Bailard reduced his portfolio from $504 million at the end of June to $433 million at the end of the third quarter. Bailard also reduced the number of his positions. He had had 215 positions at the end of June and now has just 186 positions. Bailard has sold out Eli Lilly & Co (LLY) and Costco (COST). It seems Bailard made the right decision to sell these two stocks. LLY returned 3.18% and COST returned 3.15% since the end of September, both underperforming SPY by eight percentage points. Bailard also slashed his stake in PPL Corp (PPL), Alkermes Inc (ALKS), Mack Cali Realty Corp (CLI), and Insulet Corp (PODD).
Bailard increased his position in Apple Inc (AAPL). Bailard disclosed to own $4.9 million worth of the stock at the end of September, up 111% from the end of June. Though AAPL only returned 1.97% since the end of September, the stock has a YTD return of 17.98%, beating the SPY by 11 percentage points. Bailard also upped his stake in Pfizer Inc (PFE) by 489% to $2.1 million. PFE returned 13.54% since the end of third quarter.
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