Steve Cohen’s Point72 Lagged Behind Multistrategy Peers With 1.3% January Drop
(Bloomberg) -- Steve Cohen's Point72 Asset Management lost money in January, making it an outlier as several multistrategy hedge funds posted gains during a volatile start of the year for stocks.
Point72 fell 1.3% last month, according to people familiar with the matter. A spokesman for the $24.2 billion hedge fund firm declined to comment. Gabe Plotkin's Melvin Capital Management, in which Point72 has invested, tumbled 15% in January.
Larger multistrat firms made money last month, outperforming equity-focused hedge funds, as stock markets tumbled amid surging inflation and the prospect of Federal Reserve interest rate hikes. The S&P 500 slumped 5.3% and the tech-laden Nasdaq Composite Index tumbled 9% in January.
Read more: Citadel Hedge Funds Gained Last Month as Equity Markets Slumped
Citadel's flagship hedge fund gained 4.7%, while multistrats Millennium Management, Balyasny Asset Management and Verition Fund Management also advanced.
©2022 Bloomberg L.P.
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