Highfields Exits JPMorgan Stake While Cutting Capital One

Highfields Capital Management LP, the Boston hedge fund run by Jonathon Jacobson, sold its stake in JPMorgan (JPM) Chase & Co. and Oracle (ORCL) Corp. in the third quarter and halved its holdings in Capital One Financial Corp.

Highfields sold more than 1.9 million shares of New York-based JPMorgan, the biggest U.S. lender, according to a regulatory filing today. The hedge fund also sold 500,000 shares of Capital One, the bank and credit-card issuer based in McLean, Virginia, the filing shows.

The hedge fund eliminated its 3.4 million shares in Oracle, the software company based in Redwood City, California founded by Larry Ellison.

Highfields disclosed a 2.69 million-share stake in Brookfield Office Properties Inc. (BPO), the New York company that owns, develops and manages office buildings, worth about $51.4 million at current prices. The fund also added 294,000 shares of PacWest Bancorp, the Los Angeles-based bank holding company, valued at about $11.5 million at today’s closing price.

Money managers who oversee more than $100 million in equities must file a Form 13F with the U.S. 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: Fanni Koszeg in New York at fkoszeg@bloomberg.net

To contact the editor responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net

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