Apple (AAPL) is not only the most profitable company in the world, but it also now owns the world's largest hedge fund as well. Zero Hedge reports that Braeburn Capital, a Nevada-based asset management corporation that Apple founded specifically to manage its cash, now has more than $117 billion in assets under management, making it even larger than hedge fund giant Bridgewater that currently has around $100 billion in AUM.

As Zero Hedge notes, Apple has been very secretive about Braeburn's investments and activities and has kept the company's profile decidedly low since "Apple for now uses Braeburn primarily in its capacity to find legal tax loopholes all around the world and avoid paying taxes." What's more, Zero Hedge says that Braeburn exists in a sort of legal black hole where it has no reporting requirements and thus isn't obligated to disclose to anyone what it owns. The website speculates that Braeburn could soon become much more well-known, however, as the government could soon turn its attention toward closing legal loopholes that have allowed hugely profitable companies to avoid paying taxes.

David Fuller's view This is interesting and appears to be a logical decision. If Braeburn succeeds financially, and also avoids becoming a political target for revenue hungry governments, Apple will known for another important innovation - the concept of private wealth funds for successful companies.