliance for efficient beta capture, paired with opportunistic tech dips. Key themes include:
- Broad Market Bias via ETFs: Over 18% in top ETFs like SPDR S&P 500, iShares, and QQQ signals conviction in U.S. equities and midcaps, using liquid vehicles for quick pivots.
- Tech Sector overweight with AI Focus: Massive NVDA ramp-up and MSFT/META adds prioritize growth leaders, balancing reduces elsewhere for risk control.
- Financial Sector Stability: BAC addition provides defensive ballast amid equity volatility.
- High Turnover Risk Management: 69% churn and short 3-quarter holds enable rapid adaptation to macro shifts like rates or geopolitics.
- Diversification at Scale: 618 positions mitigate single-name risk, true to Bacon's global macro roots.
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Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| SPDR S&P 500 ETF TR | $643.9M | 8.9% | Add 649.80% |
| Microsoft Corporation | $249.2M | 3.4% | Add 16.50% |
| ISHARES TR | $229.8M | 3.2% | Add 14.28% |
| 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% | Add 542.82% |
| INVESCO QQQ TR | $108.9M | 1.5% | Add 262.80% |
| Meta Platforms, Inc. | $92.2M | 1.3% | Add 48.72% |
| ISHARES TR | $89.4M | 1.2% | Add 80.55% |
This table underscores Moore Capital's low concentration risk, with no single position exceeding 9% and top-10 capturing just 27.5% of the $7.3B portfolio. The ETF-heavy skew—SPDR S&P 500 alone at 8.9% post-650% add—provides scalable market exposure without overcommitting to individuals, ideal for a high-turnover strategy.
Dual MSFT and iShares entries highlight layered positioning, trimming legacy while building fresh bets, which tempers volatility. Tech adds like NVDA's 543% surge contrast with midcap reduces, suggesting tactical shifts toward megacap growth amid broader diversification across 618 names.
Investment Lessons from Louis Bacon's Macro Mastery
- Embrace High Turnover for Macro Agility: 69% churn shows conviction in frequent adjustments over buy-and-hold, profiting from short-term dislocations.
- Leverage ETFs for Efficient Beta: Massive SPY and QQQ adds deliver market upside with liquidity, freeing capital for alpha hunts.
- Layer Positions for Precision: Dual MSFT holdings allow fine-tuned exposure, reducing one tranche while scaling another.
- Bet Big on Secular Winners: NVDA's 543% add exemplifies going oversized on transformative themes like AI.
- Diversify Extensively: 618 positions across ETFs and stocks manage risk in uncertain globals, true to Bacon's trading heritage.
Looking Ahead: What Comes Next?
With 618 positions and 69% turnover, Moore Capital holds ample dry powder for further macro bets, especially if volatility spikes. The ETF emphasis positions well for U.S. equity rallies, while NVDA/META/MSFT adds eye AI and tech rebound. Expect continued QQQ/iShares builds if rates ease, alongside BAC-like financial trims or adds based on banking cycles. In a 2026 landscape of potential Fed pivots and election noise, this setup favors nimble trading over static holds, with portfolio growth to $8B+ possible on market tailwinds.
FAQ about Moore Capital Management Portfolio
Q: What are the biggest changes in Moore Capital's Q3 2025 13F?
A: Standouts include Add 649.80% to SPDR S&P 500 ETF TR (now 8.9%), NVDA Add 542.82% 1.7%, and INVESCO QQQ TR Add 262.80% 1.5%, reflecting bullish market and tech conviction amid 69% turnover.
Q: Why is Moore Capital's portfolio so large and diversified at 618 positions?
A: Louis Bacon's global macro style demands broad exposure to capture opportunities worldwide, using ETFs for beta and stocks for alpha, with low 27.5% top-10 concentration minimizing single-name risk.
Q: What does the high 69.3% turnover indicate about their strategy?
A: It signals active trading over long-term holding (avg 3 quarters), allowing quick pivots to macro events like rates or geopolitics, distinguishing from passive value investors.
Q: Which sectors dominate the top holdings?
A: ETFs (S&P 500, midcaps, QQQ, iShares) lead for broad equity, with tech heavyweights like MSFT, NVDA, and META plus financials via BAC.
Q: How can I track Moore Capital's portfolio and 13F filings?
A: Use ValueSense's superinvestor tracker at Moore Capital's portfolio page for real-time updates. Note 13Fs lag 45 days, so track quarterly for latest moves while cross-referencing with ValueSense tools for intrinsic values.
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