AI-Focused Fund Soars to $1.5 Billion in Just Three Months
Market Optimism Surrounds AI Prospects
In a remarkable display of market confidence, Steven Cohen’s Point72 Asset Management has seen its artificial intelligence (AI)-focused fund, Point72 Turion, surge to nearly $1.5 billion in assets under management in just three months. This impressive growth is a testament to the industry’s enthusiasm for AI’s potential.
Rapid Expansion
Launched in October, Point72 Turion is managed by portfolio manager Eric Sanchez and has already posted a 14% gain. According to sources familiar with the matter, the fund is expected to reach its target of $1.5 billion by April, at which point it will suspend taking new investors. This rapid expansion is a far cry from the initial $1 billion target reported by Bloomberg in June.
Outperforming the Market
Point72 Turion’s performance has been nothing short of remarkable, with returns of 3.5%, 4.9%, and 5.2% in October, November, and December, respectively. This brings the fund’s total return for 2024 to 14.2%, significantly outpacing the 6.2% gain seen in the Nasdaq Composite Index over the same period.
A New Era for Point72
Point72 Turion marks a significant milestone for Point72, being the hedge fund giant’s first new fund in decades. The firm currently oversees $35.2 billion in assets, with its main fund rising an impressive 19% last year. While a spokesperson for Point72 declined to comment, the success of Point72 Turion is undeniable.
A Bright Future for AI
The rapid growth of Point72 Turion is just the latest example of the market’s optimism surrounding AI’s prospects. As the industry continues to evolve, it will be exciting to see how AI-focused funds like Point72 Turion shape the future of investing.
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