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08-27-2013, 12:37 AM #1
AAPL Stock Takes Top Hedge Fund Slot in Q2 2013
According to a new report, hedge fund investors turned back to Apple for investments in the past quarter. The move makes the Cupertino California company the most-held stock among investors as a result. Citi analyst Tobias Levkovich noted in his most recent report that Google remains the most held stock among mutual funds, a position the search giant took from Apple in March this year. Apple ended up beating Google Priceline and Qualcomm to take first place among hedge fund holdings.
Apple previously lost the top spot to insurance giant AIG in February, according to some estimates. At the time, Apple fell to third place, behind Google. At the time, Google subsequently went on to become the top holding in both hedge and mutual funds. Apple shares dropped below $400, for a time earlier this year, but the stock has since recovered and now sits above $500 and trending upward. Shares peaked last year at just above $700 but concerns over competition, as well as considerable hedge fund selloffs, which took a good deal of value off of the company.
Investors will be watching Apple’s upcoming media event closely as the company is expected to reveal two new versions of the iPhone. Some analysts believe the low-end model’s performance in China alone could boost Apple shares at least 10%, adding another two or three dollars per share in earnings alone. We’ll have to wait and see what happens.
Source: Citi via AppleInsider