market folly

Steve Cohen's hedge fund firm SAC Capital just filed a 13G with the SEC regarding its position in GNC Acquisition Holdings (GNC). Per the filing, SAC Capital now owns 5.4% of the company with 5,726,780 shares.

This marks an increase of 540% in the hedge fund's position size since the end of 2011. The filing was made due to trading activity on March 19th, 2012.

We recently also detailed how SAC Capital started a position in Hyatt Hotels and also made some additional portfolio moves.

Per Google Finance, GNC Holdings is "It is a specialty retailer of nutritional supplements. Nutritional supplements include vitamins, minerals and herbal supplements (VMHS), sports nutrition products, diet products and other wellness products. GNC operates in three segments: Retail, Franchising, andManufacturing/Wholesale. The Company’s operations consist of purchasing raw materials, formulating and manufacturing products and selling the finished products through its primary segments. The Company's brands include Mega Men, Ultra Mega, GNC WELLbeING, Pro Performance, Pro Performance AMP and Longevity Factors."