Three big-name mutual funds loaded up on Apple stock in the third quarter, while bailing out of the other big names in tech —a move which is now setting up investors for short-term loss from shareholder sell-off.
J.P. Morgan Chase & Company added 1.3 million shares in the third calendar quarter, climbing the total held to 42.7 million. Janus Henderson purchased 3.3 million shares for a total of 20.8 million. The biggest buyer of the three was Fidelity, with it growing its total to 110.9 million shares, adding seven million shares in the quarter.
Even smaller funds got in the act. Coatue Management grew its Apple stock holdings to over 884,000 shares, and Tiger Global Management now has over one million shares. Warren Buffett’s Berkshire Hathaway increased its position in Apple by 522,802 shares as well.
The moves came at the same time that funds were starting to ditch other tech firms in general because of over-exposure and concerns about the so-called FAANG stocks. The FAANG stock grouping consists of Facebook, Amazon, Apple, Netflix, and Alphabet which was called Google when the name was originally applied.
Read more at AppleInsider.com