Steve Cohen’s Point72 Asset Management has filed a schedule 13G reporting a 6.3% ownership stake in InterOil Corporation (USA) (NYSE:IOC). According to the filing, the investment manager owns 3.10 million shares of the oil company and this position indicates its confidence in the company. The share purchases were distributed among Point 72 Asset Management and its subsidiary Cubist Systematic Strategies LLC, which reported holding 42,028 shares.
Cohen converted his fund S.A.C Capital Advisors into the family office Point72 Asset Management last year, after initially founding S.A.C in 1992. According to its latest 13F filing, Point72 Asset Management holds a diversified portfolio, with the consumer discretionary and energy sectors comprising 17% of its overall portfolio as of the end of the first quarter, respectively. The fund manager reported a public equity portfolio of $14.67 billion at the end of the first quarter, with its top three equity investments being in Visteon Corp (NYSE:VC), EQT Corporation (NYSE:EQT), and Suncor Energy Inc. (USA) (NYSE:SU). The investment manager accepts investments from family clients only, primarily because of the prohibition imposed by the Department of Justice from accepting outside investors.
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Point72 Asset Management cites investment as its primary goal behind this purchase and further, a 13G signifies an ownership of 5% to 20%, without the permission of any activism activities. Earlier in July, Steve Cohen reported an increase in its position in Olin Corporation (NYSE:OLN) to 4.94 million shares, giving him ownership of 6.4% of the total outstanding common shares of the company.