Legal problems haven’t stopped SAC Capital from doing what it normally does — make serious cash.
Reuters’ Katya Wachtel reports that, as of Friday, the hedge fund is up 13% YTD.
STEVEN A. COHEN’S SAC CAPITAL ADVISORS GAINED ROUGHLY 13 PER CENT AS OF FRIDAY – source
— Katya Wachtel (@katyawachtel) September 25, 2013
According to reports, SAC Capital, helmed by its billionaire founder Steve Cohen, is seeking to settle allegations that it engaged in insider trading.
In the meantime, it’s business as usual.
Now, 13% still doesn’t beat the S&P 500, which is up 16% YTD, but 13% is a nice number when you compare to the numbers hedge funds of SAC’s size have been putting up.
This summer Reuters reported that Pershing Square, Bill Ackman’s hedge fund, was up 4% year to date.
Forbes has Greenlight Capital, David Einhorn’s hedge fund, up 7.9% as of this summer.
SAC’s numbers are getting beaten by another peer’s though. Dan Loeb’s Third Point has returned 15% YTD, according to Forbes.