Apple top stock among top 50 hedge funds
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Apple top stock among top 50 hedge funds

Apple was the most-held stock among the top 50 hedge funds in the second quarter, while Wells Fargo & Co. and Merck & Co. were the companies most-owned by the biggest equity mutual funds, according to Citigroup ,as reported by "Bloomberg" (http://www.bloomberg.com/news/2011-09-07/apple-was-hedge-funds-most-owne...).

Apple has held the top position in the hedge-fund category since the third quarter of 2010, Tobias Levkovich, Citigroup’s chief U.S. equity strategist, wrote in a Sept. 6 note. It’s owned by 16 of the 50 largest U.S. hedge funds. Wells Fargo, based in San Francisco, and Whitehouse Station, New Jersey-based Merck were owned by 17 of the largest 50 mutual funds in the three months ended June 30.

“Apple retains the top spot for both growth and value hedge funds,” Levkovich wrote. “The overlap in top stocks for these two investment styles implies a degree of consensus within the hedge-fund world and possibly a break from some firms’ traditional investment styles.”

Apple has outperformed 99% of the 500 stocks in the Standard & Poor’s 500 Index since the start of the third quarter, returning 13% from June 30 through yesterday, notes "Bloomberg."

 

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