Insights from the Latest 13F Filing Reflect Strategic Shifts in Cohen's Investment Approach
Steven Cohen (Trades, Portfolio), the renowned investor and hedge fund manager, has made significant changes to his investment portfolio in the fourth quarter of 2023, as revealed by the latest 13F filing. As the Chairman and CEO of Point72 Asset Management, Cohen has a storied career in the financial markets, founding S.A.C. Capital Advisors in 1992 and later transforming it into the Point72 family office in 2014. With a B.S. in Economics from The Wharton School, Cohen's investment philosophy is deeply rooted in a fundamental, bottom-up research process, complemented by macro insights. His firm primarily focuses on Long/Short equity strategies, utilizing a multi-manager platform. Beyond finance, Cohen is also known for his venture capital and private equity endeavors, ownership of the New York Mets, and philanthropic efforts.
Summary of New Buys
Steven Cohen (Trades, Portfolio)'s Point72 Asset Management has expanded its portfolio with the addition of 411 new stocks. Noteworthy new positions include:
- Oracle Corp (ORCL, Financial), with 2,178,533 shares, making up 0.56% of the portfolio and valued at $229.68 million.
- Shell PLC (SHEL, Financial), comprising 2,381,661 shares, or approximately 0.38% of the portfolio, with a total value of $156.71 million.
- Clorox Co (CLX, Financial), holding 1,015,805 shares, accounting for 0.35% of the portfolio and valued at $144.84 million.
Key Position Increases
In addition to new acquisitions, Cohen has significantly increased stakes in several existing holdings:
- The S&P 500 ETF TRUST ETF (SPY, Financial) saw an additional 553,914 shares, bringing the total to 563,914 shares. This represents a 5,539.14% increase in share count and a 0.65% impact on the current portfolio, valued at $268.03 million.
- Thermo Fisher Scientific Inc (TMO, Financial) shares were boosted by 423,584, totaling 423,803 shares. This adjustment marks a 193,417.35% increase in share count, with a total value of $224.95 million.
Summary of Sold Out Positions
Cohen's firm completely exited 794 holdings in the fourth quarter of 2023, including:
- Intel Corp (INTC, Financial), where all 5,864,976 shares were sold, impacting the portfolio by -0.62%.
- O'Reilly Automotive Inc (ORLY, Financial), with the liquidation of all 203,574 shares, causing a -0.55% impact on the portfolio.
Key Position Reductions
Point72 also reduced positions in 376 stocks. The most significant reductions include:
- Microsoft Corp (MSFT, Financial) was reduced by 1,569,462 shares, resulting in a -77.47% decrease in shares and a -1.46% impact on the portfolio. The stock traded at an average price of $355.93 during the quarter and has returned 10.95% over the past 3 months and 9.02% year-to-date.
- NVIDIA Corp (NVDA, Financial) saw a reduction of 1,088,821 shares, a -66.16% decrease, and a -1.4% impact on the portfolio. The stock's average trading price was $463.42 for the quarter, with returns of 48.84% over the past 3 months and 49.23% year-to-date.
Portfolio Overview
At the end of the fourth quarter of 2023, Steven Cohen (Trades, Portfolio)'s portfolio encompassed 2,033 stocks. The top holdings included 1.74% in Amazon.com Inc (AMZN, Financial), 0.86% in Meta Platforms Inc (META, Financial), 0.76% in Dell Technologies Inc (DELL, Financial), 0.71% in Union Pacific Corp (UNP, Financial), and 0.68% in NVIDIA Corp (NVDA). The investments are predominantly concentrated across 11 industries, with a focus on Healthcare, Technology, Consumer Cyclical, and Industrials, among others.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
