Good News; MLB celebrate a legend of all Steve Cohen on his 70th birthda……..more
Steve Cohen’s Point72 Asset Management is seeking to raise about $1 billion for a new stock-picking hedge fund focused on artificial intelligence, according to people familiar with the matter.
The fund will bet on and against AI hardware and semiconductor companies globally and will be the firm’s first new hedge fund in decades, the people said, asking not to be identified because the information is private. Point72 currently has a main hedge fund along with some venture capital vehicleBillionaire investor Steve Cohen’s Point72 plans to launch a separate, artificial intelligence-focused hedge fund to capitalize on the boom, according to a person close to the firm’s plans.
The new long/short equity fund, to be launched later this year or early 2025, will be focused on AI and AI-related hardware, the person saiHedge fund manager Steve Cohen ranks among the richest people in the world, with a net worth of $14.7 billion, according to the Bloomberg Billionaires Index.
The Point72 Asset Management hedge fund, based in Stamford, Connecticut, had amassed $41.3 billion in managed 13F securities as of its latest filing with the Securities and Exchange Commission, or SEC. At the helm of this successful fund is Steve Cohen, the founder of hedge fund SAC Capital Advisors, which was shut down after the firm pleaded guilty to insider trading and agreed to pay $1.8 billion in fines in 2013. A decade later, Cohen is back on top as the current owner of the New York Mets Major League Baseball team in addition to running Point72.
Cohen’s hedge fund invests in a mix of stocks, exchange-traded funds and options. The fund mostly held onto its positions in the first quarter, slightly trimming some and adding to others. Mainly, Cohen cut his exposure to SPDR S&P 500 ETF Trust (ticker: SPY) puts while accumulating iShares Russell 2000 ETF (IWM) pSPY and IWM options are favorite investments of other top billionaire investors’ funds, such as Ken Griffin’s Citadel Advisors and Larry Robbins’ Glenview Capital Management. Despite SAC’s past legal troubles, Cohen still ranks among the richest people in the world, with a net worth of $14.7 billion, according to the Bloomberg Billionaires Index.According to Fintel, Point72 disclosed 2,113 holdings in its latest SEC filings. It has some call and put options, but most of its holdings are long stock positions with a top 10 holdings concentration of only 13.8%. Although Cohen’s hedge fund offers exposure to many stocks, Big Tech companies make up some of its top holdings. These are the top stocks in Point72’s portfolio as of the quarter ended March 31 and reported May 15:uts.d.s.
Leave a Reply