Steve Cohen’s Bet on Melvin Leaves Point72 Trailing Hedge-Fund Peers
- Investment in Plotkin’s firm lost the fund almost $500 million
- Some equity funds had muted first-half returns on meme stocks
Steve Cohen
Photographer: Scott Eells/Bloomberg
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Steve Cohen’s Point72 Asset Management barely made money in the first half of 2021, weighed down in part by a wager the billionaire made on Gabe Plotkin, one of his former star traders.
The $22 billion Point72 returned just 1.2% in the first six months of the year, lagging behind other large multi-strategy hedge funds such as Citadel, which was up 4.4%, and Millennium Management, which gained 6.5%.