Highlights of Steve Cohens POINT72 ASIA HONG KONG Q3 2015 13F Stock Holdings

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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?

Portfolio Q32015
Market Value:$67,244,000
Previous Mkt Value:$51,501,000
Chg Mkt Value %:30.57 %
Sentiment:
Turnover %:134.04 %
Stocks Activity
New Purchases:55
Additional Purchases:21
Sold out:103
Reduced:40
Top 10 Holdings %:83.17%

New Stocks

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.

Portfolio New Buys

Top 5 New Buys
Netease Inc17.86%
Soufun Hldgs Ltd10.17%
Baidu Inc8.21%
Vipshop Hldgs Ltd6.84%
58 Com Inc6.65%
13F Sector Allocation
Information Technology65 %
Consumer Discretionary12 %
Finance11 %
Transports4 %
Health Care2 %

Increased Positions

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.

Sold Stocks

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.

Portfolio Sold All

Reduced Positions

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.

Portfolio Top Holdings

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.

Sector Allocation

Information Technology Sector Point72 Asia Hong Kong Ltd - Steve CohenPoint72 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).

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Download the full 13F form in CSV: Q3-2015-Point72-Asia-Hong-Kong-Ltd-Steve-Cohen-13F-Portfolio-Stock-Holdings.csv

Research more HONG KONG hedge funds in our free database. Read ‘What is a Hedge Fund’ at our Hedge Funds resource page.

13F Filing Link: 000114036115041760

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