A hedge fund set up by Aaron Cowen, a former chief investment officer at SAC Capital, is crushing it this year.
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A hedge fund set up by Steve Cohen's former chief investment officer is crushing it
Aaron Cowen's Suvretta Capital Management has posted double-digit gains this year.
Suvretta Capital Management's master fund is up 12.5% after fees for the first six months of the year, according to an investor document seen by Business Insider. The fund has gained an additional 5% or so in the first two weeks of July, a person familiar with the matter told Business Insider. That extends year-to-date gains to about 17%.
Comparatively, the S&P 500 is up about 9.6% over the same period, per Markets Insider data, while the Absolute Return US Equity Index, which tracks long-short stock funds, returned 3.9% through June.
Cowen founded Suvretta in 2012, and was previously a portfolio manager at Soros Fund Management and chief investment officer at SAC Capital, the hedge fund led by Steve Cohen which later shut amid an insider trading scandal.
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Here are the returns from Suvretta's master fund over the past few years, per the investor document:
Suvretta focuses on mid-to-large cap stocks and uses a fundamental, bottom-up investment process. The firm managed about $2.7 billion at the start of the year, according to the Hedge Fund Intelligence Billion Dollar Club ranking.
According to the document, dated June, the fund had a 68.8% net exposure, with its largest net exposure was to consumer discretionary, at 32.6%, followed by information technology, at 23.9%. The five top long positions were Adobe Systems, Alibaba, Charter Communciations, Comcast and Constellation Brands.
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