Steve Cohen is easily the most popular/notorious hedge fund manager right now. The insider trading scandal, which especially stands out because of Cohen’s successful track record and the size of his firm, sprung rumors that SAC Capital Advisors is shutting down and turning into a family office. All untrue apparently as Steve Cohen has an adamant personality and does not want all his great ideas and brilliant returns to go to waste so he will keep the doors to SAC open.

Take a look at all hedge fund short positions in Europe here.

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Commerzbank: A Profitable Short Bet Of SAC Capital Advisors

Speaking of brilliant ideas, at least one of SAC’s short bets is working out well for the as yet $18 billion hedge fund. Commerzbank AG (OTCMKTS:CRZBY), the ailing second largest lender of Germany, was targeted by SAC Capital Advisors as short bet in early April. It is not a huge short but it is a successful one, at least so far. Since the hedge fund declared the short, Commerzbank AG (OTCMKTS:CRZBY) has declined some 11 percent, according to data from Bloomberg.

Commerzbank is currently undergoing a restructuring plan spanning over four years and lately it has looked like the bank will have to step up its efforts to achieve desired results. In Q1, Commerzbank’s operating profit fell 19 percent while revenues were down 11 percent. Just recently the bank issued a statement that it is geared up to take losses on its asset sales if it helps to boost the bank’s capital. Commerzbank AG (OTCMKTS:CRZBY) is looking to divest off a portfolio of commercial real estate loans in UK.

SAC Capital Advisors Saved Itself From Steep Losses

SAC Capital Advisors also saved itself from the steep losses that everybody else including Jim Chanos and John Griffin have suffered on a British online grocery retailer. Ocado Group PLC (LON:OCDO) made the leap of the year in share price after it announced a 25 year partnership with another retailer, Wm. Morrison Supermarkets plc (LON:MRW). OCDO is now up a whopping 218 percent for the year. SAC however covered the short in mid March, at least saving itself from half of the losses.

Cohen’s other short bet,  Neste Oil Corporation (HEL:NES1V) seemed like a lost cause with its consistent gains over the past five months, but ever since the price fixing probe began, Neste’s shares began tumbling. The current investigation is focusing on oil majors like Royal Dutch Shell plc (NYSE:RDS.A) (NYSE:RDS.B), Barclays PLC (NYSE:BCS) (LON:BARC) and Statoil ASA (NYSE:STO), whereas several smaller European miners/refiners have been asked to provide information.

Other than SAC’s 0.6 percent short bet in  Neste Oil Corporation (HEL:NES1V), D.E Shaw and Marshall Wace have also bet against the petroleum refiner. Neste Oil Corporation (HEL:NES1V)’s shares have declined 12 percent since May 22.