Selling when they could have been buying.
The period between April 26 and June 30 was not a good time to be closing out your Apple holdings. Not if you were an institutional investor hoping to participate in Apple’s latest $20 (18%) bounce.
In a note to clients Tuesday, Morgan Stanley’s Katy Huberty couched her critique of the buy side’s market timing in bubble wrap:
Ownership filings exiting 2Q16 suggest investors reduced exposure during the quarter and were not optimistically position when the company guided to a better-than-expected September quarter.
Not optimistically positioned, indeed!
In all, 1,015 funds trimmed their Apple holdings in the June quarter, according to SEC Form 13Fs filed this week, and 126 funds closed them out.
Here, in the order of shares sold, are the 12 biggest dumpers:
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- Most shares sold: 4.3 million by UK-based Lansdowne Partners, one of Europe’s oldest hedge funds, with $18 billion under management.
- Largest share sold: 12.9% of the holdings of Ziff Brothers, heirs to a fortune made in electronics and computer magazines, including PC Magazine and Computer Shopper.
Thanks to Whale Wisdom for the data.