Steve Cohen’s Point72 Asset Management is also amongst the funds obliged to disclose its long equity positions by the end of each quarter, although it principally manages Mr. Cohen’s personal wealth. Between July 1 and September 30, inclusive, the fund started 220 new positions, increased its stakes in another 183, and sold out of 285 companies. Following these moves, its equity portfolio is worth about $13.2 billion, and its top bets are paced on Tyson Foods, Inc. (NYSE:TSN), Canadian Natural Resource Ltd (USA) (NYSE:CNQ) and Baker Hughes Incorporated (NYSE:BHI). Let’s take a closer look at these positions:
Point72 Asset Management is a Connecticut-based group of hedge funds founded and managed by legendary Steven A. Cohen earlier this year. The firm was created to succeed Mr. Cohen’s famed SAC Capital Advisors, and only manages his personal assets, as well as those of certain eligible employees. It focuses primarily on discretionary long/short equity investing, and has a slight focus on energy and consumer discretionary stocks, which comprise (combined) about 21.4% and 16.9% of its total equity portfolio, respectively.
Although Mr. Cohen’s largest bet is actually placed on SPDR S&P 500 ETF Trust (NYSEARCA:SPY) put options, we are actually interested in his long equity positions. So, leaving the SPDR S&P 500 ETF Trust aside, it was Tyson Foods, Inc. (NYSE:TSN) that led the bunch. After more than tripling its exposure to the company, Point72 owns 7.44 million shares of Class A stock, worth about $292 million.
Another major institutional investor betting on this $15.37 billion market cap food products company is Ken Griffin’s Citadel Investment Group. The fund purchased about 6.15 million shares of Tyson Foods, Inc. (NYSE:TSN) during the third quarter, taking its holdings to 6.52 million shares.
The second-runner-up is Canadian Natural Resource Ltd (USA) (NYSE:CNQ), a $39.31 billion market cap Canadian-based senior independent energy company engaged in the acquisition, exploration, development, production, marketing and sale of crude oil, NGLs and natural gas. According to Point72’s 13F filing, the firm boosted its exposure by 470% over the quarter and now owns 5.76 million shares of Common Stock, worth about $223 million.
Also bullish on Canadian Natural Resource Ltd (USA) (NYSE:CNQ) is Jean-Marie Eveillard’s First Eagle Investment Management, which added 1% to its holdings in the company, taking them to 25.83 million shares, worth more than $1 billion.
Third in Mr. Cohen’s list is Baker Hughes Incorporated (NYSE:BHI), a $25.71 billion market cap supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry. This company lead Point72’s list last quarter, but fell to the third spot after a 32% reduction in the fund’s stake. Its current 3.32 million shares of Common Stock are worth about $216 million and account for 1.63% of its equity portfolio’s total value.
However, over the third quarter, Baker Hughes Incorporated (NYSE:BHI) did not only feel Point72’s bearishness. Harris Associates also trimmed its exposure over the period, by 20%, to 4.93 million shares.
Disclosure: Javier Hasse holds no positions in any stocks or funds mentioned
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