10 Best New Stock Ideas by Steven Cohen
Cohen's Stamford, Conn.-based hedge fund was founded in 1992 and has generated average annual returns of about 30% with a long-short equity strategy, according to The Wall Street Journal. As the largest investor in his own funds, Cohen usually earns more than $1 billion a year.
|Steven A. Cohen (SAC Capital)|
The hedge fund is known for its trading-oriented style in equities. For example, Cohen pared his position in Apple(AAPL) during the third quarter before buying up more than 807,000 shares of the iPad and iPhone maker in the fourth quarter. Apple is now Cohen's largest wager with the position carrying a market value of nearly $432.7 million as of Dec. 31, displacing Tyco International(TYC) .
Cohen, who has been at the center of an investigation by the Securities and Exchange Commission involving insider trading, pushed forward with a whopping 331 new positions during the fourth quarter.
Hedge fund and investment managers who oversee more than $100 million are required to disclose their equity holdings, options and convertible debt on a Form 13F filed to the Securities and Exchange Commission within 45 days of the end of a quarter. Funds aren't required to report short positions betting on declines. Cohen ended the third quarter with 1,874 reported holdings with a market value of $13.7 billion.