Marsico Dumps Financials, Google
NEW YORK (
) -- Marsico Capital Management, a $47 billion money manager formerly owned by
Bank of America
(BAC) - Get Report
, cut back on holdings of several big financial stocks, according to its latest quarterly filing with the
Securities and Exchange Commission
.
As of Septermber 30, Marsico had dumped its entire allocation to
American Express
(AXP) - Get Report
, which had totaled nearly 7 million shares worth some $273 million at the end of June. Marsico also unloaded more than 20 million shares of
JPMorgan Chase
(JPM) - Get Report
, cutting the firm's stake to about 1.8 million shares worth some $71 million at the end of September.
Perhaps Marsico's most notable move, however, came outside the sector, when the fund manager dumped more than $1 billion worth of
(GOOG) - Get Report
Class A shares.
Marsico also pared its stake in
PNC Financial
(PNC) - Get Report
by over a million shares, though the money manager still holds an outsized stake of nearly 15 million shares worth almost $765 million at the end of September. Marsico also cut back his allocation to
Citigroup
(C) - Get Report
, though it was relatively tiny to begin with.
One financial stock Marsico added to significantly is
Goldman Sachs
(GS) - Get Report
. The money manager upped its stake to more than 3.8 million shares from about 2.65 million in the previous quarter. It also established a new position in
CME Group
(CME) - Get Report
, picking up more than 60,000 shares valued at nearly $16 million at quarter's end.
A call to Tom Marsico, founder of the Denver-based money manager, was not returned.
--
Written by Dan Freed in New York
.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
