A Steve Cohen alum is having a monster year.
Gabe Plotkin’s Melvin Capital is up 32.1% after fees this year through September, despite posting almost no gains last month, according to a person familiar with the matter.
Plotkin is known to have been one of the star money makers at Steve Cohen’s SAC Capital, which has since become Point72 Asset Management after SAC shut down after pleading guilty to insider trading. Plotkin and his team at SAC previously managed a book of mostly consumer product stocks worth about $US1.3 billion, The New York Times reported in 2014.
New York-based Melvin Capital, which is a long-short equity fund, now manages about $US3.5 billion, according to the documents seen by BI. The firm has been steadily growing in assets, managing $US1.9 billion at the start of the year, according to the HFI Billion Dollar Club ranking.
Representatives for Plotkin declined to comment.
Melvin’s strong performance comes at a time when many funds are struggling to post the double-digit gains the industry was once known for. Through July this year, the industry gained 4.8%, according to data provider HFR.