What makes it a hedge fund? That they set up a sub to manage their cash? No indication they're taking risk to generate alpha like a macro fund such as Bridgewater. It's not a hedge fund by any definition.
Where's the tax dodge? That they set it up in Reno, maybe because of some state corporate income tax angle? What does looking for 'legal tax loopholes' even mean?
The relevance of the link was 'world's largest' in relation to Apple specifically and hedge funds generally.
Why is this relevant? Visibility, the same reason why the nyt article was.
When you have a fund the size that has been mentioned, you are much more than just a technology company, this needs to be recognized and understood, that Apple is the leader in also opaque financial markets.
http://www.zerohedge.com/news/2012-09-30/presenting-worlds-b...