David Fiszel's Honeycomb hedging fund returns the customer cash | Company Business News

(Bloomberg) – Honeycomb Asset Management – The hedge fund founded in 2016 by Point72 asset management -alumnus David Fiszel – returns the customer cash. Fiszel told investors that it is not optimistic, as markets have recently reached highs. Honeycomb has managed more than $ 552 million from December, including leverage, according to regulatory filing. “The hardest decision is to do less and stay patient,” Fiszel wrote in an investor letter seen by Bloomberg. ‘I fully acknowledge the opportunity costs of capital and believe that it should only be deployed on the highest and best use. This is my wish to avoid loss of capital first. ‘ A representative for the firm declined to comment. Honeycomb’s performance this year was “modestly positive” after two consecutive years of 18% profits, he wrote. The firm, which invests in stocks and private companies, was much more selective this year and had a ‘significantly lower gross and net exposure’. Last month, Honeycomb had the majority of its share chosen portfolio and expected to return the most investor capital in September, according to the letter. Fiszel was one of Point72’s top performing money managers and only started working for the firm in 2000 when it was called SAC Capital. He invested in technology, media and telecommunications companies and left four years later to start the hedge fund Rhombus Capital Management. He closed Rhombus in 2007 and returned to Steve Cohen’s SAC-which was later renamed Point72-next year before leaving in 2015 to form Honeycomb. The firm will continue to manage the cash of the customer in any private positions with prolonged expensive. Fiszel will be invested with clients, and the firm will continue to share selected opportunities with investors as they come up. “It’s not an exit of investment. It’s a confirmation of the principle,” Fiszel wrote. “I want to deploy capital when the opportunity clearly justifies the risk reward.” More stories like these are available on Bloomberg.com © 2025 Bloomberg LP