#3. Gilead Sciences Inc. (NASDAQ:GILD)
– Shares owned by Winton Capital Management as of March 31: 1.23 Million
– Value of Winton Capital Management’s holding as of March 31: $112.78 Million
David Harding’s investment firm had 1.23 million shares of Gilead Sciences Inc. (NASDAQ:GILD) in its portfolio at the end of March, 32,131 shares less than at the end of December. The trimmed position was valued at $112.78 million on March 31. The shares of the California-based drug maker are down 22% thus far in 2016. The decline appears to reflect investor worries around the biopharmaceutical company’s two hepatitis drugs, Sovaldi and Harvoni. U.S. net product sales of Harvoni in the first quarter of 2016 were $1.4 billion, down from $3.0 billion posted a year ago. The decline was mainly driven by lower average net selling price and lower demand due to a reduced number of patients starting treatment. Meanwhile, overall first-quarter net product sales of Sovaldi, which accounted for 18% of the company’s total antiviral product sales in the first quarter, grew 31% year-over-year to $1.28 billion. John Armitage’s Egerton Capital Limited reported owning 4.52 million shares of Gilead Sciences Inc. (NASDAQ:GILD) in its latest 13F filing.
#2. Apple Inc. (NASDAQ:AAPL)
– Shares owned by Winton Capital Management as of March 31: 1.09 Million
– Value of Winton Capital Management’s holding as of March 31: $118.65 Million
Winton Capital Management also trimmed its position in Apple Inc. (NASDAQ:AAPL) by nearly 53,000 shares during the first three months of 2016, ending the March quarter with 1.09 million shares valued at $118.65 million. Apple has seen the value of its shares fell by 12% since the beginning of 2016, thanks to worries over the company’s slowing iPhone sales. Apple recently reported the first year-over-year revenue decline since 2003, as iPhone sales, the largest contributor to the company’s top line, fell 18% year-on-year. Some argue that the decline in iPhone sales could be attributed to consumers’ desire to buy the upcoming iPhone 7. Numerous individuals bought the iPhone 6 on a two-year contract in September 2014, so this group of iPhone users may seek for an upgrade this September. Apple’s rumored involvement in the driverless car industry may serve as a longer-term catalyst for the iPhone maker. Warren Buffett’s Berkshire Hathaway added a 9.81 million-share stake in Apple Inc. (NASDAQ:AAPL) during the first three months of 2016.
#1. International Business Machines Corp. (NYSE:IBM)
– Shares owned by Winton Capital Management as of March 31: 1.13 Million
– Value of Winton Capital Management’s holding as of March 31: $170.94 Million
International Business Machines Corp. (NYSE:IBM) was the largest equity holding in the British investment firm’s portfolio at the end of the March quarter, constituting 1.9% of the firm’s entire portfolio. The asset manager cut its IBM stake by 20% during the January-to-March quarter to 1.13 million shares, which were worth $170.94 million on March 31. IBM shares have advanced by almost 5% since the start of 2016, but analysts believe the stock has more room to run ahead. In late March, analysts at Morgan Stanley reiterated their “Overweight” rating on IBM and increased their price target to $168 from $140, saying that IBM shares could soar to $195 should investors comprehend the potential of the company’s artificial intelligence service called Watson. IBM pays shareholders an annual dividend of $5.20 per share, which equates to an attractive dividend yield of 3.86%. The Oracle of Omaha had a whopping 81.23 million shares of International Business Machines Corp. (NYSE:IBM) in his portfolio at the end of March.