Apple (AAPL) was the most sold stock in the second quarter by the largest hedge funds, primarily due to activist investor Carl Icahn's public exit from the stock. But Apple wasn't the only large stock that smart money dumped as it continued to flee equities last quarter.
The top 10 hedge funds had aggregated equity holdings of $150 billion at quarter's end, up from $141 billion in the first quarter, while the total number of stock positions held by all 10 hedge fund managers fell to 399 from 408, according to S&P Global Market Intelligence, in its quarterly hedge fund tracker. The report analyzed Securities and Exchange Commission 13F filings by the 10 largest hedge funds by asset size to spotlight big buying and selling trends.
Besides Apple, the technology and health care sectors overall had the biggest net sells from the top hedge funds, while stocks in the consumer discretionary sector were the most bought in the three months ending June 30, while the report said. The quarter saw buying in six of the 10 S&P sectors compared with net selling in nine of the 10 sectors in the first quarter.
Apple is a holding in Jim Cramer's Action Alerts PLUS charitable portfolio.
The smart money warmed up to Charter Communications (CHTR) . The cable service provider was the most-bought stock by the 10 largest hedge funds, including Third Point, Tiger Global Management, Glenview Capital Management and Lone Pine Capital.
Check out the other most-sold stocks last quarter.