Bloomberg News

SAC’s U.S. Stock Holdings Shrank by $2 Billion Amid Redemptions

August 14, 2013

Steven A. Cohen’s SAC Capital Advisors LP, the hedge-fund firm that’s facing federal insider-trading charges, cut its U.S. stock-listed holdings by about $2 billion in the second quarter as clients pulled money.

SAC held $16.2 billion worth of U.S. listed stocks as of June 30, according to a filing today with the U.S. Securities and Exchange Commission. The biggest declines in its holdings were in EQT Corp. (EQT:US), which fell in value by $213.8 million as SAC sold 3.32 million shares, and Sirius XM Radio Inc. (SIRI:US), which shrank by $163.7 million as the firm sold 53.2 million shares.

SAC, based in Stamford, Connecticut, was accused by the U.S. government in a July 25 indictment of engaging in an unprecedented insider-trading scheme lasting more than a decade. Regulators last month in an administrative action said Cohen failed to supervise two employees who have been charged with insider trading.

Billionaire Cohen has vowed to keep SAC open for business as investors pulled billions of dollars from its funds this year. Remaining clients have until Aug. 16 to ask to redeem their capital for the third quarter. Executives at SAC, which oversaw about $14 billion in net assets at the start of July, expect to end the year with about $9 billion, a person with knowledge of the matter said earlier this week.

SAC’s biggest U.S. stock holding at the end of last quarter was a 1.6 percent stake in memory-chip maker Micron Technology Inc. (MU:US), valued at $232.7 million, followed by a 1.5 percent stake in Zoetis Inc. (ZTS:US), a company that makes animal health medicines. That stake was valued at $232 million.

Jonathan Gasthalter, a spokesman for SAC at Sard Verbinnen & Co., declined to comment.

To contact the reporter on this story: Saijel Kishan in New York at skishan@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net


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Companies Mentioned

  • EQT
    (EQT Corp)
    • $99.92 USD
    • 0.99
    • 0.99%
  • SIRI
    (Sirius XM Holdings Inc)
    • $3.46 USD
    • -0.02
    • -0.58%
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