Finance A hedge fund started by a Steve Cohen protégé is crushing it (FWONK, BABA)

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David Fiszel's Honeycomb Asset Management is up 12.2% after fees this year.

Beekeeper Daniel Ferencz inspects bee hives in a forest in Backo Petrovo Selo, Serbia, July 7, 2017, after a grant from the Hungarian government enabled him to buy a honey bottling machine, as well as bees and hives. REUTERS/Bernadett Szabo play

Beekeeper Daniel Ferencz inspects bee hives in a forest in Backo Petrovo Selo, Serbia, July 7, 2017, after a grant from the Hungarian government enabled him to buy a honey bottling machine, as well as bees and hives. REUTERS/Bernadett Szabo

(Thomson Reuters)
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A hedge fund started by a Steve Cohen protégé is up double-digits in 2017.

David Fiszel's Honeycomb Asset Management is up 12.2% after fees over the past six months in its Class A shares, according to the firm's second-quarter letter released last week. A copy was reviewed by Business Insider.

The fund gained 9.3% after fees in the first quarter and posted a 2.7% net return in the second quarter.

Comparatively, the S&P 500 is up about 9.6% over the same period, per Markets Insider data, while the Absolute Return US Equity Index, which tracks long-short stock funds, returned 3.9% through June.

Honeycomb had significant positions in the information technology and consumer discretionary sectors during the second quarter, with the bulk of gains coming from the tech positions, the firm's letter said. The fund had a 53% net exposure to the market in the second quarter.

"On the long side, Alibaba was our largest contributor and had been a top 5 position coming into the second quarter," Honeycomb said in its letter. "Formula One Group (ticker: FWONK) also led our gains along with investments in Google and Charter Communications. These gains were offset by the losses in Fox, CBS and Sinclair Broadcasting."

Before launching Honeycomb last summer, Fiszel worked at Steve Cohen's firm, then SAC Capital Advisors, starting in 2000. He later left to run a hedge fund startup, Rhombus Capital, which closed in 2007, and later moved back to Cohen's firm, according to previous news reports.

Honeycomb managed about $330 million as of March 31, according to an investor document previously reviewed by Business Insider. The fund has continued to raise money, according to its latest letter.

Fiszel isn't the only SAC alum posting gains this year. Aaron Cowen's Suvretta is up about 17% for the year, for instance, Business Insider earlier reported.