Steve Cohen, Cliff Asness & Neil Chriss Talk Hedge Funds at Milken Institute

The Milken Institute just featured a conversation on the evolution of hedge funds and the future of asset management. The talk included Point72's Steve Cohen (formerly SAC Capital), Cliff Asness of AQR, and Neil Chriss of Hutchin Hill.

It's rare to hear directly from Cohen, so it's certainly worth watching the whole chat.  But here's some brief takeaways:

- Steve Cohen: says that there's so many players out there and they're all chasing the same names these days.  He was worried about levered/crowded names and becoming 'collateral damage' and you saw that play out earlier this year. "It's very hard to maximize returns and maximize assets too." He also noted that their data says their team are great stock pickers but not necessarily good at market timing.  In general, Cohen feels that talent is really thin.  He's "blown away" by the lack of true talent.  Later said around 80% of PMs come from inside their firm as they like to provide teaching tools.  "If you're not innovating, you're dying."  He says there's opportunities overseas but their offices there are always going to be smaller than the 'mothership' in the US.  They like to find people who have a strategy, stick to it, and do it over and over again (process).


- Cliff Asness: says that fees in the industry are just too high.  Gotta be more unique ways to structure fees, i.e. based on correlation of returns.  Barriers to entry for newer funds have gone up with increased regulatory environment (compliance, cost, etc).  Moderator says 67% of managers manage less than $250 million.  Asness notes hedge funds haven't performed well since the financial crisis and thinks they should be hedging more and be more uncorrelated to the indexes.  Also says the benchmark hedge funds compare to is simply wrong.  Noted that people overreacted to 3-5 year performance figures.


- Neil Chriss: argues that funds are too much like the indices but also too much like each other.  Says in order to scale in this business you need to be able to handle drawdowns and hire more people, expand into new investments, etc.  Made an interesting point that AUM from the 1990's until present has gone up something like 15-fold, but the talent level has not mirrored that expansion.  Thinks active managers will have more success when monetary policy stops influencing things so much.  On Hutchin Hill's multi-platform, they're looking for good decision makers, as that's ultimately what PMs are.  They want people with track records of good decision making.


Embedded below is the video of their Milken Institute talk:

Point72's Doug Haynes on Wall Street Week

Point72 Asset Management's President Doug Haynes just appeared on Wall Street Week.  Point72, of course, is Steve Cohen's latest investment vehicle after he closed SAC Capital.  While SAC managed outside money, Point72 emerged as a family office to manage internal assets.

Point72's mission statement is threefold: to be the premier asset management firm (generate highest risk adjusted returns), have the highest ethical standards, and offer the best opportunities for the brightest talent.

Haynes said that the proliferation of hedge funds has really ratcheted up competitiveness in the market and has also increased crowding.  He mentioned they looked at the amount of alpha available and over the last 20 years it's down by half.  He notes, "The cost of being excellent in the industry keeps going up."

We previously linked to how Point72 has started an academy for analysts.

Haynes said that they like the healthcare sector and retail/consumer sectors now.  He notes they're looking at the innovation pieces of the economy.

Embedded below is the video of Haynes' interview on Wall Street Week:



Be sure to also check out Donald Drapkin's appearance on Wall Street Week as well as Ricky Sandler's interview.

Lone Pine and SAC Capital Disclose Lumber Liquidators Stakes

Steve Mandel's hedge fund firm Lone Pine Capital and Steve Cohen's hedge fund turned family office SAC Capital have both filed 13G's with the SEC regarding Lumber Liquidators (LL).

Lone Pine has revealed a 7.9% ownership stake in LL with over 2.18 million shares.  The filing was required due to activity on January 23rd and is a brand new position for the hedge fund firm.

SAC Capital has revealed a 5% ownership stake in Lumber Liquidators with over 1.39 shares.  They previously owned a very small stake and they've boosted their holdings by over 1.3 million shares since the end of the third quarter. 

Per Google Finance, Lumber Liquidators is "retailer of hardwood flooring, and hardwood flooring enhancements and accessories. The Company offers an assortment of wood flooring, which includes prefinished domestic and exotic hardwoods, engineered hardwoods, unfinished hardwoods, bamboo, cork and laminates, as well as resilient flooring. Its flooring enhancements and accessories include moldings, noise-reducing underlay and adhesives. Lumber Liquidators and Bellawood are it brands. Its hardwood flooring products are available in various widths and lengths. It offers approximately 350 different flooring product stock-keeping units."

You can view additional portfolio activity from Lone Pine Capital here.

SAC Capital Boosts Sinclair Broadcast Group Stake, Discloses LIN Media Position

Steve Cohen's hedge fund firm SAC Capital filed 2 separate 13G's with the SEC regarding two positions.


Sinclair Broadcast Group (SBGI)

Per a 13G, SAC has boosted its stake in Sinclair Broadcast Group (SBGI) by 159% since the end of the first quarter.  They now own 5.2% of the company with 3,850,741 shares.  The filing was required due to portfolio activity on August 9th.

Per Google Finance, Sinclair Broadcast Group is a "diversified television broadcasting company. The Company owns or provides certain programming, operating or sales services to more television stations."

You will see a bit of a theme with SAC's recent portfolio activity with their other purchase below:


LIN Media (LIN)

SAC has disclosed a 5.1% ownership stake in LIN Media with 1,701,054 shares.  The filing was made due to portfolio activity on August 9th.

LIN Media recently completed its merger with LIN TV Corp.

According to the company, LIN Media is "a local multimedia company that operates or services 43 television stations and seven digital channels in 23 U.S. markets, and a diverse portfolio of websites, apps and mobile products that make it more convenient to access its unique and relevant content on multiple screens."

We've also highlighted some more of SAC Capital's recent portfolio activity here.

SAC Capital Boosts Stakes in Children's Place, Blue Nile & Foster Wheeler

Steve Cohen's hedge fund SAC Capital continues to disclose positions via SEC filings despite the charges they face. 


Children's Place (PLCE)

Per the latest 13G filing, SAC has revealed a 5.1% ownership stake in Childrens Place Retail (PLCE) with 1,139,775 shares.

This is a sizable increase from the end of the first quarter when they only owned 18,512 PLCE shares.  The 13G was required due to portfolio activity on August 2nd.

Per Google Finance, Children's Place "operates as a specialty retailer of apparel and accessories for children. The Company designs, sources and markets its products under its proprietary The Children's Place brand name for sale exclusively in its stores and on its Website. The Company's merchandising strategy is built on offering a collection of interchangeable outfits and accessories to create a coordinated look distinctive to The Children's Place. It offers a focused assortment of styles in a variety of colors and patterns. The Company divides the year into quarterly merchandising seasons: Spring, Summer, Back-to-School and Holiday. Within each season, the Company also introduces a new merchandise line each month."


Foster Wheeler (FWLT)

Due to portfolio activity on August 1st, SAC has also disclosed a position in Foster Wheeler (FWLT) with 5,167,407 shares.  This is an increase of 1.5 million shares since the end of the first quarter.

Per Google Finance, Foster Wheeler is "a supplier of engineering, construction and project management contractor and power equipment. The Company operates through two business groups: Global Engineering and Construction Group (Global E&C Group), and Global Power Group. Its Global E&C Group, which operates worldwide, designs, engineers and constructs onshore and offshore upstream oil and gas processing facilities, natural gas liquefaction facilities and receiving terminals, gas-to-liquids facilities, oil refining, chemical and petrochemical, pharmaceutical and biotechnology facilities and related infrastructure. Its Global Power Group designs, manufactures and erects steam generators and auxiliary equipment for electric power generating stations, district heating and power plants and industrial facilities worldwide."


Blue Nile (NILE)

Due to portfolio activity on August 1st, SAC also disclosed a position in Blue Nile (NILE) with 669,414 shares.  This marks an increase of 342,114 shares since the end of the first quarter.

Per Google Finance, Blue Nile is an " online retailer of diamonds and jewelry. The Company offers its products for sale through the bluenile.com Website in over 40 countries and territories throughout the world. The Company's online business model allows the Company to avoid many of the costs that are typically incurred by physical retail stores."


You can view other recent portfolio activity from SAC Capital here.

SAC Capital Increases Compuware Stake

The charges surrounding SAC Capital haven't stopped them from their daily activities.  Steve Cohen's hedge fund firm has filed a 13G with the SEC regarding shares of Compuware (CPWR).  Per the filing, SAC has disclosed a 5.1% ownership stake in CPWR with 10,793,571 shares.

This is around a 125% increase in the number of shares owned since the end of the first quarter.  The filing was required due to portfolio activity on July 29th.

Per Google Finance, Compuware "provides software solutions (both on-premises and Software-as-a-Service (SaaS) models), professional services and application services. It delivers solutions through software, which is installed and run on its customers’ owned hardware and applications (on-premises) and through a SaaS model accessed through its hosted networks. It also offers professional technical services in areas, such as mobile application development, performance engineering and system modernization. The Company operates in six business segments: Application Performance Management (APM), Mainframe, Changepoint, Uniface, Professional Services and Covisint Application Services (Covisint)."

Cohen was one of the top 10 highest paid hedge fund managers in 2012.

Top 10 Highest Paid Hedge Fund Managers of 2012

Institutional Investor's Alpha is out with their annual ranking of top earning hedge fund managers.  Here's the list:

Top 10 Highest-Paid Hedge Fund Managers of 2012

1. David Tepper (Appaloosa Management): $2.2 billion
2. Ray Dalio (Bridgewater Associates): $1.7 b
3. Steven Cohen (SAC Capital): $1.4 b
4. Jim Simons (Renaissance Technologies): $1.1 b
5. Ken Griffin (Citadel): $900 million
6. Eddie Lampert (ESL Investments): $750 m
7. Stephen Mandel (Lone Pine Capital): $580 m
8. Leon Cooperman (Omega Advisors): $560 m
9. David Shaw (D.E. Shaw): $530 m
10. Dan Loeb (Third Point): $380 m


Tepper finds himself atop the list after a solid 2012, returning around 30% after fees.  Lee Cooperman's firm also turned in great numbers last year (up around 28%) as did Ken Griffin, whose Citadel returned over 25%.

Of the managers listed, over half make a solid portion of their investments via equity strategies (though Appaloosa also focuses on distressed and Third Point also dabbles in mortgages).  Two managers listed are primarily quant funds (RenTec, D.E. Shaw).  Eddie Lampert's earnings are largely tied to Sears (which his hedge fund owns a large stake in) and shares rallied in 2012.

II Alpha ranks all the way up to the top 25 managers and you can view the full list here.

SAC Capital Boosts AnnTaylor Stores Position

Steve Cohen's hedge fund SAC Capital recently filed a 13G with the SEC regarding shares of AnnTaylor Stores (ANN).  Per the filing, SAC has revealed a 5.3% ownership stake in the company with 2,582,551 shares.

This marks a massive increase in the number of shares they've owned since the end of 2012.  They previously owned 544,451 shares.

Per Google Finance, AnnTaylor Stores is "a specialty retailer of women’s apparel, shoes and accessories sold primarily under the Ann Taylor and LOFT brands. The Company’s Ann Taylor and LOFT brands offers a range of career and casual separates, dresses, tops, weekend wear, shoes and accessories."

SAC Capital Boosts Stakes in Magellan Health Services and Bill Barrett Corp

Steve Cohen's hedge fund firm SAC Capital just filed two 13G's with the SEC:

Magellan Health Services

SAC filed a 13G regarding its stake in Magellan Health Services (MGLN) and per the filing, SAC has revealed a 5% ownership stake with 1,380,530 shares.

They've substantially increased their holdings in MGLN since the end of the second quarter as they only held 16,300 shares then.  Trading activity on September 21st took them over the regulatory threshold required to file.

Per Google Finance, Magellan Health Services is "engaged in the specialty managed healthcare business. The Company provides services to health plans, insurance companies, employers, labor unions and various governmental agencies. It provides managed behavioral healthcare services, radiology benefit management services, and drug benefits management services."


Bill Barrett Corp

Second, the hedge fund firm also ratcheted up its position in Bill Barrett Corp (BBG).  They now show a 5.5% ownership stake in the company with 2,659,491 shares. 

This is an increase of around 827% in their position size since the end of the second quarter as they only owned a small position back then.  The SEC filing was required due to portfolio activity on September 20th.

Per Google Finance, Bill Barrett "explores for and develops oil and natural gas in the Rocky Mountain region of the United States."

We've posted up other portfolio activity from SAC Capital here.

SAC Capital Increases Wellcare Health Stake (WCG)

Steve Cohen's hedge fund firm SAC Capital yesterday after market close filed a 13G with the SEC on shares of Wellcare Health Plans (WCG).  Per the filing, SAC has revealed a 5% ownership stake in the company with 2,155,721 shares.

This marks a 105% increase in their position size since the end of the first quarter.  The filing was required due to portfolio activity on July 6th.

Shares of WCG have recently seen two surges higher.  First, under the Supreme Court's upholding of Obamacare, WellCare Health Plans shares surged from $50 to $55 on the news.

Then, just yesterday, it was announced that Amerigroup (AGP) would be acquired by Wellpoint (WLP).  It seems shares of WCG rose in tandem on hopes that the company could also potentially be a takeover target in the space.  WCG traded from $59 up to $62.

Per Google Finance, Wellcare Health Plans "provides managed care services to government-sponsored health care programs. WellCare operates in three segments: Medicaid, Medicare Advantage (MA) and Prescription Drug Plan (PDP), which are within its two main business lines: Medicaid and Medicare."

For more on this hedgie, head to more recent portfolio activity from SAC Capital.

Steve Cohen's SAC Capital Boosts Aeropostale Position (ARO)

Steve Cohen's hedge fund firm SAC Capital filed a 13G with the SEC regarding its position in Aeropostale (ARO). 

Per the filing, the hedge fund now has a 5.1% ownership stake in ARO with 4,113,160 shares.  This marks an increase of 125% in their position size since the end of the first quarter. 

Per Google Finance, Aeropostale is "a mall-based, specialty retailer of casual apparel and accessories, principally targeting 14 to 17 year-old young women and men through its Aeropostale stores and 4 to 12 year-old kids through its P.S. from Aeropostale stores. P.S. from Aeropostale products can be purchased in P.S. from Aeropostale stores, in certain Aeropostale stores, and online at www.ps4u.com."

For more portfolio activity from SAC Capital, click here. 

Steve Cohen's SAC Capital Adds to Shaw Group (SHAW) Position

Steve Cohen's hedge fund firm SAC Capital recently filed a 13G with the SEC regarding its position in Shaw Group (SHAW).  Per the filing, the hedge fund now owns 5% of the company with 3,317,912 shares.

This marks almost a 260% increase in their position size since the end of the first quarter.  At the end of March, SAC Capital owned 922,431 common shares of SHAW but also owned 100,000 via call options as disclosed in their 13F filed with the SEC.


Other Hedge Funds Involved

Some readers may recall that we've featured Shaw Group on the site before as Jay Petschek and Steven Major's hedge fund Corsair Capital have been long.  Additionally, in February we highlighted when Dmitry Balyasny's hedge fund firm Balyasny Asset Management took a big stake in the company too.


Investment Thesis on Shaw

In the past, we've featured Corsair's investment thesis on Shaw if you want to know the rationale behind owning the name.

And then more recently, we've posted the firm's update on their stake excerpted from Corsair's Q1 letter where they wrote:


"two of its main customers received the final requisite Nuclear Regulatory Commission licensing to construct two new nuclear power plants and the EPA's increased environmental standards drove power plant maintenance contract wins.  The company also reported a strong fiscal Q2 and the upcoming divestiture of the Energy and Chemicals division in the next few months should create additional shareholder value.  We estimate that SHAW could earn $3.00/share in FY 2013, which would increase its net cash position to over $17.00/share."

Per Google Finance, Shaw Group is "a provider of technology, engineering, procurement, construction, maintenance, fabrication, manufacturing, consulting, remediation and facilities management services to a diverse client base that includes multinational and national oil companies and industrial corporations, regulated utilities, independent and merchant power producers, and government agencies. The Company has developed and acquired intellectual property, including downstream petrochemical technologies, induction pipe bending technology and environmental decontamination technologies."


For more on Steve Cohen's firm, we've posted SAC Capital's recent activity here.

SAC Capital Reveals Gaylord Entertainment Position

Steve Cohen's hedge fund firm SAC Capital recently filed a 13G with the SEC regarding a stake in Gaylord Entertainment (GET).  Per the filing, SAC has disclosed a 5.1% position in GET with 2,508,358 shares.

This is a brand new position for the hedge fund and the disclosure was made due to trading activity on May 31st.

The catalyst for this play comes via an announcement that Marriott will acquire the Gaylord Hotels brand for around $210 million and then Gaylord will convert into a REIT, continuing to own the Grand Ole Opry property.

Cohen was named one of the top 25 highest earning hedge fund managers of 2011.

Per Google Finance, Gaylord Entertainment is "a hospitality company. The Company’s operations are organized into three segments: Hospitality, which includes its hotel operations; Opry and Attractions, which includes its Grand Ole Opry assets, WSM-AM and its Nashville attractions, and Corporate and Other, which includes corporate expenses."

For more of Steve Cohen's latest activity, head to 10 stocks SAC Capital has been buying.

Steve Cohen's Hedge Fund Has Been Buying These 10 Stocks

Steve Cohen's hedge fund SAC Capital has been busy filing 13G's with the SEC the past few days.  In total, they've filed ten different times.  Cohen was named one of the top 25 highest earning hedge fund managers of 2011.  Here's his fund's latest activity:


1. Sequenom (SQNM) - The hedge fund has boosted its holdings in SQNM by quite a large margin since the end of last year.  They now own 5.4% of the company with 6,128,919 shares. This is due to portfolio movement on May 7th.

Per Google Finance, Sequenom is "a diagnostic testing and genetics analysis company. The Company is focused on providing products, services, diagnostic testing, applications and genetic analysis products that translate the results of genomic science into solutions for biomedical research, translational research, molecular medicine applications, and agricultural, livestock and other areas of research."


2. Zillow (Z) - This is a brand new position for SAC Capital as they did not report a stake in their last disclosure at the end of 2011.  They now own 5% of Zillow with 1,011,501 shares due to activity on May 7th.

Per Google Finance, Zillow is "a real estate information marketplace. The Company provides information about homes, real estate listings and mortgages, through its Website and mobile applications, enabling homeowners, buyers, sellers and renters to connect with real estate and mortgage professionals."


3. Western Refining (WNR) - SAC Capital has increased its stake by a whopping 287% since the beginning of the year.  They now own a 5.4% ownership stake in the company with 4,860,883 shares due to activity on May 4th.

Per Google Finance, Western Refining is "an independent crude oil refiner and marketer of refined products and also operates service stations and convenience stores. WNR operates in three business segments: the refining group, the wholesale group, and the retail group."


4. Yelp (YELP) - The company completed its initial public offering at the beginning of March this year and this is a brand new position for Cohen's hedge fund.  They now own 415,847 shares, or 5.1% of the company.  They were required to file a disclosure due to crossing a regulatory threshold in trading on May 4th.

Per Google Finance, Yelp "connects people with local businesses. Its users contribute reviews of every type of local business, from restaurants, boutiques and salons to dentists, mechanics and plumbers. Its platform provides local businesses with a range of free and paid services, which help them to engage with consumers at moment when they are deciding where to spend their money."


5. Movado Group (MOV) - SAC Capital now owns 5.11% of Movado Group as they've built a position of 943,890 shares.  They only owned a tiny 11,347 share position at the end of 2011 so they've certainly ratcheted up their stake this year.

Per Google Finance, Movado "designs, sources, markets and distributes fine watches. The Company’s portfolio of brands consists of Movado, Ebel, Concord, ESQ, Coach Watches, HUGO BOSS Watches, Juicy Couture Watches, Tommy Hilfiger Watches and Lacoste Watches. The Company operates in two segments: Wholesale and Retail."


6. Accretive Health (AH) - This stake has been increased since their last disclosure and SAC now owns 5% of the company with 5,005,600 shares due to activity on May 4th.

Per Google Finance, Accretive Health is "a provider of services to the healthcare providers. The Company’s three offerings are revenue cycle management; quality and total cost of care, and physician advisory services. Its integrated revenue cycle management service offering helps the United States healthcare providers to manage their revenue cycles, which encompass patient registration, insurance and benefit verification, medical treatment documentation and coding, bill preparation and collections."


7. Walter Energy (WLT) - The hedge fund disclosed ownership of 3,143,160 shares of WLT due to trading activity on May 3rd.  They now own 5% of the company and have boosted their holdings by around 30% since the end of 2011.

Per Google Finance, Walter Energy is "a producer and exporter of metallurgical coal for the global steel industry and also produces steam coal, coal bed methane gas (natural gas), metallurgical coke and other related products."


8. Santarus (SNTS) - Cohen's firm started a new position in Santarus and now own 3,231,392 shares, or 5.2% of the company.

Per Google Finance, Santarus is "a specialty biopharmaceutical company focused on acquiring, developing and commercializing products that address the needs of patients treated by physician specialists."


9. Clearwater Paper (CLW) - This position is slightly different in that SAC filed an activist 13D on the name.  As of the beginning of May, they now own 1,640,000 shares (or 7.2% of the company).  In recent trading, they were out purchasing shares on April 26th, 27th, and 30th at prices in the high $32.xx and low $33.xx.

The hedge fund feels that Clearwater would be worth more if it split up.  They feel that the sum of the parts are worth more separate than in their current combined entity.  SAC portfolio manager David Rosen wrote a letter to the company as SAC is currently the third largest shareholder.

They feel that the company's consumer products division is worth between $990 million and $1.4 billion.  They argue that the pulp and paperboard division is worth $770 million to $960 million.  But as of recent trading, Clearwater's entire market cap is only $786 million.


10. Select Comfort (SCSS) -SAC Capital now owns 5.02% of Select Comfort (SCSS) with 2,848,996 shares.  At the end of 2011, they only held a tiny position so they've boosted their holdings by over 1,500% since then.

Per Google Finance, Select Comfort is "a bed manufacturer and retailer. The Company designs, manufactures, markets and distributes the SLEEP NUMBER bed and other sleep-related products. The Sleep Number bed features DualAir technology, which allows couples to adjust each side of the mattress to his or her level of firmness."


And if you missed it, we've posted up even more of SAC Capital's portfolio activity here.

SAC Capital Buys More Ariad Pharmaceuticals (ARIA)

Steve Cohen's hedge fund SAC Capital filed a 13G with the SEC regarding its ownership stake in Ariad Pharmaceuticals (ARIA).  SAC now owns 4.9% of the company with 7,876,700 shares.

This is a 208% increase in their position since the end of 2011. 

Last week we also detailed how SAC trimmed its stake in Annie's and also added to two of their positions.

Per Google Finance, Ariad is a "biopharmaceutical company. As of December 31, 2011, the Company’s pipeline contains three product candidates: ponatinib, AP26113 and ridaforolimus. It is building a pipeline of product candidates that expand upon treatment options for patients with cancer."

Steve Cohen was recently named one of the top 25 highest earning hedge fund managers of 2011. 

SAC Capital Trims Annie's Stake

Steve Cohen's hedge fund firm SAC Capital just filed an amended 13G with the SEC regarding its position in Annie's (BNNY). Per the filing, SAC now owns a 4% ownership stake in the company with 670,500 shares.

This is a slight decrease in their stake. We previously highlighted SAC's original stake in Annie's just a few weeks ago. Since then, they've sold almost 17% of their position.

Annie's recently completed its IPO and shares are up just over 9% in the open market. The big gains stem from the IPO itself when BNNY priced at $19 per share and gained 89% on its first day of trading, an event SAC almost certainly participated in.

SAC's filing was made due to portfolio activity on April 11th.

Per Google Finance, Annie's is "a natural and organic food company offering consumers products in packaged food categories. The Company sells its products in three product categories: meals; snacks; and dressings, condiments and other."

Steve Cohen was recently named one of the top 25 highest earning hedge fund managers of 2011.

Steve Cohen's SAC Capital Boosts Positions in MedAssets & OCZ Technology

Steve Cohen's hedge fund SAC Capital just filed two 13G's with the SEC detailing its latest portfolio activity.

MedAssets (MDAS)

Per the first filing, SAC Capital has disclosed a 5.6% ownership stake in MedAssets (MDAS) with 3,238,369 shares. This marks an increase of 10,814% in their position size since the end of 2011 as they only held a tiny position then. The new disclosure was made due to trading activity on April 5th.

SAC isn't the only big-name hedge fund involved in this stock, either. We recently also detailed Senator Investment Group's stake in MedAssets as well.

Per Google Finance, MedAssets "provides technology-enabled products and services. The Company’s technology-enabled solutions are delivered primarily through company-hosted software, or software as a service (SaaS) or Web-based applications, supported by implementation, consulting and outsourced services and consulting, as well as enterprise-wide sales and customer management and support."


OCZ Technology (OCZ)

Cohen's firm also filed a 13G on OCZ where they revealed a 5.5% ownership stake in the company with 3,711,431 shares. This marks a 71% increase in their position size since the end of 2011.

We originally detailed when SAC built its OCZ stake back in the summer of last year. Their latest disclosure was due to trading activity on April 5th.

Per Google Finance, OCZ is "a provider of high performance solid state drives (SSDs) and memory modules for computing devices and systems. In addition to its SSD and Memory Module product lines, the Company also designs, develops, manufactures and distributes other high performance components for computing devices and systems, including thermal management solutions and alternating current/direct current (AC/DC) switching power supply units (PSUs)."


For more portfolio moves from this hedge fund, click here to see our article yesterday on what stock SAC bought more of.

SAC Capital Buys More Amarin (AMRN)

Steve Cohen's hedge fund SAC Capital filed a 13G with the SEC regarding its position in Amarin (AMRN). Per the filing, the firm now owns 5.3% of the company with 7,216,209 shares.

This marks a 33% increase in their position size since the last disclosure. This is the second subsequent purchase of AMRN shares by the hedge fund in the past month or so. The latest disclosure was made due to trading activity on April 3rd.

Per Google Finance, Amarin is "a clinical-stage biopharmaceutical company focused on developing improved treatments for cardiovascular disease. The Company’s development programs capitalize in the field of lipid science and the therapeutic benefits of essential fatty acids in cardiovascular disease. It is focusing its efforts on its candidate, AMR101, a prescription grade Omega-3 fatty acid, comprising not less than 96% ultra pure ethyl ester of eicosapentaenoic acid (ethyl-EPA)."

We've also posted other recent portfolio activity from SAC Capital.

Steve Cohen's SAC Capital Reveals New Annie's Stake

Steve Cohen's hedge fund firm SAC Capital just filed a 13G with the SEC. In it, they reveal they've taken a brand new position in Annie's (BNNY).

The hedge fund now owns a 4.8% ownership stake in Annie's with 806,000 shares as the company just went public at the end of March. The disclosure today was required due to trading activity on March 28th.

Steve Cohen was recently named one of the top 25 highest earning hedge fund managers of 2011.

Per Google Finance, Annie's is "a natural and organic food company offering consumers products in packaged food categories. The Company sells its products in three product categories: meals; snacks; and dressings, condiments and other."

For more recent portfolio activity from this fund, we've also detailed how they increased their stake in GNC Holdings.

Top 25 Highest Earning Hedge Fund Managers of 2011

AR Magazine has revealed a list of the top 25 highest earning hedge fund managers from 2011. This is their 11th year of doing the rankings and they found that the upper echelon earned an average of $576 million and a combined total of $14.4 billion. Here's the top five:

1. Ray Dalio (Bridgewater Associates): $3.9 billion. You can view Ray Dalio on deleveragings, his newly released research paper

2. Carl Icahn (Icahn Capital Management): $2.5 billion. One of his holdings was featured as a previous stock of the week: what Carl Icahn sees in WebMD.

3. James Simons (Renaissance Technologies): $2.1 billion. We just recently posted up Jim Simons' presentation at MIT. Simons is one of the top earners on this list despite having retired.

4. Ken Griffin (Citadel): $700 million. You can view some of Citadel's latest moves here.

5. Steven Cohen (SAC Capital): $585 million. We've posted up recent portfolio activity from SAC Capital as well.


It's interesting to compare the above individual earner list to the list of the top 10 hedge funds by net gains since inception as there is no doubt some overlap.


Other Notable Earners: Chase Coleman from Tiger Global slides in at the sixth position. Recall that his fund saw big gains from private investments that IPO'd during last year. Andreas Halvorsen of Viking Global earned $300 million and Paul Tudor Jones (Tudor Investment Corp) earned $175 million.

New Additions to the List: 2011 saw plenty of new faces on AR's list including: Philippe Laffont of Coatue Management, Boaz Weinstein of Saba Capital, Jeffrey Ubben of ValueAct Capital, Paul Singer of Elliott Management, Renaissance's Robert Mercer and Peter Brown, as well as Bridgewater's Greg Jensen and Robert Prince.

Notably Absent: AR mentions that the most notable absentee from the list is John Paulson. He fell off after a weak 2011 performance wise after he was the top hedge fund earner the year prior. George Soros misses the list after he returned outside investor money and converted his hedge fund into a family office.

You can view the rest of the top 25 earners list here.