Berkshire Hathaway wasn’t the only fund snapping up Apple

Warren Buffett made the big headlines, but not the biggest buys.

These were last quarter’s top Apple bulls:

And these were the biggest Apple bears:

Not seeing the interactive charts? Try the website.

The data come from the SEC Form 13F all funds with $100 million in assets under management are required to file each quarter. Thanks to Whale Wisdom‘s Daniel Collins for assembling it.

3 Comments

  1. Fred Stein said:
    Starting in early CY 2013 the weekly trading volume in AAPL has declined steadily (with a few short hiccups.) As BH and Apple and other buy-and-hold investors buy AAPL, it becomes safer.

    2
    August 16, 2016
  2. Robert Paul Leitao said:
    I believe it’s important to keep in mind the biggest buyer of Apple shares at this time is Apple itself. It became obvious following the release of March quarter results and June quarter guidance in late April the year-over-year decline in iPhone unit sales would not be encapsulated in the March quarter as management suggested in late January.

    Year-to-date, the share price peaked above $112 in mid-April, about two weeks before the release of June quarter guidance. The low point for the year was in mid-May, about a month after the share price peaked and following the release of June quarter guidance. Since the release of June quarter results and September quarter guidance the share price has moved steadily higher and is now moving within range of the year-to-date high.

    Why all this matters is because the change in institutional holdings depicted in the graphs occurred in the period in which there was heavy selling pressure on the shares.

    The primary driver of Apple’s share price appreciation is net income growth and in what may be a fairly brief period of revenue and net income decline it’s not surprising several institutions significantly changed their positions in the company. Some may have sold realizing net income growth would continue to decline beyond the March quarter while other institutions chose to take advantage of a long-term opportunity as the share price headed south beginning in late April.

    As Apple continues to reduce the fully diluted share count and over the next few quarters returns to a cycle of net income growth, it will be interesting to see if many of the institutions that closed or reduced their positions in the June quarter increase their positions or begin new positions as we move through the balance of the calendar year and Apple brings updated products to market this fall.

    2
    August 17, 2016

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