The world's largest company by market value may still be under-owned by investors.
Apple is crushing the market this year. The company's stock is up 32 percent year-to-date through Friday compared with the S&P 500's 6 percent return in the same time period, ballooning its market value to nearly $800 billion.
Yet Apple, on average, makes up just 1.3 percent of the portfolios of global active fund managers, according to UBS. That's well below its average weighting of 2 percent in global indexes like the S&P 500 that they benchmark against, according to UBS. The company's weighting in the S&P 500 is even higher, at about 4 percent.