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 firstname.lastname@example.org
To contact the editor responsible for this story: Christian Baumgaertel at email@example.com