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What Steven Cohen Did With His Personal Wealth On Q2

August 17, 2015 4:02 pm
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Steven Cohen’s Point72 Asset Management recently disclosed its long equity stakes for the second quarter of the year. After more than 960 stock purchases and sales, the fund’s equity portfolio’s value fell slightly, from $14.67 billion as of the end of the first quarter, to $14.43 billion by the end of the first half of the year.

Cohen’s investments are highly diversified, allocated across most sectors of the economy. However, the portfolio has a slight focus on consumer discretionary and energy stocks, which account for 22 percent and 21 percent of the total value of the portfolio, respectively.

In spite of a 52 percent reduction in the firm’s stake, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) continued to occupy the first place in Point72’s list. The firm has more than $360 million invested in put options, another $61 million, in call options, and an extra $30 million in 150,000 shares of the ETF.

One firm, however, can be considered the ultimate SPY Bull: JPMorgan Chase & Company. After increasing its exposure by 8 percent over the second quarter, the investment firm disclosed ownership of 120,268,217 shares of the company, worth more than $24.75 billion. In addition, the firm holds almost $1 billion in put options from the ETF, and another $239 million in call options, the latest 13F said.

Related Link: Warren Buffett Bullish On Axalta Coating Systems, Sells Out Of National-Oilwell Varco, Phillips 66

Second in line is EOG Resources Inc (NYSE: EOG). After acquiring 2,775,710 shares over the second quarter, Point72 declared holding 2,803,710 shares of the company, worth more than $245 million.

A long list of firms own larger stakes in the energy company, however. The Vanguard Group stands as the largest institutional investor, with 35,894,202 shares, or more than 6.5 percent of the total outstanding stock. Among hedge funds, Ken Griffin’s Citadel Advisors should be highlighted for its position comprising 5,379,108 shares. The firm more than doubled its exposure to the company over the second quarter.

Other bullish moves of the quarter include: a 62 percent increase in Point72’s exposure to Amazon.com, Inc. (NASDAQ: AMZN), of which it now owns 536,000 shares or $232 million in stock; a 752 percent boost in its position in Occidental Petroleum Corporation (NYSE: OXY), which now comprises 2,733,305 shares worth about $212 million; a 2,882 percent surge in its bet on Zoetis Inc (NYSE: ZTS), to 4,246,900 shares valued at more than $204 million; and a marked enlargement in its stake in Google Inc (NASDAQ: GOOGL) (NASDAQ: GOOG), which now comprises 303,800 GOOGL shares and 13,800 GOOG shares.

Among new stakes, Charter Communications, Inc. (NASDAQ: CHTR) was king, as Cohen acquired 658,000 shares, worth over $112 million, in the second quarter. This position is, nonetheless, quite small when compared to Warren Buffett’s Berkshire Hathaway’s 8,514,678 shares wage, which makes it the largest institutional investor of record.

Finally, on the bearish side, there’s Suncor Energy Inc. (USA) (NYSE: SU). The stock occupied the fifth spot in Cohen’s list as of the end of the first quarter. Notwithstanding, after the position was trimmed by 94 percent, the fund now owns 365,000 shares.

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