Point72, Formerly SAC Capital, Bets on BlackBerry, Booz Allen -- Update

   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 [e-mail]

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