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Brevan Howard’s 13F filing with the SEC shows that they dumped a $34 million investment in Banco Bradesco, one of Brazil’s four big banks last quarter.Alan Howard’s hedge fund also dropped its holding in Goldman, though it wasn’t that big to begin with: $1.15 million.
Other big changes last quarter include Brevan Howard’s taking up a big stake in gold, through both SPDR gold Trust ($43 million) and Select Sector SPDR ($110 million).
The hedge fund also picked up $112,000 of Bare Escentuals, a makeup company recently purchased by Shiseido, and $9 million of Occidental, an oil company that just announced a hedge fund partnership with Andy Hall.
The stakes they increased were in Bank of America, an investment they upped from $1.6 million to nearly $30 million, and Citi, a stake they increased from $2.5 million to $10 million.
Read Brevan Howards complete holdings in their 2009 4th quarter 13F filing.