SAC Capital Advisors, L.P., issued its Form 13F today, indicating the June 30th holdings of one of the most closely followed fund managers in the United States, Steven Cohen. It appeared to be a rather rough quarter for the fund, with the current market value of the fund’s holdings being approximately $19 billion, which is down from over $22 billion last quarter.
Steven Cohen was active, clearing out holdings in United States Steel Corporation (NYSE:X), Advanced Micro Devices, Inc. (NYSE:AMD), and an option position in American International Group, Inc. (NYSE:AIG). Other major sales included Hess Corp. (NYSE:HES) and Walter Energy, Inc. (NYSE:WLT). Notable new positions in the second quarter of 2012 included Gaylord Entertainment Company (NYSE:GET), Express Scripts Holding Company (NASDAQ:ESRX), industrial firm, Ingersoll-Rand Plc (NYSE:IR), and call options on the SPDR S&P 500 ETF (NYSEARCA:SPY). Cohen’s most substantial positions remain offshore drilling contractor Ensco Plc (NYSE:ESV), Murphy Oil Corporation (NYSE:MUR), Amazon.com, Inc. (NASDAQ:AMZN), retailer Nordstrom, Inc. (NYSE:JWN), SIRIUS XM Radio Inc (NASDAQ:SIRI), Micron Technology, Inc. (NASDAQ:MU) and Apple Inc. (NASDAQ:AAPL).
There has been much talk in recent years about disruption and trying to pick companies that will disrupt their industries. The debate continued at the Morningstar Investment Conference as Bill Nygren of Oakmark Funds faced off with Morgan Stanley's Dennis Lynch. Q2 2021 hedge fund letters, conferences and more Persistence Morningstar's Katie Reichart moderated the Read More
Cohen’s interest in drilling contractors extended beyond just Ensco as well, with TransOcean LTD (NYSE:RIG), Schlumberger Limited. (NYSE:SLB), and Cameron International Corporation (NYSE:CAM) all represented in his top 25 holdings.
One interesting new position that is certain to draw attention when reviewing Cohen’s filing, was the addition of 151,450 shares of Facebook Inc (NASDAQ:FB), which was valued at $4.7 million one June 30th. This holding would be worth only $3.1 million today. Cohen seemed more hesitant to jump into the social media firm than some of his peers, with George Soros’ Soros Fund Management LLC fund acquiring more than twice as many Facebook Inc (NASDAQ:FB) shares. Nonetheless, the Facebook Inc (NASDAQ:FB) position is somewhat surprising, considering the negative analyst sentiment throughout the quarter, regarding what is now one of the most disappointing IPOs of the decade.
There are some clear differences in outlook between George Soros and Cohen however. Cohen still remains invested in U.S. financial companies, including Goldman Sachs Group, Inc. (NYSE:GS) and JPMorgan Chase Co. (NYSE:JPM), which George Soros abandoned in the second quarter of the year. Many hedge funds have built stakes in financials such as JPMorgan Chase Co. (NYSE:JPM), after the stock plummeted on the ‘London Whale’ loss. The stock price of JPMorgan has largely rebounded since the approximately $6 billion loss.