Billionaire Steve Cohen’s High Conviction Ideas

Signet Jewelers Ltd. (NYSE:SIG)

– Shares Owned by Point72 (as of December 31): 1.33 Million

– Value of Holding (as of December 31): $165.01 Million

Signet Jewelers Ltd. (NYSE:SIG) was also a recipient of Mr. Cohen’s bullishness, as his firm more than quadrupled its position in the company over the quarter, taking its holding to 1.33 million shares, probably seeking to make the most of the 9.1% tumble the stock suffered during the fourth quarter. On Tuesday, Signet Jewelers Ltd. (NYSE:SIG) announced that it has decided to delist itself from the London Stock Exchange, arguing that less than 1% of the annual trading volume it witnessed each year went through said exchange. Another Signet bull is Keith Meister’s Corvex Capital, the largest investor of the stock among those that we track. The fund upped its stake by 11% over the fourth quarter, disclosing ownership of 5.62 million shares as of the end of December.

Advance Auto Parts, Inc. (NYSE:AAP)

– Shares Owned by Point72 (as of December 31): 1.45 Million

– Value of Holding (as of December 31): $218.94 Million

Point72 initiated a new stake in Advance Auto Parts, Inc. (NYSE:AAP) during the fourth quarter, as did Barry Rosenstein’s JANA Partners, which bought 562,343 shares of its own, worth more than $84.63 million. Both talented activist investors were likely aiming to take advantage of the 20.5% decline that the stock price experienced between the beginning of October and the end of December. Advance Auto Parts reported its fourth quarter results last week with its earnings of $1.22 per share coming in $0.01 above the consensus estimates, though sales of $2.03 billion missed expectations of $2.07 billion. Advance Auto Parts, Inc. (NYSE:AAP)’s management explained that the 35% year-over-year tumble in profits was mainly driven by weaker year-over-year sales and less selling days in the quarter.

Alphabet Inc (NASDAQ:GOOGL)

– Shares Owned by Point72 (as of December 31): 378,100 Class A Shares

– Value of Holding (as of December 31): $294.16 Million

After a 12% increase to the family office’s stake in Alphabet Inc (NASDAQ:GOOGL), the holding company of Google became Point72’s most valuable position, jumping two spots from the end of the third quarter of 2015. Shares of Alphabet Inc (NASDAQ:GOOGL) gained more than 21% over the fourth quarter, also helping push teh value of the holding. Alphabet recently announced that Google Ideas, its internal think tank and policy unit, will now be named Jigsaw, and will work as one of the company’s ten units. Jared Cohen will serve as the president of the segment. Also bullish on the stock is Ken Fisher’s Fisher Asset Management, which boosted its position by 3% over the fourth quarter, taking its holding to 949,014 class A shares of the company, worth more than $738 million.

Disclosure: Javier Hasse holds no positions in any of the securities mentioned in this article.