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.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...