Louis Bacon's Moore Capital Management LP disclosed in its Q1 2026 13F filing that it expanded its SPY holding to 14.4% of the portfolio (approximately $676M) and opened a new $290M position in QQQ. Meanwhile, the fund fully exited five holdings, including RSP ($287M), GLD ($87M), and EEM ($71M). Total assets under management (AUM) stood at $2.6B across 20 holdings.
Top 5 Holdings — As of Q1 2026
- SPY: $676M (14.4%)
- TLT: $433M (9.2%)
- QQQ: $290M (6.2%)
- QQQ: $164M (3.5%)
- SPY: $163M (3.5%)
Key Trading Highlights
The most notable shift in this quarter's portfolio was the expansion of the SPY stake. Beyond increasing the existing SPY position (+287% to $676M), the fund also grew a separate SPY position (+67% to $163M), with SPY and TLT ($433M, 9.2%) now occupying the top two slots among the fund's 20 holdings. This reflects a further strengthening of the macro hedge fund's characteristic top-down approach centered on index and bond ETFs, and the increased TLT weighting can be read as a bet on falling long-term bond yields.
- QQQ: New $290M position — expanded Nasdaq exposure, entered as the No. 3 holding
- SPY: Stake increased +287% to $676M — became the portfolio's largest position at 14.4%
- RSP: Fully sold, $287M → $0 — equal-weight S&P position liquidated
New positions included QQQ ($290M), HYG ($76M), KRE ($35M), UNM ($31M), and XLE ($30M), evenly spread across Nasdaq, high-yield bonds, regional banks, and energy. Meanwhile, the fund fully closed out positions in equal-weight S&P (RSP, $287M), gold (GLD, $87M), emerging markets (EEM, $71M), financials (XLF, $55M), and AON ($49M). This appears to be a reallocation that concentrated capital in large-cap indexes and long-term bonds while trimming asset classes with less clear directional conviction.
Outlook
Louis Bacon's latest rebalancing appears to place greater weight on macro directional positioning through index and bond ETFs rather than individual stock bets. With capital concentrated in large-cap index products such as SPY, TLT, and QQQ while alternative assets like GLD and EEM were cleared out, whether these weightings hold in future filings will likely serve as a key indicator of any shift in the fund's macro stance.
