Billionaire Steve Cohen is making a dramatic portfolio shift, moving away from major technology names and into a consumer staples giant that many investors tend to ignore.
Cohen’s Point72 Asset Management hedge fund, revealed through its Q1 2026 13F filing, sold 24% of its Nvidia (NASDAQ: NVDA) stake, 21% of its Broadcom (NASDAQ: AVGO) position, and 60% of its Taiwan Semiconductor (NYSE: TSM) holding.
The moves signal a meaningful change in strategy for a manager who has built a net worth of roughly $23 billion through bold and often decisive market plays.
While Cohen was trimming tech, he was simultaneously loading up on Mondelez International (NASDAQ: MDLZ), the global snack-food giant behind some of the world’s most recognised biscuit and chocolate brands.
On a percentage basis, Mondelez was Cohen’s biggest buy of the quarter, with Point72 purchasing 4.9 million shares and increasing its position by a remarkable 11,627%.
The purchase does not appear to be driven by Mondelez’s recent growth figures, as net revenue rose only 4.1% year over year in Q2 2026, down from 8.2% growth in Q1.
Adjusted earnings per share also declined by 2.7% on a constant-currency basis in the second quarter, adding to the sense that momentum is not the core attraction here.
Valuation appears to be a significant factor, with Mondelez shares still trading more than 30% below their 2023 peak despite posting a strong year-to-date gain of around 17%, leaving the stock at a forward price-to-earnings ratio of 21.5.
Defensive qualities likely played a central role in Cohen’s thinking, particularly given broader market uncertainty and comments from fellow billionaire Warren Buffett, who told CNBC in July that investors were “gambling” today.
Mondelez itself told analysts earlier in the year that “Snacking is embedded in daily life,” and the company claims the leading global market share in biscuits, the No. 2 position in chocolates, and the No. 3 position in cakes and pastries and snack bars.
For income-focused investors, Mondelez offers a 3.3% forward dividend yield, and the company has raised its dividend for 14 consecutive years following its spin-off from Kraft (NASDAQ: KHC).
Risk-averse investors may also find the stock’s defensive characteristics appealing, given that demand for everyday snack products tends to remain relatively stable regardless of broader economic conditions.
Consumer staples stocks like Mondelez have historically attracted attention during periods of market volatility, as investors seek shelter from more growth-sensitive areas of the market.
Cohen’s move into Mondelez reflects a broader pattern among experienced fund managers who rotate into lower-beta positions when macro uncertainty rises and valuations in high-growth sectors appear stretched.
