Steven Cohen's Hedge Fund SAC Capital Updates Positions ~ market folly

Tuesday, March 2, 2010

Steven Cohen's Hedge Fund SAC Capital Updates Positions

We have a few portfolio updates out of Steven Cohen's hedge fund firm SAC Capital to update you on. But first, please keep in mind that SAC is primarily a trading fund and they move in and out of positions much faster than the funds we typically cover here on Market Folly. While these 13G filings typically signify a much larger position, you still need to take things with a grain of salt here as Cohen's firm by no means fits the normal long-term investment focus of the hedgies we like to track. That said, you can see below for the changes and also take note our previous post on SAC portfolio updates.

Firstly, they filed a 13G on shares of Medifast (MED) and now show a 6.4% ownership stake with 986,774 shares. This is a brand new position for them as they did not own it on their 13F filing which discloses positions as of December 31st, 2009. Secondly, a few weeks ago they also filed a 13G on shares of Skechers (SKX), showing a 5.3% ownership stake with 1,787,645 shares. This is a massive increase as they've added over 1.2 million more shares in this name since September of 2009. So, there you have it. Since Steven Cohen is so secretive and readers often want to hear what SAC Capital is up to, we thought we would oblige. SAC Capital finished 2009 up over 28% as noted in our post on hedge fund 2009 performance numbers.

Taken from Google Finance, Medifast is "engaged in the production, distribution, and sale of weight management and disease management products and other consumable health and diet products. The Company’s product lines include weight and disease management, meal replacement, and vitamins primarily manufactured in its modern, the United States Food and Drug Administration (FDA) approved facility in Owings Mills, Maryland."

Skechers is "designs and markets Skechers-branded contemporary footwear for men, women and children under several lines. In addition to Skechers-branded lines, the Company also offers eight uniquely branded designer, fashion and street-focused footwear lines for men, women and children."

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