# Apple

Apple is a Corporate Investor based in Fort Wayne, United States.

## Overview

- **Organization type:** Corporate Investor
- **Headquarters:** Fort Wayne, United States
- **Region:** North America
- **Address:** Reno, NV, United States
- **Founded:** 2005
- **Assets under management:** >$200B (Altss estimate)
- **Website:** https://apple.com
- **LinkedIn:** https://www.linkedin.com/company/apple
- **Wikidata:** Q312

## Regulatory record

- **CRD number:** 298437
- **SEC file number:** 801-130668
- **Registration status:** Registered
- **Reports private funds:** No
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/298437

## About

Apple is an SEC-registered investment adviser in Fort Wayne, IN, registered since 2024. The firm manages $152 million in assets, $118 million on a discretionary basis. It has 7 employees and 6 investment advisers.

## Sectors

- Public Equities
- Fixed Income
- Real Estate
- Alternatives

## Offices

- Cupertino, CA, United States

## People

- Tim Cook — Chief Executive Officer
- Arthur Levinson — Chairman of the Board

## Questions

### What is Braeburn Capital, and how does it relate to Apple?

Braeburn Capital is a wholly owned subsidiary of Apple, created in 2005 to manage the company's cash and marketable securities portfolio. It operates out of Reno, Nevada, not Cupertino, and functions like an internal asset manager with a mandate focused on capital preservation and liquidity. Its name derives from a type of apple, maintaining Apple's branding tradition for subsidiaries. The entity files separate regulatory paperwork but does not accept outside capital.

### How large is the portfolio Braeburn Capital oversees?

Apple's public filings do not report a standalone AUM for Braeburn, but the parent company's total cash and marketable securities pool has exceeded $200 billion in recent years, placing it among the largest corporate investment portfolios globally. The bulk of the balance sheet is held in cash, US Treasury securities, and corporate debt instruments. Braeburn manages the majority of these investable assets, though Apple also maintains direct holdings and separate accounts.

### Who makes investment decisions at Braeburn?

Ultimate oversight rests with Apple's CFO and CEO Tim Cook, with the board's audit and finance committee providing governance. The day-to-day investment team in Reno is led by a managing director who reports into the finance organization. Apple has historically not disclosed the names of the investment staff, maintaining a distinct separation between its product leadership and the Nevada-based treasury team.

### What does Braeburn Capital actually invest in?

The portfolio is overwhelmingly allocated to highly liquid, investment-grade fixed-income securities — US Treasuries, agency debt, corporate bonds, and mortgage-backed securities — which generate several billion dollars in annual interest income. Braeburn also holds a smaller alternatives sleeve; in 2017, Apple committed $200 million to the SoftBank Vision Fund. Real assets include Apple's own data center infrastructure and corporate campuses, which are held on the parent company's balance sheet rather than as third-party real estate plays.

### Why is Braeburn based in Reno, Nevada, instead of Cupertino?

Nevada imposes no corporate income tax and no capital gains tax, providing a legal jurisdictional advantage over California. By domiciling Braeburn and booking a significant portion of investment income through the Reno subsidiary, Apple reduces its overall tax burden. The structure was set up in 2005 and expanded in subsequent years, becoming a well-known example of corporate treasury tax optimization.

## Related profiles

- [Apolis S.A.M.](https://altss.com/profile/apolis-s-a-m)
- [Aqua Advisors](https://altss.com/profile/aqua-advisors)

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Last updated: 2026-06-03T20:00:00.000Z

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