Paul Touradji has moved over 80% of the equity portion of his commodities-focused hedge fund’s portfolio into gold, according to Touradji Capital’s third quarter 2009 SEC filing. The firm opened a $84.67mm / 2,234,000 share position in Barrick Gold Corp (ABX) over the quarter, while dumping the $11.49mm / -126,000 share holding it had previously held in the streetTRACKS Gold Trust (GLD). The hedge fund also sold out of its iShares Dow Jones U.S. Oil & Gas Exploration & Production Index Fund (IEO) position, selling $1.61mm / 39,200 shares.
As of 9/30/2009, the firm held 85% ($89mm) of its US equity portfolio in basic materials/gold stocks. The rest of its portfolio was allocated to the energy sector (12% or $13mm), Industrials (1% or $1mm) and Financials (<1% or $500,000). Touradji Capital’s top holdings include:
- Barrick Gold Corp (USA) (ABX): $84.7mm / 2,234,000 shares, 0.3% held, Change: $84.7mm / 2,234,000 shares
- Petrohawk Energy Corp (HK): $6.7mm / 275,000 shares, 0.1% held, Change: $1.8mm / 75,000 shares
- Massey Energy Co (MEE): $4.5mm / 160,000 shares, 0.2% held, Change: $4.5mm / 160,000 shares
- Sandridge Energy Inc (SD): $3.2mm / 250,000 shares, 0.1% held, Change: $0.0mm / shares
- Eog Resources Inc (EOG): $1.9mm / 22,651 shares, 0.0% held, Change: $1.9mm / 22,651 shares
Touradji's small exposure to the financials sector was all held in Citigroup (C):
$0.5mm / 110,000 shares, 0.0% held, Change: $0.5mm / 110,000 shares
The firm also trimmed its exposure to drybulk carrier DryShips Inc (DRYS), possibly due to significant amounts of outstanding debt the company is looking to convert into equity.
- DryShips Inc (DRYS): $1.0mm / 158,000 shares, 0.1% held, Change: $-0.3mm / -50,000 shares
Touradji Capital was founded in 2005 by Mr. Touradji. Before starting the firm, he cofounded Catequil Asset Management and before that was a trader at Julian Robertson’s Tiger Management.
Disclosure: No positions