Billionaire Louis Bacon and Jim Cramer Like AIG and More

Moore increased its holdings of Devon Energy Corporation (NYSE:DVN), which was also one of Cramer’s trust’s picks, to about 320,000 shares. Devon is a $22 billion market cap oil and gas company; it is primarily engaged in exploration and production activities but does have some midstream operations. Revenue was down sharply last quarter versus a year earlier. Analyst expectations are that the company will bounce back, but the trailing earnings multiple of 33 is too high for us to recommend buying right now. AQR Capital Management, which is managed by Cliff Asness, was also buying shares of Devon in the third quarter of 2012 (research more stocks Asness was buying).

$110 billion market cap basic materials company Vale SA (NYSE:VALE) was another stock pick we see in the trust’s portfolio and in Moore Global’s filing. Vale provides a variety of metals, fertilizer, and logistics services. As with many other basic materials companies, it is highly exposed to the broader markets with a beta of 1.7 and currently trades at low multiples as the market worries about commodity prices (the forward P/E is only 9). Billionaire Ken Fisher’s Fisher Asset Management increased its stake in the company during the third quarter, to a total of 2.5 million shares (see more of Fisher’s stock picks).