The holdings in T. Boone Pickens' hedge fund at the end of Q2 aren't doing so well this quarter. Based on the 13-F released by BP Capital yesterday, the fund's holdings are collectively down 19.7% since the start of July. (This doesn't reflect the fund's cash position, short positions, or changes in the holdings since the end of the 2nd quarter.) As shown, 26 out of 27 positions are down this quarter, with SandRidge Energy (SD), BPZ Resources (BZP), Foster Wheeler (FWLT) and Denbury Resources (DNR) down the most. The one position that is up this quarter is Clean Energy Fuels (CLNE), which is also the fund's smallest position. Interestingly, the fund added to all but two positions from Q1 to Q2, and took new positions in Chesapeake Energy (CHK), Devon Energy (DVN), Tenaris (TS), EOG Resources (EOG) and BZP.
Mr. Pickens has been front and center in the news recently for his Pickens Plan to end the United States' dependency on foreign oil by developing alternative fuel sources. Based on the performance of Pickens' holdings this quarter, BP Capital investors might want him to just be quiet.
