“For the first quarter of 2013, 148 top-tier hedge funds held shares of the Cupertino-based Apple in their equity portfolios, the same number that were long at the end of 2012. While the hedge fund industry is over 8,000 funds large in its entirety, we at Insider Monkey track the best of the best: 500 funds in total,” Meena Krishnamsetty and Jake Mann report for MarketWatch.
“This aggregate vote of confidence (see the 10 most popular stocks among hedge funds) comes one day after many members of the media—and investors—reacted prematurely to individual hedge fund managers’ 13F filings, which indicate large investors’ stock picks on a quarterly basis,” Krishnamsetty and Mann report. “Shares of Apple fell by 3.4% yesterday, as reports trickled in that the likes of David Tepper’s Appaloosa Management, Julian Robertson’s Tiger Management, and George Soros’ Soros Fund Management, among others, had either sold off their entire positions, or made significant cuts.”
Krishnamsetty and Mann report, “Never mind that this group of money managers is just a drop in the bucket in comparison to the industry’s entire interest in Apple. Never mind that many prominent funds, like David Einhorn’s Greenlight Capital and Ken Fisher’s Fisher Asset Management, to name a couple, were bullish on the stock last quarter… After Mr. Tepper’s captivating CNBC interview earlier this week, in which he cited a lack of ‘revolutionary’ behavior as a reason for his decision to cut 372,661 shares of Apple, it appears that the markets have improperly placed their focus on the most highly televised move. That is a mistake.”
Read more in the full article here.
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