“For portfolio managers Apple Inc.’s swooning stock price has been felt far and wide,” Steven Russolillo reports for The Wall Street Journal.

“At the end of the third quarter — less than two weeks after Apple shares touched record highs above $700 — some 77% of large-cap growth managers had more than 5% of their portfolios weighted in Apple, according to eVestment, a provider of institutional investment data,” Russolillo reports. “While eVestment’s data for the fourth quarter aren’t available yet, analysts assume many of these managers were not only hurt by the stock’s big tumble, but also trimmed some of their stakes in the final three months of the year. Shares fell 20% during the fourth quarter and through Monday’s close are down 36% from record highs.”

Russolillo reports, “Investors large and small are wrestling with what could be a watershed moment for Apple. In many fund managers’ eyes, the recent decline could mark Apple’s transformation from a high-flying growth stock to a more plodding value stock. Earlier this month, data from Sanford C. Bernstein & Co. showed growth investors have been moving out of Apple for the past year, while value investors have found the stock more attractive.”

Read more in the full article here.