Point72’s new AI fund delivers 14% gains

Steven Cohen's Point72 Asset Management has achieved a remarkable 14% gain with its newly launched AI-focused fund, Point72 Turion, which has nearly reached $1.5 billion in assets in just three months, according to a Reuters report citing insider sources.

Launched in October under Portfolio Manager Eric Sanchez, the fund has drawn substantial investor interest and strong returns. It is expected to reach $1.5 billion by April, at which point it reportedly plans to close to new investors.

Originally, Point72 aimed to raise about $1 billion for the fund, but its rapid growth highlights the market's excitement for AI-driven opportunities. Turion targets winners and losers across the AI supply chain, delivering monthly gains of 3.5%, 4.9%, and 5.2% in October, November, and December, respectively. By the end of 2024, the fund had recorded a 14.2% annual gain, significantly outperforming the Nasdaq Composite Index's 6.2% rise over the same period.

This launch marks Point72’s first new fund in decades and a significant milestone for the $35.2 billion asset management firm. Notably, Point72’s main fund also delivered a strong 19% return last year.