Rob Pohly's Samlyn Capital is dismissing senior analysts after selling off its exposure to nearly every industry except global financials, as it pivots to focus on that sector. The $7 billion equity hedge fund dumped stocks across sectors including industrials, technology and retail weeks ago, before the more recent market selloff that has caused carnage across the hedge fund universe, according to people familiar with the matter.
The fund tumbled about 5% year-to-date through October, one of the people said. Moving forward, Samlyn will mostly trade global financial stocks, the sector Pohly has focused on for decades. The firm has kept its analysts who focus on that sector.
Pohly, who founded Samlyn in 2007, is the firm's sole portfolio manager. He worked at Julian Robertson's Tiger Management before later joining Sigma, an affiliate of Steve Cohen's then-hedge fund SAC Capital.
Samlyn is not returning capital to investors. Instead, it is redirecting cash from sold positions into financial stocks or holding it in cash to deploy later. A representative for the firm declined to comment.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing