Apple Falling Out of Favor With Top Hedge Funds
One-time hedge fund darling Apple was dropped by more famous hedge fund managers in the first quarter, including John Griffin and Chase Coleman.
Shares of Apple were down $17.91, or 4 percent, in trading on the Nasdaq on Wednesday. The shares have fallen 40 percent from their all-time peak of $705.07 back in September.
Griffin's Blue Ridge Capital exited a position of 530,000 shares in the first quarter, according to a filing the firm made with the Securities and Exchange Commission on Wednesday. Coleman's Tiger Global Management sold 1.1 shares in the quarter.
Also, David Tepper's Appaloosa Management trimmed its Apple stake to 540,000 shares from almost 913,000 shares at the end of the fourth quarter.
The first-quarter moves followed substantial selling of Apple by leading funds in the fourth quarter as well, including Leon Cooperman's Omega Advisors and Barry Rosenstein's JANA Partners.