Steve Cohen’s Point72 Asset Management has sharply reduced its exposure to Sphere Entertainment, unloading roughly 85% of its position as the stock surged this year, according a report by Sportico citing a recent SEC regulatory filing.

The multi-strategy hedge fund sold about 1.3 million shares over the six months to 30 September, leaving it with just 223,464 shares – a drop from a 5.3% stake in March to 0.8% today. Point72 had built its Sphere position aggressively through 2024 and early 2025, peaking at 2.1 million shares before reversing course.

Sphere has been one of the market’s standout performers in 2025, rising 91% year-to-date and more than 200% from its April lows. The rally followed a major MSG Networks debt restructuring and strong early sales for Sphere’s new AI-driven immersive “Wizard of Oz” experience, which has become the venue’s most important revenue engine.

Point72 wasn’t the only institutional investor trimming risk: Ariel Investments, Sphere’s largest shareholder, cut its stake by 15.6% during Q3 but still holds more than 20% of the company’s Class A shares.

Sphere Entertainment – controlled by the Dolan family – operates the $2.3bn Las Vegas Sphere venue as well as MSG Networks. The stock’s sharp recovery has attracted both hedge funds and long-only managers, though some are now locking in gains after the rapid run-up.

Point72 manages $41.5bn across public-market and private strategies.