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The market's biggest investors were put to the test in the second quarter, with their latest regulatory findings showing a variety of moves to combat a falling stock market.
The second quarter was a difficult one for stocks and hedge funds. The benchmark S&P 500 fell 3.3 percent in the period, while funds on average lost 2.7 percent in the quarter.
The filings from hedge funds, submitted to the Securities and Exchange Commission throughout the day Tuesday, will no doubt reveal some of that tumult in the stock market.
Hedge fund giant Leon Cooperman pulled back large stakes he had in some of America's biggest banks and took a big position in energy exploration in the second quarter, according to his latest regulatory findings.
In the period ended June 30, the head of Omega Advisors exited his position in Bank of America, slashed his holdings in JPMorgan Chase by about two-thirds and slightly pared his stake in Wells Fargo.
JPMorgan has had a difficult quarter after revealing its losses from the so-called London Whale's trading debacle.
The positions were revealed in Cooperman's latest 13F filings with the Securities and Exchange Commission, which had to be submitted Tuesday.
Besides his dimmed view on banks, Cooperman scooped up more than 7.1 million shares in McMoRan Exploration, which saw its shares surge 60 percent since mid-May.
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