"(Apple's) growth doesn't look that exciting when we can buy into a company that is growing 15 to 25 percent," he said. Aylesworth noted he has positions in companies such as SanDisk and Netflix, both of whose revenue has grow by 10 percent or more in their most recent quarters.
Apple is the largest holding in the $622 million Buffalo Growth Fund, where co-portfolio manager Chris Carter said the company's smartphone business should provide sustainable profit increases.
But Carter said Apple's slowed growth in recent years is a factor "potentially scaring off some growth managers," while its dividend may not be enough to attract value managers.
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Apple's forward price-earnings ratio, which is somewhat reflective of expectations of slowing growth, stands at below 14, compared with the nearly 82 that ultra-growth stock Netflix commands.
Some investors on Wall Street, who point to statements by Apple executives, are not as downbeat. Apple Chief Executive Tim Cook has promised new "product categories" for 2014, while Senior Vice President Eddy Cue said in May that the company's pipeline was the best he has seen in his 25 years at the company.
Many investors expect Apple to make a play for the wearable device market with a smart watch. Analysts also expect the company to introduce two versions of its smartphone this fall, including a 5.5-inch model that thrusts Apple into the market for larger-sized phones that rival Samsung helped popularize