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Richard Perry Liquidated Citigroup Shares

July 23, 2010 | About:
Investment Guru Richard Perry published 2Q10 Letter to Investors. In a brutal quarter in which S&P 500 dropped 11.4%, Perry Partners was up 1.87%. YTD, the fund was up 9.08%. Perry took down long exposure and added protection to the portfolio during the quarter.

Noticeably, Perry sold his holdings in Citigroup. As he disclosed:
We sold our entire Citigroup common equity position in Q2.This is still an interesting leveraged play on worldwide economic recovery, but given the appreciation of the stock price and our renewed concerns about GDP growth and the ramifications of financial reform, we decided to liquidate this investment.


GuruFocus data shows that Perry bought 61.8 million shares of Citigroup, mostly during 4Q09. Apparently they are all gone now.



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Read the complete quarterly letter:

Perry Partners Letter Q2 2010


About the author:

guruek
Ron Brounes owns and operates Brounes & Associates, a Houston-based consulting firm that performs research, marketing, and education projects for financial services companies and other professionals.  Through the years, Brounes has worked directly with retail investors as well as institutional investors. He received his MBA from the Edwin Cox School of Business at Southern Methodist University in Dallas and his BBA degree in Accounting from The University of Texas.  More at: ww.ronbrounes.com

Visit guruek's Website


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