(Bloomberg) -- Steve Cohen's Point72 Asset Management gained almost 1% in February, amid a market rout that saw the S&P 500 Index tumble, according to people with knowledge the matter.
The hedge fund, which manages $16.1 billion, built on better-than-average returns from last year. Point72 rose about 16% in 2019, compared with the industry average of 9%, Bloomberg previously reported.
Equity markets plunged in late February as concerns mounted about the economic fallout from the spreading coronavirus. The S&P 500 fell 11% in five days and the Dow Jones Industrial Average careened to the lowest since June, wiping out almost $3 trillion in value from U.S. equities.
Read more: Stocks Tumble 11% in Worst Week Since Crisis
A spokeswoman for Stamford, Connecticut-based Point72 declined to comment.
To contact the reporters on this story: Michael McDonald in Boston at mmcdonald10@bloomberg.net;Katia Porzecanski in New York at kporzecansk1@bloomberg.net
To contact the editors responsible for this story: Sam Mamudi at smamudi@bloomberg.net, Josh Friedman
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