Steven Cohen's Point72 Asset Management has achieved a 14% gain with its newly launched artificial intelligence (AI)-focused fund, reaching nearly $1.5bn in assets within just three months, according to a report by Reuters citing sources familiar with the matter. The fund, called Point72 Turion, began trading in October under the leadership of Portfolio Manager Eric Sanchez. Based on its strong performance and investor inflows, it is expected to hit $1.5bn by April, at which point the fund will reportedly stop accepting new investors. Previously, it was reported that Point72 aimed to raise approximately $1bn for this venture. The rapid growth of the AI-focused fund underscores the market's enthusiasm for AI opportunities. Turion, which focuses on identifying winners and losers within the AI supply chain, delivered returns of 3.5%, 4.9%, and 5.2% in October, November, and December, respectively. It ended 2024 with a 14.2% gain, significantly outperforming the Nasdaq Composite Index's 6.2% increase during the same period. This is Point72's first new fund in decades, marking a significant development for the firm, which manages $35.2bn in assets. Point72’s main fund also saw a strong performance, rising 19% last year.
Davidson Kempner's research led approach
Partner and Head of Research at Davidson Kemper, Suzanne Gibbons, on building a global research function, embedding AI, and capitalising on…
More
Taula Capital’s $1.5bn rate bet hit by September bond rout
Taula Capital’s newly launched TSO fund has suffered a sharp reversal after positioning for European interest rates to decline, with the…
More
Court rulings threaten longstanding hedge fund self-employment tax strategy
Hedge fund managers face a significant change to a longstanding tax-planning strategy after recent US appeals court rulings backed the…
More