Cliff Asness’ Short Position on AMC and His Top 5 Picks

1. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 131 

Apple Inc. (NASDAQ:AAPL) is a consumer electronics firm. Latest 13F filings show that AQR Capital Management owned 10.5 million shares of Apple Inc. (NASDAQ:AAPL) at the end of March 2022 worth $1.8 billion, representing 3.48% of the portfolio of the fund. The firm has been in the AQR portfolio since the third quarter of 2017. The hedge fund led by Asness decreased its stake in the tech firm by 5% in the first three months of 2022 compared to filings for the fourth quarter of 2021. 

On June 22, Bank of America analyst Wamsi Mohan maintained a Buy rating on Apple Inc. (NASDAQ:AAPL) stock with a price target of $200, noting that the app store revenue of the firm was growing.  

At the end of the first quarter of 2022, 131 hedge funds in the database of Insider Monkey held stakes worth $182 billion in Apple Inc. (NASDAQ:AAPL), compared to 134 in the previous quarter worth $186 billion.

In its Q4 2021 investor letter, Berkshire Hathaway highlighted a few stocks and Apple Inc. (NASDAQ:AAPL) was one of them. Here is what the fund said:

“Apple Inc. (NASDAQ:AAPL) – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job. It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple Inc. (NASDAQ:AAPL) shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple Inc. (NASDAQ:AAPL) products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.”

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