Apple was ranked the No. 1 "must-have" stock in the first quarter, according to Goldman Sachs' Hedge Fund Trend Monitor, which dissects 700 hedge funds with $1.25 trillion in equity assets. Apple was among the top 10 positions at 63 hedge funds as of March 31, heading the so-called VIP list. The maker of Mac computers, iPhones and iPads looks likely to repeat as the top company on Goldman's second-quarter VIP list.
Many hedge fund managers added to positions in Apple or established new holdings during the second quarter. On June 20, the stock fell to $310.50, its lowest point since November 2010. Since then, shares have rallied more than 20% through Monday, hitting a record high of $404.50 in late July after the company reported quarterly earnings results that blew past estimates.
Not all hedge funds were fans of Apple in the quarter, though. Some other fund managers bailed on the company during the second quarter, including Daniel Loeb with
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Here are the prominent hedge fund managers buying and selling Apple during the second quarter:
-- The New York-based fund, which employs a quantitative strategy, more than doubled its holding in Apple, finishing the quarter with 1.3 million shares.
-- The long/short hedge fund initiated a new stake in Apple, buying 500,000 shares.
-- The New York-based hedge fund manager, who used to work for Leon Cooperman at Omega Advisors, also started a new position in Apple, buying 482,000 shares.
-- A former student of legendary hedge fund manager Julian Robertson, Mandel bought 422,000 shares of Apple, taking his entire stake to nearly 2 million shares.
-- Based in Stamford, Conn., Cohen's active fund added 344,000 shares of Apple. SAC Capital owned more than 598,000 shares of the tech giant as of June 30.
Robert Citrone, Discovery Capital
-- The hedge fund, based in South Norwalk, Conn., counted Apple as its top position already before buying another 289,000 shares in the quarter. The hedge fund now owns 2.1 million shares of Apple.
Jeffrey Vinik, Vinik Asset Management
-- The Boston-based hedge fund known for its extreme secrecy picked up 257,000 shares of Apple to boost its stake to 850,000.
-- Einhorn's Greenlight Capital added to its established position in Apple by purchasing 240,000 shares in the second quarter, bringing its holding to nearly 1.1 million shares.
John Griffin, Blue Ridge Capital
-- Griffin's fund, which seeks absolute returns by using a long/short strategy, bought about 222,000 shares of Apple. Blue Ridge now owns 1.2 million shares of the company.
Ken Griffin, Citadel Advisors
-- The Chicago-based fund slashed its holding in Apple, selling 1.1 million shares. Citadel held about 800,000 shares of Apple as of June 30.
-- The long/short fund manager, based in New York, completely sold out of his position in Apple during the second quarter, dumping 200,000 shares.
-- The billionaire fund manager, who will close to outside investors this year, sold almost 160,000 shares of Apple, leaving him with about 71,000 as of June 30.
-- The New York-based hedge fund manager trimmed 100,000 shares from his position in Apple, bringing the fund's total position down to 1.9 million shares.
-- The global macro hedge fund, based in New York, dumped his entire position by selling about 97,000 shares of Apple.
-- Written by Robert Holmes in Boston
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