Were Hedge Funds Right Betting On These Tech Stocks in Q4?

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#1 Apple Inc. (NASDAQ:AAPL)

Hedge Funds with Long Positions (as of September 30): 133

Fourth-quarter Return: -4.10%

Apple Inc. (NASDAQ:AAPL) was the second most popular stock pick among the hedge funds tracked by Insider Monkey at the end of the third quarter. The iPhone maker had a slightly disappointing fourth-quarter in terms of stock performance, as its shares slid 4% during the three-month period. The increased worries about Apple’s high reliance on iPhone sales and supersaturation in the smartphone market has pushed the stock below $100.

It is true that the company’s iPhone sales will not grow forever, so investors’ increased concerns seem to be legitimate. Nonetheless, it is highly unlikely that Apple will focus on its iPhone sales endlessly, so one should anticipate new innovations from the highly-successful company. One should also keep in mind that Apple is currently building its “spaceship” campus in Cupertino, so it is quite clear that this company will aim high in the upcoming years. Meanwhile, the upcoming release of the iPhone 7 will surely shed some light on the direction of Apple’s iPhone sales for the next couple of years. Billionaire Carl Icahn of Icahn Capital LP holds a 52.76 million-share position in Apple Inc. (NASDAQ:AAPL) as of September 30.

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Disclosure: None

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