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Steven Cohen and Point72 Asset Management’s 2Q 2014 positions

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Point72 Asset Management’s portfolio is down from 1Q14

Steven Cohen’s Point72 Asset Management, formerly SAC Capital Advisors, disclosed new positions in its 13F filing last month. The number of holdings in the portfolio in 2Q14 was 657, down from 1,649 in the previous quarter. The size of the U.S. long portfolio was down to $15.6 billion in 2Q14 from $19.2 billion in 1Q14.

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The fund added to its positions in the energy sector with Baker Hughes Inc(BHI), Whiting Petroleum (WLL), and Weatherford International (WFT). One of its top new positions was in Valeant Pharmaceuticals (VRX).

The fund exited a position in BlackBerry Ltd. (BBRY) that was initiated in 1Q14 and accounted for 0.47% of the total portfolio. Point72 also trimmed its stakes in Yahoo, Baidu, and Hess Corp. in 2Q14.

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Point72’s investment focus

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Point72 focuses primarily on discretionary long/short equity investing and makes significant quantitative and macro investments. News reports earlier this year noted that SAC Capital Advisors’ $1.8 billion settlement of a U.S. government insider trading investigation received final court approval in April. The business also finalized its transformation into a family office called Point72 Asset Management in the same month.

Recent reports noted that Thomas Conheeney, the president of Point72 Asset Management LP, has resigned. Douglas Haynes, a former director of McKinsey & Company, will become the fund’s new president. A statement from Cohen said that Conheeney, who spent 15 years at the fund, “led us through the 2008 financial crisis, the 2010 aftershocks and the crisis following the revelation of insider trading by former employees at the firm.”

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