Renowned investor Steven Cohen recently disclosed his firm's portfolio updates for the second quarter of 2023, which ended on June 30, 2023. Cohen, known for his high-risk, high-reward investment strategy, has a portfolio that is diverse and dynamic, reflecting his firm's active trading approach.
The firm's portfolio contained 2,066 stocks with a total value of $33.26 billion. The top holdings were NVDA (2.09%), MSFT (1.87%), and AMZN (1.19%).
Top Three Trades of the Quarter
The following were the firm's top three trades of the quarter:
Health Catalyst Inc (NAS:HCAT)
During the quarter, Steven Cohen (Trades, Portfolio)'s firm purchased 1,437,298 shares of Health Catalyst Inc (NAS:HCAT), bringing the total holding to 2,824,198 shares. This trade had a 0.06% impact on the equity portfolio. The stock traded for an average price of $13.33 during the quarter. As of August 14, 2023, HCAT had a price of $12.7 and a market cap of $723.44 million. The stock has returned -4.37% over the past year. GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 3 out of 10. In terms of valuation, HCAT has a price-book ratio of 1.84, a EV-to-Ebitda ratio of -6.80, and a price-sales ratio of 2.46.
Turnstone Biologics Corp (NAS:TSBX)
The firm established a new position in Turnstone Biologics Corp (NAS:TSBX), purchasing 833,333 shares. This gave the stock a 0.03% weight in the equity portfolio. Shares traded for an average price of $11.4 during the quarter. As of August 14, 2023, TSBX had a price of $11.73 and a market cap of $260.28 million. The stock has returned 0.00% over the past year. GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 2 out of 10. In terms of valuation, TSBX has a price-earnings ratio of 3910.00, a EV-to-Ebitda ratio of 657.10, and a price-sales ratio of 13.45.
Microsoft Corp (NAS:MSFT)
During the quarter, the firm bought 1,373,840 shares of Microsoft Corp (NAS:MSFT), bringing the total holding to 1,822,955 shares. This trade had a 1.41% impact on the equity portfolio. The stock traded for an average price of $313.01 during the quarter. As of August 14, 2023, MSFT had a price of $324.04 and a market cap of $2,407.54 billion. The stock has returned 11.86% over the past year. GuruFocus gives the company a financial strength rating of 8 out of 10 and a profitability rating of 10 out of 10. In terms of valuation, MSFT has a price-earnings ratio of 33.44, a price-book ratio of 11.68, a price-earnings-to-growth (PEG) ratio of 1.81, a EV-to-Ebitda ratio of 22.20, and a price-sales ratio of 11.41.
In conclusion, Steven Cohen (Trades, Portfolio)'s firm's Q2 2023 portfolio update reveals a dynamic and diverse investment strategy, with significant trades in the healthcare and technology sectors. The firm's top holdings and trades reflect a balanced approach to risk and reward, consistent with Cohen's investment philosophy.
