SAC Capital Portfolio Update: 37 13G Filings

by: Market Folly

SAC Capital, the $14 billion hedge fund firm run by Steven Cohen has been quite busy with SEC filings as of late. We recently covered SAC's portfolio holdings here. Since then, SAC has amended various 13G filings with the SEC, adjusting many of the positions in its portfolio. All of the following 13G filings were made due to SAC's trading activity on December 31, 2008 or January 1, 2009. In no particular order, here they are:

  1. United Therapeutics (NASDAQ:UTHR): SAC now shows that it has less than a 0.01% stake in UTHR. Back on September 30, 2008, it had owned 209,562 shares of UTHR. Therefore, effectively, it has sold off almost its entire stake.
  2. OM Group (NYSE:OMG): SAC now has a 0% stake in OMG and holds zero shares.
  3. Savient Pharmaceuticals (OTC:SVNT): SAC has completely sold out of its SVNT position and now owns zero shares according to its 13G. It previously owned 50,675 shares.
  4. True Religion Apparel (NASDAQ:TRLG): SAC completely sold out of its TRLG position and as of its latest 13G, shows that it holds zero shares. It previously held 278,695 shares.
  5. Zale Corporation (NYSE:ZLC): SAC now holds zero shares of ZLC. It previously held 76,049 shares.
  6. Tween Brands (TWB): SAC sold out of its entire position in TWB.
  7. WCI Communities (WCI): It no longer holds any shares of WCIMQ.
  8. Pilgrim's Pride (NYSE:PPC): SAC sold all of its PGPDQ shares.
  9. Cabot Corporation (NYSE:CBT): It no longer owns any CBT.
  10. Albemarle (NYSE:ALB): SAC now holds a 0.3% stake in ALB (300,000 shares). It previously owned 200,000 shares.
  11. Inspire Pharmaceuticals (NASDAQ:ISPH): It no longer owns any ISPH.
  12. Incyte (NASDAQ:INCY): SAC has now disclosed that it has a 0.4% stake in INCY, thereby drastically reducing its holdings. It previously held in excess of two million shares.
  13. Indevus Pharmaceuticals (IDEV): It completely sold out of its IDEV position.
  14. Keryx Biopharmaceuticals (NASDAQ:KERX): SAC no longer holds KERX.
  15. Emergency Medical Services (NYSE:EMS): SAC has disclosed that now, it only owns a 1.2% stake in EMS, drastically reducing its position from last disclosure.
  16. Charlotte Russe (CHIC): It completely sold out of its position.
  17. Cymer (NASDAQ:CYMI): It completely sold out of CYMI.
  18. Biomarin Pharmaceutical (NASDAQ:BMRN): SAC sold out of its entire position.
  19. Chiquita Brands (NYSE:CQB): It no longer owns CQB.
  20. Applied Energetics (NASDAQ:AERG): It completely sold out of AERG.
  21. Century Aluminum (NASDAQ:CENX) - It completely sold out of its position.
  22. American Apparel (APP): SAC no longer owns any APP.
  23. Acorda Therapeutics (NASDAQ:ACOR): It completely sold out of this name.
  24. P.F. Chang's China Bistro (NASDAQ:PFCB): It disclosed that it now owns a 1.3% stake in the company.
  25. Vaxgen (OTC:VXGN): It is now showing a 1.6% stake in VXGN.
  26. Fresh Del Monte Produce (NYSE:FDP): It is now showing a less than 0.1% ownership stake.
  27. Navistar International (NYSE:NAV): It disclosed that it now has a 2.1% stake in NAV.
  28. Vanda Pharmaceuticals (NASDAQ:VNDA): It sold completely out of its position.
  29. Sanderson Farms (NASDAQ:SAFM): It also sold completely out of this name.
  30. Assured Guaranty (NYSE:AGO): It now has a 0.2% ownership stake in AGO.
  31. Akorn (NASDAQ:AKRX): It now shows a 0.3% ownership stake.
  32. Auxilium Pharmaceuticals (NASDAQ:AUXL): It now shows a 0.3% ownership stake in this name, as well.
  33. Stewart Enterprises (NASDAQ:STEI): SAC now has a 4% ownership stake in STEI.
  34. Ocean Power Technologies (NASDAQ:OPTT): Due to activity on January 1, 2009, SAC now shows a 4.9% ownership stake in the company
  35. Hasbro (NASDAQ:HAS): Activity with its shares on December 31, 2008 has lead SAC to disclose a 3.6% ownership stake in HAS.
  36. Cougar Biotechnology (CGRB): SAC has disclosed that it now has a less than 0.1% ownership stake in the company.
  37. Orexigen Therapeutics (NASDAQ:OREX): SAC now shows a 4.9% ownership stake in OREX.

As you can see, from a collective 37 separate 13G filings, for the most part, SAC was reducing many of its position sizes. We just want to remind everyone again, that SAC has a tendency to move in and out of positions very quickly, so keep that in mind. We're merely relaying the information that was filed with the SEC and we will update any other positions it might change in the future. SAC decreased equity exposure by almost half from quarter to quarter (based on 13F filings with the SEC) and it was reported SAC was going to cash back in October. Also interesting is that many of the largest positions in its portfolio consist of debt of various companies.

Taken from its website:

SAC is a multi-strategy, private asset management firm founded by Steven A. Cohen in 1992 with 9 employees and $25 million in assets under management. As of July 2008, the firm has grown to over 800 employees with approximately $14 billion in assets under management. SAC's initial investment style was "trading" oriented. However, we have evolved into a multi-strategy, multi-disciplinary, investment management firm emphasizing rigorous research and risk management practices. SAC's investment strategies include, but are not limited to: Fundamental and Technical Long/Short Equity Portfolios, Global Quantitative Strategies, Fixed Income and Credit, Global Macro Strategies, Convertible Bonds, and Emerging Markets.

Since inception, its funds have returned on average 40% annually, which explains how it can charge a 50% performance fee to investors, compared to the normal 20% that most hedge funds charge. They are very active traders and at any given time can account for up to 3% of the volume on the New York Stock Exchange and up to 1% on the Nasdaq. You can view the rest of its portfolio holdings here (just keep in mind the above recent changes to its portfolio).