Bloomberg News

Cohen’s SAC Boosts Stakes in Yahoo, Air Products in Last Quarter

November 14, 2013

SAC Capital Advisors LP, billionaire Steven A. Cohen’s hedge-fund firm that pleaded guilty last week to securities fraud, boosted its holdings in Yahoo! Inc. (YHOO:US) and Air Products & Chemicals Inc. (APD:US) in the third quarter.

SAC bought 6.7 million shares of Sunnyvale, California-based Yahoo and owned 7.6 million shares valued at $251 million as of Sept. 30, making it his largest equity investment, according to a filing today with the U.S. Securities and Exchange Commission. The firm purchased 1.5 million shares of Air Products, based in Allentown, Pennsylvania, holding a stake worth $154.7 million.

Cohen’s firm, based in Stamford, Connecticut, this month agreed to pay $1.8 billion to settle insider-trading charges after the U.S. government accused it of engaging in an unprecedented scheme lasting more than a decade. The market value of SAC’s U.S.-listed equity holdings declined by about $2 billion in the second quarter as clients pulled their money amid the government’s probe of the firm.

In the third quarter, the firm’s stock holdings fell by $123 million, according to data compiled by Bloomberg.

SAC added to its stakes in Intuitive Surgical Inc. (ISRG:US), a maker of robotic-surgery devices; energy company Tesoro Corp. (TSO:US); and retailer Kohl’s Corp. (KSS:US) The firm reduced positions in drilling lease owner Continental Resources Inc., Amazon.com Inc. and Facebook Inc. (FB:US)

SAC’s main fund returned about 16 percent this year through October, a person with knowledge of the returns said last week. Jonathan Gasthalter, a spokesman for SAC at Sard Verbinnen & Co., declined to comment on the filing.

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

  • YHOO
    (Yahoo! Inc)
    • $50.12 USD
    • 1.27
    • 2.53%
  • APD
    (Air Products & Chemicals Inc)
    • $140.96 USD
    • 4.14
    • 2.94%
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