SAC Capital Advisors, the hedge fund firm run by billionaire Steven A. Cohen that has been under intense scrutiny as part of an insider trading investigation, posted a surprisingly strong return in June amid a global market selloff.
One of SAC Capital's main funds posted a 1.5 percent gain, leaving the portfolio up 8.25 percent for the year after deducting fees, according to an investor familiar with the numbers. SAC charges some of the highest fees in the $2.2 trillion hedge fund industry.
The firm outperformed both the average for hedge funds for the month and the broader market during a tumultuous period for global bond and stock markets.
Some SAC investors have expressed concerns privately that the federal probe, which has increasingly focused on Cohen, might distract the manager and his 115-plus portfolio managers.
A sharp selloff in bonds and stocks last month tripped up a number of big-name hedge funds, including Daniel Loeb's Third Point, David Einhorn's Greenlight Capital Management and Ray Dalio's Bridgewater Associates, Reuters has reported.
SAC Capital, which notified investors of its latest results late Monday, did not provide any details about what contributed to the performance.