Braeburn Capital is an asset management company based in Reno, Nevada and a subsidiary of Apple Inc.
Apple created the company on April 6, 2006 to better manage its assets and to avoid certain California state taxes and taxes from other US States totaling in millions of dollars.
Apple's cash and short-term investments
||Value (billion USD)
At the end of 2005, 2006, 2007, and 2008, Apple's cash and short-term investments were valued at US$8.3 billion, US$10.1 billion, US$18.45 billion, and US$24.490 billion, respectively. As of September 26, 2009, its cash holdings were reported to be US$33.992 billion, increasing to $97 billion at the end of 2011. In October, 2012, C|Net reported that Braeburn had US$117.2 billion under management, making it "the world's biggest hedge fund." 
In 2012, Wall Street analysts calculated that Apple could earn up to $45.6 billion in its current fiscal year 2012, a record for any American business. By national and international diversions of revenues and many other legal methods, Apple stands to save billions of dollars in taxes.
The name Braeburn refers to a particular cultivar of apple. This is a play on the name of the parent company Apple Inc.