'We're 100 percent out of Apple': Hedge-fund manager

Apple's iPhone is losing the smartphone wars in emerging markets, Light Street Capital Management founder Glen Kacher said Friday.

"We sold our Apple a few days after they showed the new iPhones," he said. "We just didn't think they were compelling enough."

Apple announced its new flagship iPhone 5s, along with a lower-cost iPhone 5c, on Sept. 10, to mixed reviews.

On CNBC's "Fast Money," Kacher said that the phone failed to impress, especially when compared to smartphones that run Google's Android operating system, such as those from Samsung and other manufacturers.

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"Particularly, there's not a large-screen iPhone that's really there to compete with the Galaxy or the Note," he said. "We'd like to see a 5½-inch screen larger phone. And the Apple 5c, the more affordable phone, is 20 percent less than the more expensive one on a non-subsidized basis. This is just not cheap enough to be interesting in Asia and other emerging markets."

Kacher said that he had completely liquidated his Apple stock.

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"I've owned it steadily from the day I started the fund three years ago," he said. "We've taken it up and down at different points in time, but we're 100 percent out of the stock."

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Asked whether he believed that Apple's iPhone remained a powerful brand, Kacher said, "They may be strong … but there's no question Android is winning globally. And it's definitely winning in Asia. There's no question about it.

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"When we go in and we meet with management teams, we used to see a lot of Apple devices and now it's Samsung devices, left and right, as well as really interesting firms such as Xiaomi in China."

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

Trader disclosure: On Sept. 20, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Stephen Weiss is long calls AAPL; Stephen Weiss is long FB; Stephen Weiss is short JCP; Josh Brown is long AAPL; Josh Brown is long DXJ; Josh Brown is long DDD; Josh Brown is long SSYS; Josh Brown is long VGK; Pete Najarian is long calls AAPL; Pete Najarian is long calls C; Pete Najarian is long calls JPM; Pete Najarian is long calls INTC; Pete Najarian is long calls YHOO; Pete Najarian is long calls BBRY; Pete Najarian is long calls MSFT; Pete Najarian is long SBUX; Pete Najarian is long FB.