Billionaire Steven Cohen has been quite active over the past couple of months. The hedge fund manager filed five Schedule 13G forms at the SEC over the period. Let’s take a look at these moves, anticipating his 13F filing for the second quarter of 2014. Cohen shut down his fund SAC Capital Advisors and opened Point72 Asset Management that manages Cohen’s personal wealth and assets earlier this year. Bloomberg has reported that Cohen’s new fund has been up 9% this year, significantly beating the average hedge fund return of around 2.5%. Over the past decades, SAC Capital returned around 30% per year. According to the Bloomberg’s Billionaire Index, Cohen’s current net worth amounts to $11 billion.
Most recently, on July 28, Mr. Cohen almost doubled his exposure to Bloomin’ Brands Inc (NASDAQ:BLMN). He now owns 6.28 million shares –up from 3.67 million, which account for 5.0% of the company’s outstanding stock. This stake is worth approximately $124.66 million at current stock prices.
Bloomin’ Brands Inc (NASDAQ:BLMN) is a $2.5 billion market cap, casual dining restaurant company that boasts an industry-leading returns on equity -48.6% TTM. Ken Griffin’s Citadel Investment Group and Israel Englander’s Millennium Management are also betting on Bloomin’ Brands Inc (NASDAQ:BLMN). They both increased their participation in the company over the first quarter of 2014, and now hold 3.12 million shares and 2.99 million shares, respectively.
On July 18, Cohen boosted his stake in AMC Entertainment Holdings Inc (NYSE:AMC), from 28.500 shares disclosed at the end of the first quarter, to 1.08 million shares, which also represent 5.0% of the company’s shares outstanding. Once again, Ken Griffin is amongst the largest hedge fund shareholders at AMC Entertainment Holdings Inc (NYSE:AMC), with 943,854 shares declared by the end of the first quarter. AMC Entertainment Holdings Inc (NYSE:AMC) is a $2.2 billion market cap theatrical exhibition company that boasts above-average returns on equity, while its stock trades at only 5 times the company’s earnings, at a 75% discount to its peers.
On July 10, the famed investor increased his exposure to LogMeIn Inc. (NASDAQ:LOGM), a $1.04 billion market cap IT company. Cohen now owns 1.26 million shares, which account for 5.2% of the shares of their class, up from 1.25 million shares disclosed on April 16. On the opposite, Eric Bannasch’s Cadian Capital, the largest shareholder of record, trimmed its stake in LogMeIn Inc. (NASDAQ:LOGM) from 1.75 million shares disclosed by the end of the first quarter, to 1.34 million shares, declared on July 7.
On June 26, the billionaire started a position, with 1.73 million shares, at Tri Pointe Homes Inc (NYSE:TPH), amassing 5.5% of the company’s shares outstanding. Tri Pointe Homes Inc (NYSE:TPH) is a $2.2 billion market cap residential homebuilder in the U.S. Another fund that seems quite bullish about Tri Pointe Homes Inc (NYSE:TPH) is Clint Carlson’s Carlson Capital, which, on June 10, boosted its exposure to the company, from 600,000 shares, to 4.86 million shares.
Finally, on May 28, Mr. Cohen almost quadrupled his participation in DSW Inc. (NYSE:DSW). He now holds 5.7% of the company’s outstanding stock, or 4.72 million shares. Yet again, Griffin’s Citadel Advisors, is also amongst DSW Inc. (NYSE:DSW)’s bulls. The fund doubled its exposure to the small-cap footwear retailer on June 12, and now owns 4.54 million shares of the company.
Disclosure: Javier Hasse holds no position in any stocks or funds mentioned