Whitney Tilson Sells Apple Stake

NEW YORK ( TheStreet) -- Noted hedge fund manager Whitney Tilson has bailed out of Apple ( AAPL), for a loss, according to his 14th annual investment letter, a copy of which was obtained by TheStreet.

"Since I took over as sole portfolio manager seven months ago, I have purchased/repurchased only eight stocks, seven of which have risen - and are currently the seven largest positions in the fund (we took a small loss on Apple, which I sold)," wrote Tilson, famous for both short and long positions he has taken on Netflix ( NFLX) among many other names.

Tilson, who started T2 Partners with Glenn Tongue, split away from Tongue, and formed his own fund, Kase Capital, taking over as sole portfolio manager seven months ago. Kase stands for the first letters of the first name of the four most important people in Tilson's life: his wife, Susan, and three daughters, Alison, Emily, and Katharine.

Tilson also gave details on his largest long positions in his portfolio, with Berkshire Hathaway ( BRK.A) continuing to account for the largest position in the fund. Rounding out the top five positions are AIG ( AIG), Howard Hughes ( HHC), Citigroup ( C), and Goldman Sachs ( GS).

In addition to listing his long positions in the letter, Tilson also noted that he is short eight positions, including InterOil ( IOC), Nokia ( NOK) and K-12.

A call to Tilson was not immediately returned.

-- Written by Chris Ciaccia in New York

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