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This Fund Dumped Apple, Replaced It With Skechers USA, Lantheus Holdings, and More

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Lucus Advisors runs three different funds for meeting the requirements of different clients. It mainly invests using event-driven philosophy. Its funds are well diversified and hold interests in a wide range of industries. 32% of its portfolio is invested in Healthcare sector stocks while Consumer Discretionary sector accounts for 14% of the portfolio.

In this article, we will discuss the fund’s approach towards some prominent stocks. The fund liquidated its position in Apple Inc. (NASDAQ:AAPL) during the September quarter. At the very same time, it opened positions in diversified range of stocks such as Skechers USA Inc. (NYSE:SKX), Lantheus Holdings Inc. (NASDAQ:LNTH), OMNOVA Solutions Inc. (NYSE:OMN) and Community Health Systems (NYSE:CYH).

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Apple Inc. (NASDAQ:AAPL) stock gained 1.42% this year so far. However, the stock also offers healthy dividend yield of 2.09%. It accounted for 0.28% of the portfolio of Lucus Advisors for June quarter. For the quarter ended on 30th September, 2016, the investment fund liquidated its holding of the stock by selling 3,632 shares. Apple shares gained 18.9% during the third quarter and Lucus Advisors must have thought the shares reached their fair value or they saw better value elsewhere.

Of the hedge funds in our database, 116 funds currently hold $10.67 billion worth of Apple shares in their portfolio at the end of the June quarter, which equals to 2% of the outstanding shares. Apple recently announced its quarter earnings at $1.67 per share, beating consensus estimate of $1.66 per share. However, it also reported revenue decline on year over year basis for the third straight quarter. Apple’s revenue stood at $46.9 billion, marginally behind of expectations of $46.94 billion. For knowing more about VR headsets compatible with Apple, read our guide here.

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Skechers USA Inc. (NYSE:SKX) stock declined 35% in this year so far. However, Lucus Advisors initiated the position in the stock by buying 20,000 shares during the quarter ended on 30th September, 2016. The fund held $458,000 worth of Skechers USA stock at the end of the quarter, forming 0.39% of its portfolio. Among the funds we track, 27 funds held $424 million worth of Skechers USA’s stock in aggregate at the end of June, having amassed 9% of its outstanding stock. Skechers USA stock recently received initial rating of Neutral from wedbush. The target price for the stock has been set at $23. The analyst said that despite stagnating sales in the domestic market, the company is seeing increase in its overseas revenue.

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