Sunday, 21 December 2014
Last updated 6 hours ago
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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.