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Apple (AAPL) Holding Slashed By Giovine Capital But Remains Fund’s Top Pick For Q3

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Giovine Capital is a hedge fund that was founded in 1998 by Thomas A. Giovine, who is also the current manager. Giovine was previously an employee of Morgan Stanley, which he later left to found Giovine Capital. The fund boasts a diversified portfolio valued at $141.34 million according to its 13F filing with the U.S. Securities and Exchange Commission, covering the period of June 30, 2015. This represents a $41.47 million drop compared to its public equity portfolio’s value at the end of the first quarter of 2015. The fund has $283.42 million in assets under management. In this article, we will look at the fund’s top three holdings at the end of the second quarter, which are Apple Inc. (NASDAQ:AAPL), Masonite International Corp (NYSE:DOOR), and Impax Laboratories Inc (NASDAQ:IPXL).

Apple AAPL iphone-4

At Insider Monkey, we track hedge funds’ moves in order to identify actionable patterns and profit from them. Our research has shown that hedge funds’ large-cap stock picks historically underperformed the S&P 500 Total Return Index by an average of seven basis points per month between 1999 and 2012. On the other hand, the 15 most popular small-cap stocks among hedge funds outperformed the S&P 500 Index by an average of 95 basis points per month (read the details here). Since the official launch of our small-cap strategy in August 2012, it has performed just as predicted, returning over 132% and beating the market by more than 65 percentage points. We believe the data is clear: investors will be better off by focusing on small-cap stocks utilizing hedge fund expertise (while avoiding their high fees at the same time) rather than large-cap stocks.

According to Giovine Capital’s 13F filing, the technology giant Apple Inc. (NASDAQ:AAPL) emerged as its biggest holding, with the fund owning a total of 48,754 shares of the company, with a market value of $6.12 million, representing a 14% drop compared to its position at the end of the first quarter. Its ownership in the Cupertino, California-based company represents 4.33% of its 13F portfolio. The iPhone maker has had some challenges on the stock market after it released lower than expected iPhone sales numbers in its most recent earnings report, seeing the stock drop by up to 14% in just two weeks. The disappointment came as a result of its iPhone sales registering a drop in sales in both China and Japan, which have been some of the top new markets for the company’s flagship product, particularly the large screen iPhone 6 and iPhone 6 Plus. At the end of the second quarter, Fisher Asset Management, led by Ken Fisher, held a total of 11.01 million shares of Apple Inc. (NASDAQ:AAPL) with a market value of $1.38 billion after purchasing 201,769 shares of the stock during the second quarter.

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