Apple's tax strategy aims at low-tax states and nations
nytimes.com
nytimes.com
The article does not say anything even slightly like "The world's biggest hedge fund is managed by Apple Inc.", the current title here on HN. It is about how Apple allegedly avoids paying taxes.
http://www.businessinsider.com/apple-owns-the-worlds-largest...
It is likely that Apple's Braeburn Capital does "hedge" some risk, but it is unlikely that if they were a stand alone entity which was investing other people's money that anyone would call them a "hedge fund".
It is more likely that they are mainly long "buying assets, not shorting them" and that they invest with various asset managers who also reduce risk.
They also probably have a private equity arm (venture capital) and invest in other securities.
At the end of the day, they are not a pure hedge fund no matter what, and are likely not even a small part hedge fund.
(Keep in mind, I don't have any problem with hedge funds, they play an integral part in finance, but that is a discussion for a different post)