Cohen's SAC Capital Added to BP, Exxon Mobil Holdings in Second Quarter
SAC Capital Advisors LP, the hedge- fund firm run by Steven Cohen, increased its stakes in energy companies Exxon Mobil Corp. and BP Plc during the second quarter.
SAC Capital added 2.3 million shares of Exxon Mobil, more than doubling its stake to 3.64 million shares valued at $207.9 million, the Stamford, Connecticut-based firm said in a filing today with the U.S. Securities and Exchange Commission. The firm bought 2.93 million BP American depositary receipts, lifting its holding to about 2.94 million shares worth $84.4 million as of June 30.
The value of Cohen’s energy holdings rose to 16 percent of assets from about 13 percent, Bloomberg data show. He joined money managers including Fairholme Capital Management LLC’s Bruce Berkowitz in adding BP shares, as the London-based company’s stock plunged following the April 20 explosion in the Gulf of Mexico that caused the worst oil spill in U.S. history.
Shares of Irving, Texas-based Exxon Mobil fell 14 percent in the quarter, while BP’s ADRs slumped 49 percent.
Money managers who oversee more than $100 million of equities or more must file, within 45 days of the end of each quarter, a Form 13F with the SEC that lists their U.S. exchange- traded stocks, options and convertible bonds. The filings don’t show non-U.S. securities or how much cash the firms hold.
The market value of SAC Capital’s holdings as disclosed in today’s filing was $9.7 billion, according to data compiled by Bloomberg.
To contact the reporter on this story: Sree Vidya Bhaktavatsalam in Boston at sbhaktavatsa@bloomberg.net
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