By Christopher Zinsli
Point72 Asset Management, the hedge-fund firm founded by
billionaire Steven A. Cohen, has taken new stakes in BlackBerry
Ltd. and Booz Allen Hamilton Holding Corp., according to a
regulatory filing.
Point72 purchased 11.2 million shares of BlackBerry and 1.1
million shares of Booz Allen Hamilton Holding Corp.
The firm is betting on a successful turnaround of BlackBerry,
which has seen its share of the global smartphone market tumble in
recent years. Its devices remain popular in some markets such as
Southeast Asia, where it launched a new handset earlier this week,
and parts of Latin America and Africa.
Point72 also significantly increased its holding in Liberty
Global PLC. The international cable company has been growing
through acquisitions, part of a broader consolidation of the
European market. Warren Buffett's Berkshire Hathaway reported a new
position in Liberty Global in February.
Point72, formerly SAC Capital Advisors LP, has changed
drastically amid a federal investigation into insider trading at
the firm.
Eight current or former SAC employees were convicted of or
pleaded guilty in the biggest Wall Street insider-trading
investigation in history. Many of the firm's other managers have
left. The firm, once one of the nation's top-performing hedge-fund
managers, paid a fine of nearly $1.2 billion and agreed to cease
managing outside money.
Amid the investigation, the firm has encouraged its managers to
focus on deal-making.
Mr. Cohen has denied involvement but could face a civil suit by
the Securities and Exchange Commission for inadequately supervising
employees.
Investors who manage more than $100 million are required to
disclose most securities holdings within a month and a half of the
end of a quarter; the first-quarter deadline was Thursday. The
filings give the public a relatively fresh look at the portfolios
of high-profile investors.
Write to Christopher Zinsli at christopher.zinsli@wsj.com
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