Billionaire Mets Owner Steve Cohen Is Negative on Stocks. These Are His Biggest Holdings Right Now.

According to the Bloomberg Billionaires Index, New York Mets owner Steve Cohen is worth $15.6 billion. He also runs Point72 Asset Management, a New York-based hedge fund with $172.1 billion in assets under management. 

The man knows a thing or two about stocks and investments. 

Recently, he suggested that a “significant correction” was possible, given the trifecta threat of tariffs, DOGE, and slowing immigration.  

“I think this is one of those moments where there’s really a lot of uncertainty and I have pretty strong views here,” Fortune reported Cohen’s comments from February’s FIIPRIORITY conference in Miami. 

“Tariffs cannot be positive, I mean it’s a tax. And you can imagine tit for tat if the U.S. does something—it implements a tax on somebody—somebody else is going to perhaps raise the stakes and raise their tax back. Taxes are never positive.”

Maybe Cohen should be the Treasury Secretary, not Scott Bessent—that is just a thought. 

In the meantime, the combination of ongoing inflation, slow economic growth, and government cost-cutting could lead to a correction, perhaps a significant one over the next year. 

Cohen’s $45.4 billion in 13F assets are invested across 2,038 securities, with the highest weight being just 2.56%. That’s using diversification to protect his client’s assets on the downside.

Here are Point72’s three biggest bets. 

Key Points About This Article:

• Billionaire Steve Cohen’s hedge fund, Point72 Asset Management, has a diversified portfolio to protect against an imminent correction.
• Calls and puts in the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) are its two largest positions. 
• Two Magnificent Seven stocks are two of the top four holdings.
• Sit back and let dividends do the heavy lifting for a simple, steady path to serious wealth creation over time. Grab a free copy of “2 Legendary High-Yield Dividend Stocks” now.

The SPY Offset

The hedge fund’s top two holdings are call and put options on the SPDR S&P 500 ETF Trust (NYSEARCA:SPY). Point72 has call options equivalent to 2.97 million shares of the ETF index fund, or 2.56% of its portfolio, while the puts held are equivalent to 2.92 million shares, or 2.52% of the hedge fund’s assets.

Why would someone do an offset bet on these long calls and puts?  

While it could change after Point72 reports Q1 2025 13F holdings, the positions Cohen holds indicate a slightly bullish forecast for the overall markets while also recognizing that volatility is high, making long puts a necessity in the near term.

Looking at the hedge fund’s Q4 2023 holdings, the SPY puts accounted for 5.45% of its assets, while the SPY calls were just 1.25%, but still the second-largest holding. It finished 2023 with $41.4 billion invested across 2,083 securities, an average of $19.9 million, $2.4 million less than at the end of 2024. 

This would suggest that Cohen was far more bullish at the end of 2024 than in 2023. The erratic behavior of the Trump administration, especially around tariffs and trade, diminished that bullishness. 

We’ll see how the put/call ratio looks when it reports in mid-May. It would be surprising not to have turned more cautious.

However, Point72 has numerous calls and puts on its stocks as part of its investment strategy, so isolating the SPY calls and puts without analyzing the rest of the holdings would be short-sighted. 

Amazon Is Tops of the Stocks

Amazon (NASDAQ:AMZN) is Point72’s third-largest holding by weight at 1.35%, one of only four positions over 1%. The hedge fund first acquired shares of the tech and e-commerce giant in Q3 2014. 

As is typical for hedge funds, Point72 has traded in and out of Amazon over the years. In Q4 2024, for example, Amazon was a new addition to the portfolio. It bought 4.18 million shares during the quarter. 

A year ago, it finished 2023 with 4.67 million shares, accounting for 1.12% of its portfolio. It sold 896,579 shares in Q1 2024, 611,160 in Q2 2024, and the remaining 3.16 million in Q3 2024, only to buy back 4.18 million in the fourth quarter.  

Why did it do that?

I want to think there is a rational explanation. The share price in the first nine months of 2024 fluctuated between a high of $201.20 and a low of $144.05. Amazon hit its high on July 8, a few days into the third quarter. It likely closed out its position around that date for significant gains.

Another MAG 7 Favorite

The hedge fund’s fourth-largest holding at the end of 2024 was Microsoft (NASDAQ:MSFT). It accounted for 1.05% of Point72’s assets, up from 0.27% at the end of the third quarter, a 357% increase in its MSFT holdings. It first acquired Microsoft stock in Q4 2016.  

Amazon and Microsoft aren’t the hedge fund’s only Magnificent Seven stocks held. It owns 4.19 million shares of Nvidia (NASDAQ:NVDA), the fifth-largest holding. It also owns small positions in Alphabet (NASDAQ:GOOGL), small put and call positions in Tesla (NASDAQ:TSLA), Apple (NASDAQ:AAPL), and Meta Platforms (NASDAQ:META). 

While it owns positions in all seven companies, Cohen favors Amazon, Microsoft, and Nvidia, most likely because of their AI bets. 

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