Apple Inc, once the apple of the eye of many hedge funds has recently been dropped by some named hedge fund managers in the first quarter of 2013. The hedge fund managers include John Griffin and Chase Coleman.
Share prices of Apple continued on their decline, down 4% or US$17.91 in trading on the Nasdaq last Wednesday. Overall, the once most valuable company in the world has share prices fall by as much as 40%. Its all time peak was at US$705.07 last September.
Amongst the firms divesting their shares is Griffin's Blue Ridge Capital, which sold off 530,000 shares in the first quarter according to documents filed by the hedge fund firm with the SEC. Tiger Global Management, which Chase Coleman heads, sold off 790,000 shares in the quarter, retaining just 260,000 shares in its portfolio.
Another firm, David Tepper's Appaloosa Management lowered its shareholdings to 540,000 shares from 913,000 just last quarter. Other firms that have divested or lowered their interests are Leon Cooperman's Omega Advisors and Barry Rosenstein's JANA Partners.
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