Chidem Kurdas
DE Shaw is among the hedge funds with large holdings of Apple stock. The change of guard inpired some fast trades. Short-term traders may have sold Apple in anticipation of a market move right after the announcement. But many funds are likely to wait and see if there are signs of a falloff in the company’s performance. Steve Jobs has been on leave for some time and his stepping down from the CEO position is not really a surprise.
Apple appears to be a favorite. Steven Cohen’s SAC Capital held options in addition to more than $200 million worth of Apple shares. DE Shaw held close to $1 billion—not a large percentage as part of a $34.4 billion equity portfolio, but still a lot of shares.
One obvious reason Apple is prominent in fund portfolios is that it is prominent in the market—-having recently surpassed Exxon in market cap.
Tags: DE Shaw, Steven Cohen
HedgeFundSmarts 
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