Point72 Asia Hong Kong Ltd 13F Analysis
Steve Cohen’s Point72 Asia Hong Kong Ltd just filed its quarterly 13F. Dated 25/12/2015, the 13f report shows the hedge fund has a portfolio value of $67.24 million, representing an increase of $15.74 million from the previous quarter when it was $51.50 million. Note: This filling reprents only assets that which are listed in the US. Does such a big change means that the investment managers at Point72 Asia Hong Kong Ltd are getting more bullish on the stock market or just the opportunity on the long side is constrained?
|Previous Mkt Value:||$51,501,000|
|Chg Mkt Value %:||30.57 %|
|Turnover %:||134.04 %|
|Top 10 Holdings %:||83.17%|
During this quarter, Steve Cohen’s Point72 Asia Hong Kong Ltd started new positions in Netease Inc (NTES) for $12.01 million, Soufun Hldgs Ltd (SFUN) for $6.84 million, Baidu Inc (BIDU) for $5.52 million, Vipshop Hldgs Ltd (VIPS) for $4.60 million and 58 Com Inc (WUBA) for $4.47 million. These were the 5 biggest new positions. In total the hedge fund bought 55 new stocks.
|Top 5 New Buys|
|Soufun Hldgs Ltd||10.17%|
|Vipshop Hldgs Ltd||6.84%|
|58 Com Inc||6.65%|
|13F Sector Allocation|
|Information Technology||65 %|
|Consumer Discretionary||12 %|
|Health Care||2 %|
As shown in this 13f report the hedge fund raised its stakes in Atmel Corp (ATML) by 119% to $202,000, Citrix Sys Inc (CTXS) by 64% to $178,000, Ep Energy Corp (EPE) by 373% to $197,000, Alliance Data Systems Corp (ADS) by 68% to $128,000 and Svb Finl Group (SIVB) by 33% to $94,000. Point72 Asia Hong Kong Ltd also acquired smaller stakes in Verifone Sys Inc (PAY) by 226.09% to $209,000, United Contl Hldgs Inc (UAL) by 16.03% to $77,000 and Bio Rad Labs Inc (BIO) by 25.00% to $67,000. Building positions gradually is normal trading strategy for many institutional investors.
Steve Cohen’s fund sold out its stakes in China Pete & Chem Corp (SNP), Himax Technologies Inc (HIMX), Ikang Healthcare Group Inc (KANG), Xunlei Ltd (XNET) and Qihoo 360 Technology Co Ltd (QIHU). These stocks constituted 8.32 %, 2.79 %, 1.88 %, 1.75 % and 1.65 % of the portfolio, respectively. We can only speculate about the reasons for the dumping but we believe it has to do with either value, momentum or a better place for Point72 Asia Hong Kong Ltd’s capital.
The fund also cut its postitons in Facebook Inc (FB) by -2.71%, Ebay Inc (EBAY) by -99.41%, Red Hat Inc (RHT) by -78.56%, Vmware Inc (VMW) by -96.48% and Allergan Plc by -83.95%.
Top 5 Holdings
Netease Inc (NTES), Facebook Inc (FB) and Soufun Hldgs Ltd (SFUN) made up the majority of Point72 Asia Hong Kong Ltd’s total US long portfolio in this quarter. These positions were top 3 and constitute 45.33% of Point72 Asia Hong Kong Ltd’s US-listed securities. The top 10 positions make approximately 83.17% of the fund’s value.
It seems Steve Cohen ‘s Point72 Asia Hong Kong Ltd holds concentrated portfolio. We wonder do they believe, same as legendary trader Stanley Druckenmiller, that diversification is wrong trading strategy? The chart above provides a snapshot of Point72 Asia Hong Kong Ltd’s top 10 US-listed equity positions in this quarter.
Point72 Asia Hong Kong Ltd raised the information technology sector from 41 % to 65 %. According to the 13f report, the active investment manager also has securities for 11 % in the finance sector. The transports sector is 4 % of Point72 Asia Hong Kong Ltd’s 13F US-listed securities. The fund cut the Energy, Health Care and Consumer Discretionary sector holdings by 1 %, 3 % and 15 %, respectively.
So these are Q3 2015 fund’s sector weights now: information technology 65 % for $43.71 million, consumer discretionary 12 % for $8.07 million, finance 11 % for $7.40 million, transports 4 % for $2.69 million, health care 2 % for $1.34 million, energy 1 % for $672,440 and industrials 1 % for $672,440.
Important Position Changes
Top 10 Q3 2015 New Positions: Netease Inc (NTES), Soufun Hldgs Ltd (SFUN), Baidu Inc (BIDU), Vipshop Hldgs Ltd (VIPS), 58 Com Inc (WUBA), Jd Com Inc (JD), Sina Corp (SINA), China Southn Airls Ltd (ZNH), China Eastn Airls Ltd (CEA) and Gopro Inc (GPRO).
Top 10 Q3 2015 Sold Out Completely: China Pete & Chem Corp (SNP), Himax Technologies Inc (HIMX), Ikang Healthcare Group Inc (KANG), Xunlei Ltd (XNET), Qihoo 360 Technology Co Ltd (QIHU), Continental Resources Inc (CLR), Micron Technology Inc (MU), Kraft Foods Group Inc (KRFT), Spdr S&P 500 Etf Tr (SPY) and Level 3 Communications Inc (LVLT).
13F Filing Link: 000114036115041760
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