At a glance
- The move narrows the strategy of the $7 billion New York hedge fund.
- The firm sold holdings in industrials, technology and retail several weeks before the latest market selloff and was down roughly 5% year-to-date through October, people familiar with its performance told Bloomberg.
- Samlyn is not returning capital, so investors who had money spread across sectors now hold exposure to global financials only, overseen by Rob Pohly, the firm's sole portfolio manager.
Samlyn Capital sold equity positions in nearly every sector except global financials and is cutting senior investment staff, Bloomberg first reported. The move narrows the strategy of the $7 billion New York hedge fund.
The firm sold holdings in industrials, technology and retail several weeks before the latest market selloff and was down roughly 5% year-to-date through October, people familiar with its performance told Bloomberg. The restructuring keeps analysts who cover financial stocks and lets go senior staff focused on other industries.
Samlyn is not returning capital, so investors who had money spread across sectors now hold exposure to global financials only, overseen by Rob Pohly, the firm's sole portfolio manager. Proceeds from the sales will be reinvested in financial equities or held as cash. The remaining questions for existing investors are how much of the book will sit in cash, what concentration limits apply to financial stocks, and whether a financials-only mandate matches the fund they originally bought.
Rob Pohly founded Samlyn in 2007 after stints at Julian Robertson's Tiger Management and Sigma, an affiliate of Steve Cohen's former SAC Capital, and remains the firm's sole portfolio manager. Financials have been a specialty for much of his career, Bloomberg reported.
Reported by the Hedge Funds & Liquid Alts desk from Hedgeweek and Bloomberg (as reported by Hedgeweek). Published . Corrections