- SAC Capital Partners
SAC Capital Advisors (SAC Capital Partners, SAC Capital Management) is a $16 billion dollar group of multi-strategy, multi-discipline
hedge funds founded by Steven A. Cohenin 1992. The Company is incorporated in Anguilla, British West Indies[ [http://www.fool.com/community/pod/2005/050401.htm Some Things I Suspect About Hedge Funds] The Motley Fool. April 1, 2005. Retrieved 19 June, 2007] , and its trading offices are located in Stamford, Connecticutand New York City. SAC also maintains dedicated satellite offices in San Francisco, Hong Kong, Boston, and London. [http://www.businessweek.com/magazine/content/03_29/b3842001_mz001.htm The Most Powerful Trader on Wall Street You've Never Heard Of] BusinessWeek. July 21, 2003. Retrieved 19 June, 2007.]
The firm has 800 employees, about ~150 of which are investment professionals. The group manages $16 billion in unleveraged assets across four independent portfolios, each with distinct mandates. [http://www.careers.sac.com/SAC/careers/me.get?WEB.websections.show&SAC_003] Source: SAC Capital Website.] SAC is commonly regarded as perhaps the best trading house in the world. Although larger multistrategy funds exist, in absolute terms, SAC's significant devotion to pure long-short strategies and aggressive capital flows make it the most influential price-setting hedge fund in traditional equity markets. However, the company has recently branched out into other alternative investment strategies including private equity and emerging markets through significant expansion.
While most hedge funds charge a performance fee of 20% to 30% of the annual returns, SAC keeps 50%, the highest in the industry.Fact|date=April 2008 Favored industries for the fund include high technology, retail/consumer goods, and healthcare. Since inception, average fund returns for the consolidated group have exceeded 40% annually.
SAC founder Steven Cohen's estimated net worth is $6.8 billion.Fact|date=July 2008
BusinessWeekmagazine, SAC Capital Partners routinely accounts for as much as 3% of the New York Stock Exchange's average daily trading, plus up to 1% of the NASDAQ's – a total of at least 20 million shares a day. Average trading activity rivals Fidelity Investments. Moreover, the fund is widely known to pay brokers the highest commissions of any equities-focused investment group. In addition, SAC reportedly has a considerable stake in Invitrogen/Applied Biosystems [http://www.streetinsider.com/13Gs/SAC+Capital+Raises+Stake+in+New+River+Pharmaceuticals+%28NRPH%29+to+5.2%25/1199341.html] , California solar powerfirms [http://www.bloomberg.com/apps/news?pid=20601109&sid=a8s8Mva3n2Ow&refer=news] [http://www.nanosolar.com/pr5-6.htm] , Cypress Semiconductor Corporation [http://www.streetinsider.com/13Gs/SAC+Capital+Accumulates+5.4%25+Stake+in+Cypress+Semiconductor+(CY)/1264226.html] , AC Moore, Greenbrier Companies [http://www.themoneyblogs.com/investingideas/my.blog/sac-capital-raises-stakes-in-interlink-sorc-ac-moore-arts-amp-crafts-acmr-and-greenbrier-companies-gbx.html] , Marinemax Inc. [http://www.themoneyblogs.com/investingideas/my.blog/sac-capital-and-related-funds-raise-stake-in-marinemax-hzo-to-51.html] , Bally Total Fitness[http://www.bloggingstocks.com/2006/11/06/short-stories-ballys-sudden-cardiac-arrest/] , New Frontier Media [http://www.rgm.com/articles/nypost3.html] , Progen Industries [http://www.streetinsider.com/13Gs/SAC+Capital+Raises+Stake+in+Progen+Industries+(PGLA)+to+6.5%25/1369640.html] , retailer Casual Male [cite news |title=SAC Capital Discloses 6.2% Stake in Casual Male (CMRG) |url=http://www.streetinsider.com/13Gs/SAC+Capital+Discloses+6.2%25+Stake+in+Casual+Male+(CMRG)/1381571.html |publisher=StreetInsider.com |date= November 27 2006|accessdate=2007-12-17] , pharmaceutical company Impax Laboratories [http://www.streetinsider.com/13Gs/SAC+Capital+Discloses+5%25+Stake+in+Impax+Laboratories+(IPXL)/1381594.html] , Phelps Dodge[http://www.theglobeandmail.com/servlet/story/RTGAM.20061211.wphelps1211/BNStory/Business/home] , supermarketchain Pathmark Stores [http://www.streetinsider.com/13Gs/SAC+CapitalSteven+Cohen+Discloses+a+5%25+Stake+in+Pathmark+Stores+(PTMK)/1448040.html] , and Penwest Pharmaceuticals [http://www.streetinsider.com/13Gs/SAC+Capital+Raises+Stake+in+Penwest+Pharmaceuticals+%28PPCO%29+to+6.2%25/1264027.html] . The hedge fund also controls 19.5% of search engine Baidu[http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BB198479B-2C86-48C9-92EE-437CEE1AACB6%7D&siteid=google] . One of its new investments in 2006 was a stake in Tyco International [http://www.streetinsider.com/Insider+Trades/Changes+in+SAC+Capital's+Positions/1356841.html] . Its newest investments are Avanex. [http://www.thelion.com/bin/forum.cgi?msg=1058915&tf=wall_street_pit&cmd=read] SAC is now dabbling in private equity. cite news
title = Shift for SAC's Cohen
2007 January 29
url = http://www.thestreet.com/newsanalysis/wallstreet/10335463.html
accessdate = 2007-02-10 ]
In March 2006,"
60 Minutes" reported on a lawsuit against SAC and Camelback (now known as Gradient Analytics) by Biovail, a Canadianpharmaceutical company. According to the report, in the spring of 2003, SAC asked Camelback, an Arizonastock-analysis firm, for a report on Biovail. Former Camelback employees alleged that SAC had determined the content and timing of their reports on Biovail in order to drive the price of the stock down. In the following six months Biovail’s stock fell 50 percent, however, the Company issued two disappointing earnings statements. Biovail CEO Eugene Melnykinsists it was the Camelback reports that triggered the sell off.
Camelback responded by saying it had already written a negative report on Biovail that pre-dated the alleged conspiracy and said "everything in our reports was true; we and no one else wrote those reports; "nothing we did was illegal." The report also noted that ten years previously Melnyk had sued another hedge fund, accusing it of spreading rumors about his stock in order to sell it short. Camelback said the former employees were lying and disgruntled and had been fired for poor performance and unethical conduct. SAC denied all the charges and said that the stock was overvalued and that the decline was due to earnings shortfalls and regulatory investigations. [ [http://www.cbsnews.com/stories/2006/03/24/60minutes/main1438812.shtml Betting on a Fall, Lesley Stahl, "60 Minutes" March 26, 2006. Retrieved 19 June 2007.] ]
In March, 2008, the
U.S. Securities and Exchange Commissionsued Biovail and some of its former officers, for accounting fraud, particularly that "Biovail actively misled investors and analysts about the reasons for the company's poor performance". Biovail settled for $10 million US. [ [http://www.sec.gov/news/press/2008/2008-50.htm SEC Charges Biovail Corporation and Senior Executives With Accounting Fraud] , U.S. Securities and Exchange Commissionpress release, March 24, 2008]
* [http://www.sac.com/ SAC Capital corporate website]
* [http://www.careers.sac.com/ SAC Capital Career site]
* [http://www.tickerspy.com/member.php?mid=-1018103&pid=-1 S.A.C. Capital's most recent holdings]
Wikimedia Foundation. 2010.
Look at other dictionaries:
SAC Capital Advisors — (SAC Capital Partners, SAC Capital Management) est un groupe de hedge funds fondé par Steven A. Cohen in 1992 gérant 16 milliards de dollars. Le fonds est enregistré à Anguilla, Antilles britanniques, et ses bureaux sont situés à Stamford,… … Wikipédia en Français
SAC Capital Advisors — S.A.C. Capital Rechtsform Limited Liability Company Gründung 1992 Sitz … Deutsch Wikipedia
SAC Capital — S.A.C Capital Unternehmensform Gründung 1992 Unternehmenssitz Stamford, Connecticut (Firmenzentrale) Unternehmensleitung … Deutsch Wikipedia
SAC — or sac may refer to:Biology* Sac (biology), a bag like structure possibly containing fluid, in a plant, animal, or fungus.United States geography* Sac City, Iowa * Sac County, Iowa * Sac River, a river in southwest Missouri * Sacramento,… … Wikipedia
S.A.C. Capital — S.A.C Capital Unternehmensform Gründung 1992 Unternehmenssitz Stamford, Connecticut (Firmenzentrale) Unternehmensleitung … Deutsch Wikipedia
Hedge fund — A hedge fund is a private investment fund open to a limited range of investors which is permitted by regulators to undertake a wider range of activities than other investment funds and which pays a performance fee to its investment manager.… … Wikipedia
List of Wharton School alumni — The Wharton alumni network has 81,000+ members in 142 countries around the world. There are eighty two alumni clubs providing support to the School. In addition to the annual campus based Wharton reunion, Wharton partners with its alumni clubs to … Wikipedia
Wharton Business School — Wharton School La Wharton School, une des douze écoles de l Université de Pennsylvanie à Philadelphie, est considérée comme la plus prestigieuse école de finance américaine. Sommaire 1 Histoire 2 Formations 3 Corps professoral … Wikipédia en Français
Wharton school — La Wharton School, une des douze écoles de l Université de Pennsylvanie à Philadelphie, est considérée comme la plus prestigieuse école de finance américaine. Sommaire 1 Histoire 2 Formations 3 Corps professoral … Wikipédia en Français
Ron Insana — Infobox journalist name = Ronald G. Insana birthname = birth date = birth date and age|1961|3|31 birth place = age = death date = death place = occupation = alias = gender = status = title = Closed Insana Capital Partners August 2008 Now with S.A … Wikipedia