SAC Cuts Bank Of America Stake, Boosts Stock Holdings To $10B

Nov 17 2009 | 9:39am ET

SAC Capital Advisors has slashed its stake in Bank of America even as it ramped up its stock holdings, the Stamford, Conn.-based hedge fund giant said in a regulatory filing.

SAC sold more than 90% of its BofA holdings in the third quarter, or 7 million shares. The hedge fund still owns 600,000 shares of BofA, whose stock price soared almost 30% during the quarter.

All told, SAC boosted its stock holdings by $2.3 billion in the third quarter to more than $10 billion. It also added more than 300 names to its portfolio, with 1,494 positions at the end of September compared to 1,160 at the end of June.

SAC’s biggest investment was in Wyeth, the pharmaceutical company acquired by Pfizer last month. The hedge fund owned a $430 million stake in Wyeth, as well as a more than $100 million stake in Pfizer.

In addition to BofA, SAC also cut its positions in Apple Computer and Andarko Petroleum Corp., while selling off all of its 1.6 million shares in Occidental Petroleum.

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