From Thomas Gilbert and Christopher Hrdlicka’s Apple Is a Hedge Fund That Makes Phones in Friday’s Journal ($): When you buy a share of Apple stock, you do not simply buy into a $1 trillion technology company. You also buy a share of one of the world’s largest investment companies: Braeburn Capital, a wholly owned subsidiary of Apple. Braeburn manages a $244 billion financial portfolio—70% of Apple’s total book assets. Apple acts like a hedge fund by supporting this portfolio with $115 billion of debt. Like a hedge fund, Apple provides minimal disclosures on Braeburn Capital’s holdings.