Hedge-fund manager Point72 Asset Management has reported gains of approximately 30% for its new Turion fund this year, driven by strong performance in artificial intelligence related equities, according to a report by Bloomberg.
The strategy, launched last year, focuses on stock-picking across AI hardware semiconductor companies. It gained around 9% in October and now manages around $3bn. The result positions Turion among the top-performing single-manager hedge funds in the technology space.
Turion is led by portfolio manager Eric Sanchez, with investment from Point72 employees and billionaire Steve Cohen, alongside outside clients. It has a wider mandate than the hedge fund manager’s main fund, giving it the flexibility to hold longer-biased positions. Point72 manage around $41.5bn in total.
