Anthony Scaramucci’s SkyBridge Capital, a high-profile investor in hedge funds, pulled about $1 billion in the fourth quarter from event-driven strategies run by John Paulson, Daniel Loeb and Barry Rosenstein in a shift away from volatile stock markets.

SkyBridge disclosed Thursday that it reduced its exposure to a pair of Paulson funds whose value swung widely during the year. The New York-based firm also cut its holding in Loeb’s Third Point Ultra fund and Rosenstein’s Jana Nirvana, according to a regulatory filing by SkyBridge’s public vehicle for allocating investor capital to different money managers.

SkyBridge withdrew the money from the event-driven funds to invest with managers who specialize in cash-generating securities, such as mortgage-backed securities and structured debt, according to a person familiar with the matter. SkyBridge was also concerned that equity markets were becoming more volatile, and wanted to lessen its exposure to activist and event managers because they primarily invest in stocks, this person said, requesting anonymity because the information is confidential.

SkyBridge had been plowing money into event-driven funds since at least 2013, when Scaramucci predicted that stocks would outperform bonds as the Federal Reserve eventually began to raise U.S. interest rates. Event-driven managers seek to profit from corporate events ranging from bankruptcies to spinoffs and mergers. Loeb, Rosenstein and, to a lesser extent, Paulson, are also known as shareholder activists who sometimes seek to shake up underperforming companies.

Preferred Path

Paulson and the others had been Scaramucci’s preferred path for making event-driven bets. At the end of September, funds run by the three managers accounted for about 25 percent of the $7.1 billion in shareholder capital at the SkyBridge Multi-Adviser Hedge Fund Portfolio. The SkyBridge fund’s remaining assets were divvied up among about 40 other firms, including two dozen event-driven managers.

Troy Gayeski, a senior portfolio manager at SkyBridge Capital, said in September that the firm planned to almost double its allocation to European event-driven managers while reducing its exposure to their U.S. counterparts. SkyBridge made almost all of its withdrawals last quarter from event-driven funds run by Paulson, Loeb and Rosenstein, according to yesterday’s filing. As a result, their share of the SkyBridge fund of fund’s net assets fell to 12 percent as of year-end.

SkyBridge also cut the amount of capital invested in Trian Partners, a shareholder activist fund run by Nelson Peltz, according to the filing. The SkyBridge funds held a $272 million stake in Trian Partners as of Dec. 31, down from $404 million as of Sept. 30.

Officials for SkyBridge, Paulson and Third Point declined to comment. Spokesmen for Jana and Trian didn’t immediately respond.