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Top trader caught on losing side of Brexit bet

Chief market strategist for Virtus Investment Partners Joe Terranova
Adam Jeffery | CNBC

CNBC "Halftime Report " trader Joe Terranova reduced the size of all his model portfolio positions Monday. His portfolio is now up 8 percent year to date.

The trader got fully invested on June 17 in anticipation the "remain camp" would win the Brexit referendum. However, the British people instead voted Thursday to leave the European Union.

Terranova sold half of his positions in Domino's Pizza, Facebook, Halliburton, Range Resources and Virtu Financial.

Here's why he made the moves.