The Morning Brief: Citadel Multistrategy Funds Post Modest Gains; Apple Falls Hard.

Citadel’s Kensington and Wellington funds are off to a modest start this year. The multistrategy funds headed by Kenneth Griffin — No. 5 on Institutional Investor’s Alpha Rich List for 2012 — were up 4.46 percent in the first quarter and 5.25 percent through April 12.

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Alan Howard’s BH Macro Fund is up 6.08 percent through April 12; it gained 2.38 percent in April thus far.

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Has Apple gone to rot? Shares of the technology giant — still popular among hedge funds — fell nearly 6 percent at one point on Wednesday, dropping below $400 for the first time since December 2011. Investors are concerned that demand for Apple’s products is declining after Cirrus Logic, an Apple audio chip supplier, reported a glut of inventory, according to Bloomberg News. This suggests iPhone sales are weaker than some investors believe.

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The government has delayed the sentencing of a former SAC Capital Advisors analyst. In a court filing dated Wednesday, U.S. District Judge Richard J. Sullivan adjourned for six months the court date for Jon Horvath, who pleaded guilty in September to insider trading and is believed to be cooperating with investigators. Horvath is a technology analyst who worked for portfolio manager Michael Steinberg, who was arrested March 29 and charged with insider trading.

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Shares of Infinity Pharmaceuticals rose more than 3 percent Wednesday on an otherwise lousy day for the stock market, after Steve Cohen’s SAC Capital reported a 5 percent stake in the drug development company late Tuesday.

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5:15 Capital Management, a hedge fund firm founded by former traders from Brevan Howard Asset Management, has shut down. Greenwich, Connecticut-based firm, which employs global fixed income interest rate arbitrage and tail risk strategies, according to its website, is winding down after its assets dropped to $370 million, from a peak of $1 billion in early 2012. The flagship 5:15 Fund averaged 5.5 percent annual returns since its 2009 inception. The firm was named after The Who's 1973 song on its Quadrophenia album.