Honeycomb Asset Management is winding down most of its public equities portfolio and returning capital to investors, as the firm’s founder David Fiszel takes a cautious stance on today’s frothy market environment, according to a report by Bloomberg.
In a recent investor letter seen by Bloomberg, Fiszel – a former top-performing portfolio manager at Point72 Asset Management – said he believes the current opportunity set does not justify continued exposure, despite markets sitting at or near record highs.
Honeycomb, which managed over $552m including leverage as of late 2024, has already liquidated most of its public equity holdings and is set to return the majority of client funds in September. A representative for the firm declined to comment.
This year’s performance has been “modestly positive,” following two straight years of 18% gains. Honeycomb had notably reduced both gross and net exposure in 2025, signalling an increasingly selective approach to public market investing.
Founded in 2016, Honeycomb has taken a hybrid investment approach, backing both public equities and private companies, including high-profile names like Klarna, Bombas, Farfetch, and Peloton prior to its IPO. The firm plans to continue managing capital tied up in longer-duration private investments, with Fiszel remaining invested alongside clients.
The retrenchment marks a strategic pause for a fund that once posted eye-catching returns — including a 58% gain in 2020, which helped boost AUM to approximately $1.5bn at the time.
Fiszel began his hedge fund career at SAC Capital (now Point72) in 2000, left to run Rhombus Capital, and returned to SAC before launching Honeycomb. Throughout his career, he has maintained a strong focus on TMT (technology, media, telecom) sectors, blending fundamental equity investing with opportunistic growth equity plays
