Capital Growth Management LP, the fund ran by Kenneth Heebner, revealed in a regulatory filing it had divested of its assets in major miners Teck Resources (NYSE:TCK), Freeport-McMoran Copper & Gold Inc. (NYSE:FCX), and Cliff Natural Resources (NYSE:CLF) in the last quarter.
They also sold holdings in bankers Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS). He added Citigroup Inc. (NYSE:C) and PNC Financial Services Group Inc. (NYSE:PNC) to the fund, not forsaking the sector, but specific companies within the sector.
Concerns over the slowing economy was the primary factor in selling the commodity assets, as data continue to show the economy is extremely weak, and there's nothing in the near term to suggest it'll turn around anytime soon.
The filing is the required Form 13F which must be submitted by funds with over $100 million of equities.
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