Apple is going to need to wow major investors at its event Wednesday if it wants to turn around a trend in which the biggest global funds have been offloading Apple shares.
New data from eVestment show that institutional investors across a variety of groups sold Apple in the second quarter. The drop in Apple's ownership was bigger than any other major stock.
Apple may still be the third most widely held stock in eVestment's database, but it's now only held by 20.42 percent of all funds, a drop from 20.83 percent a quarter ago. That contrasts with increases in ownership for other tech companies like Facebook and Amazon.