Point72 Asset Management LP, the firm that manages billionaire Steven A. Cohen’s money after he shut down his hedge fund, added to holdings of Baker Hughes Inc. (BHI:US) and Whiting Petroleum Corp. (WLL:US) in the second quarter while cutting its stake in Yahoo! Inc. (YHOO:US)
The firm bought 1.47 million shares of Baker Hughes, boosting the value of its position to $367.1 million as of June 30, according to a filing today with the U.S. Securities and Exchange Commission. The Houston-based energy equipment maker was Point72’s largest U.S.-listed stock holding.
Point72 added to its stake in Whiting Petroleum, leaving it with an investment worth $234.4 million at the end of the second quarter, according to the filing. Point72 reduced its stake in Yahoo, its largest position in the first quarter, to 904,400 shares valued at $31.8 million on June 30.
Point72 cut its holding in Chinese search-engine giant Baidu Inc. (BIDU:US) by selling about 1.2 million American depositary receipts, leaving it with 407,700, according to the filing. Baidu was SAC’s second-largest holding in the first quarter.
Cohen’s hedge-fund firm, SAC Capital Advisors LP, paid a record $1.8 billion to settle U.S. allegations of insider trading. Jonathan Gasthalter, a spokesman for Point72 at Sard Verbinnen & Co., declined to comment on the filing.
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