Highfields Sells Stakes in BofA, Morgan Stanley as It Adds Intel

Highfields Capital Management LP, the hedge fund run by Jonathon Jacobson, sold stakes in Bank of America Corp. and Morgan Stanley in the fourth quarter, while buying Google Inc. and AT&T Inc.

Highfields sold its entire Morgan Stanley stake of 5 million shares, as well as 4.6 million shares of Charlotte, North Carolina-based Bank of America, according to a regulatory filing today. The Boston-based hedge fund also sold 3.59 million shares of JPMorgan Chase & Co., leaving it with 6.77 million shares of the New York-based bank valued at $297.5 million.

Highfields bought 343,000 shares of Mountain View, California-based Google and 3 million shares of technology firm Intel Inc. The firm also bought 1.13 million shares of Dallas- based AT&T and 4.9 million shares of insurer American International Group Inc.

Money managers who oversee more than $100 million in equities must file a Form 13F with the Securities and Exchange Commission within 45 days of each quarter’s end to list their U.S.-traded stocks, options and convertible bonds. The filings don’t show non-U.S. securities or how much cash the firms hold.

To contact the reporter on this story: Elizabeth Dexheimer in New York at edexheimer@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net