Steve Cohen, referred to by the Wall Street Journal as a "Billion Dollar a Year Man," founded SAC Capital in 1992 with $20 million of seed capital.
Today the firm has $16 billion in assets under management. The fund has 40 portfolios, with investments based primarily on the long-short equity strategy. The fund has grossed 30%, on average, over the past two decades, significantly outperforming the S&P 500 (SPY) by 22% since the fund's inception. Last year, the fund returned 8% net of fees, outperforming its peers, on average.
SAC Capital initially focused on an active trading strategy, but since has repositioned its investment philosophy applying a multi-strategy approach (a combination of fundamental and quantitative approaches) that focuses on research and risk management.
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