Braeburn Capital
| Company type | Subsidiary |
|---|---|
| Industry | Asset management |
| Founded | October 3, 2005 |
| Headquarters | Reno , United States |
Area served | Worldwide |
Key people | Theodore "Ted" Mulvaney (Portfolio Manager), Gene Levoff (Legal Counsel), Michael Shapiro, Gary Wipfler (Treasurer) |
| Owner | Apple Inc. |
Braeburn Capital Inc. operates as an asset management entity located in Reno, Nevada, fully owned by Apple Inc.. Its headquarters can be found at 6900 S. McCarran Boulevard in Reno. It is recognized as one of the foremost investment firms worldwide.
History
On October 3, 2005, Apple founded Braeburn Capital to oversee its financial assets and strategically reduce exposure to taxes imposed by California and other U.S. states, amounting to millions of dollars. Initially referred to as a "regional treasury office," Braeburn primarily functions as Apple's investment division.
Often described as a hedge fund, Braeburn remains relatively obscure within financial markets and administers Apple’s vast cash holdings with minimal public transparency beyond significant investments. As a subsidiary of Apple, it is exempt from filings with U.S. securities regulators or registration as an investment advisor.
In 2013, the Financial Times observed that Braeburn’s investment strategy mirrors that of an insurance company, emphasizing capital preservation through investments in high-quality fixed-income instruments.
Media reports in 2015 brought attention to the company’s discreet investment operations. By 2018, Braeburn was managing approximately $244 billion—roughly 70% of Apple’s total asset base—and continues to focus on investing predominantly in top-tier securities to reduce risk.
Capital
| Year | Amount (billion USD) |
|---|---|
| 2005 | 8.3 |
| 2006 | 10.1 |
| 2007 | 18.45 |
| 2008 | 24.49 |
| 2009 | 33.99 |
| 2010 | 51.01 |
| 2011 | 81.57 |
| 2012 | 121.25 |
| 2013 | 146.76 |
| 2014 | 155.24 |
| 2015 | 205.67 |
| 2016 | 237.59 |
| 2017 | 268.90 |
| 2018 | 237.10 |
| 2019 | 205.9 |
| 2020 | 191.8 |
| 2021 | 190.5 |
| 2022 | 48.3 |
| 2023 | 166.5 |
| 2024 | 162.5 |
In the fiscal year of 2012, analysts anticipated Apple might generate earnings reaching $45.6 billion, marking a record for any U.S.-based corporation. Through deliberate revenue allocation and tax strategies, Apple was able to save billions in tax liabilities.
Name
The term Braeburn is derived from a variety of apple cultivar, symbolizing its affiliation with the parent firm Apple Inc.
Personnel
The portfolio manager at Braeburn Capital is Theodore "Ted" Mulvaney, sibling of Mick Mulvaney. Other prominent officials include Apple’s legal counsel Gene Levoff, Michael Shapiro, and Treasurer Gary Wipfler.