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Billionaire Steve Cohen Builds Huge Positions in Alphabet Inc. (GOOGL), Facebook Inc (FB); Ditches Michael Kors Holdings Ltd (KORS)

Billionaire Steve Cohen is the Chairman and CEO of Point72 Asset Management, a family office that has an equity portfolio worth $14.22 billion as of the end of September. The 60-year old hedge fund manager is a passout from Wharton School of the University of Pennsylvania. Before launching Point72, Mr. Cohen had founded SAC Capital in 1992 which was closed down as a result of the biggest insider trading scandal in history that resulted in Cohen paying $1.8 billion as penalties. This did not stop Steve Cohen from pursuing his investment career and he reorganized his firm into a family office. Point72’s mission is to deliver superior risk-adjusted returns having large allocations to consumer discretionary, healthcare and energy sectors. Let us have a look at some of Cohen’s moves during the latest quarter.

While there are many metrics that investors can assess in the investment process, hedge fund sentiment is something that is often overlooked. However, hedge funds and other institutional investors allocate significant resources while making their bets and their long-term focus makes them the perfect investors to emulate. This is supported by our research, which determined that following the small-cap stocks that hedge funds are collectively bullish on can help a smaller investor beat the S&P 500 by around 95 basis points per month (see more details here).

Steve Cohen SAC CAPITAL ADVISORS

Alphabet Inc (NASDAQ:GOOGL) represents the third-largest holding in Point72 Asset Management’s equity portfolio, as the fund initiated a stake during the third quarter and reported ownership of 419,288 class A shares worth $337.13 million in its latest 13F filing. The stock is trading close to flat year-to-date. There are some fears regarding large technology stocks coming under pressure from the new Trump administration. To make matters worse for the company, its drone delivery deal with Starbucks Corporation (NASDAQ:SBUX) also did not materialize. Aside from Point72 Asset Management, other investors bullish on Alphabet include Andreas Halvorsen’s Viking Global, Mason Hawkins’ Southeastern Asset Management, Ken Fisher’s Fisher Asset Management, and Stephen Mandel’s Lone Pine Capital.

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