Shares of AAPL, while slightly off from recent all-time highs, remain the darling of the tech world on Wall Street. With no shortage of prominent market watchers and industry analysts calling for higher moves from AAPL, it's easy to see why so many investors continue to pour money into the stock.

But big-time hedge funds are showing more reservation with that idea. Fund managers are growing cautious about the possibility of liking AAPL too much for their own good. That's the crux of an interesting report published Monday by Reuters.

Holding a concentrated position in one company is one way for stockpickers to stand out as investors move money to passive index funds. Yet it is unusual for diversified funds... to hold more than 10 percent of their portfolios in one company.

"Investors may not realize that their fund manager is taking on a higher amount of risk," says Todd Rosenbluth, director of mutual fund research at S&P Capital IQ.

Although few believe AAPL is set for a major tumble on Wall Street, nothing is certainly impossible. And for investors who don't like risk, funds that are heavily leveraged toward AAPL could represent a danger, not withstanding the highly unlikely prospect of AAPL imploding.

Some of the fund managers quoted in the report remain undeterred, with one believing that APPL stock "should trade above $200 a share."

Source: Reuters