Hedge Funds Dump Apple
One hedge fund Coatue Management cut its holding of Apple by selling 1.2 million shares during the first three months of this year but Apple remains the fund’s single biggest US stock investment with 7.7 million shares.
Omega Advisors sold all of its 383,790 shares in Apple during Q1, while Rothschild Asset Management cut its stake by 107,953 to 938,693 shares.
This is despite Apple shares rising 12.7 percent in Q1 and continuing to increase 3.6 percent since March. The shares closed on Friday at US$128.77, down 18c, giving the company a market cap of $781.45 billion, ensuring its position as the world;s wealthiest company.