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).
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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.