“Apple Inc. was the second-most frequent stock to appear in hedge funds’ 10-biggest holdings as of the third quarter. And that’s caused quite a bit of pain. For their Apple investments, these funds have received a total return of 0% this year as of Nov. 19, according to Goldman Sachs’s Hedge Fund Trend Monitor,” Saumya Vaishampayan reports for MarketWatch. “The report looked at 783 funds with $1.7 trillion in gross assets.”
“Apple’s 0% total return for the period contrasts starkly with the other returns on the list,” Vaishampayan reports. “The most popular stock among hedge funds was American International Group, which posted a total return of 39%. Google Inc. came in third with a total return of 46%, General Motors Co. came in fourth with a total return of 34% and Citigroup Inc. came in fifth with a total return of 28%.”
“Stepping back, fewer than 5% of hedge funds beat the S&P 500 this year through the third quarter,” Vaishampayan reports. “Hedge funds on average returned 6% in 2013 through Oct. 31, compared with the S&P 500′s 25% in the same period.”
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