It's no secret that Apple Inc. (NADSAQ:AAPL) is the No. 1 stock pick in the hedge fund industry. Let's take a look at one fund in particular that is bullish on the stock. Phil Gross and Robert Atchinson founded Adage Capital in 2001. The Boston-based firm manages money for endowments and foundations, with a focus on large-cap stocks. In reviewing the firm's latest 13F--a filing with the SEC that reveals the majority of its publicly owned securities--we have outlined Adage's top five holdings. Apple Inc. (NASDAQ:AAPL) makes up over 3% of Adage’s 13F portfolio and was its No. 1 stock pick as of its last filing. Apple has one of the industry's top balance sheets with a debt ratio (debt/assets) of 0%, compared to Microsoft (10%) and Google (7%). According to our analysis of the company's secret hedge fund, Apple Inc. (NASDAQ:AAPL) had about $7 billion in cash, cash equivalents, and short-term marketable securities on its last 10-K. The rest of the company's cash hoard (about $114 billion) is held in a number of different asset classes, including about 40% in corporate securities and 17% in U.S. Treasuries. With an annual dividend payout (2% yield) expected to total a bit below $10 billion this fiscal year, Apple does in fact have the capacity to boost shareholder wealth if it so desires. Two of Apple Inc. (NASDAQ:AAPL)'s hottest products should continue to help the company generate large amounts of cash. The tech company's iPhone saw its US market share increase to 48.1%, surpassing Android's 46.7% for the 12-weeks ending October 28, 2012, according to Kantar Worldwide. Meanwhile, the iPad represented 55% of all tablet shipments in 3Q 2012 according to ABI Research. Interestingly, billionaire Ken Fisher - founder of Fisher Asset Management - was upping his stake nearly 1000% last quarter (check out Ken Fisher's new picks). What company came in second?