Prominent investment fund managers loaded up on Apple before recent share price decline

“Several prominent investors put fresh money to work in Apple during the third quarter even as they sold out of other high-flying tech companies, betting the iPhone maker’s stock would keep rising as strong growth overshadowed rising trade tensions between the United States and China,” Svea Herbst-Bayliss and David Randall report for Reuters. “The purchases, which were revealed in securities filings on Wednesday, may be leaving large investors with steep losses if Apple continues its more than 15 percent decline for the month so far.”
MacDailyNews Take: Only if they sell. (Hopefully their rules allow them to hold for a bit).
“Mutual fund giant Fidelity added 7 million shares, bringing its total holdings to 110.9 million shares,” Herbst-Bayliss and Randall report. “Janus Henderson Group added 3.3 million shares for a total of 20.8 million shares and J.P. Morgan Chase & Co boosted its holding to 42.7 million shares after adding 1.3 million. Philippe Laffont’s Coatue Management made a big bet by raising his exposure by 938 percent to 884,321 shares while Chase Coleman’s Tiger Global Management put on a new position to own just over 1 million shares.”
“Despite the steep declines in Apple, some hedge fund managers said that they are continuing to add to shares in the company,” Herbst-Bayliss and Randall report. “The moves into the shares of Apple came at a time when several prominent hedge funds were starting to shed their holdings of the FANG stocks – Facebook Inc, Amazon.com Inc, Netflix Inc, and Google’s parent Alphabet Inc.”
Read more in the full article here.
MacDailyNews Take: Now, bundle up, put on the tea kettle, and ride out the storm!
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