Another investment fund is selling its holdings in Apple. According to a filing with the US Securities and Exchange Commission, Appaloosa Management has just reduced its holdings in the iPhone maker to nothing, echoing recent moves by well known investor Carl Icahn.
Appaloosa sold off more than 1.26 million shares of the Cupertino-based company’s stock, worth around $133 million at the end of 2015, the SEC documents indicate.
Several weeks ago, Icahn also announced that he doesn’t own any Apple shares, citing risks in the Chinese market. The investor stated he was especially concerned that the country’s economy and government policies could make things difficult for the firm, which is eyeing up China as a major growth opportunity.
In the face of Wall Street’s doom and gloom, large funds like BlackRock, whose COO and co-founder is on the Apple board, and Vanguard, have increased their holdings in the company over the most recent financial quarter. Hedge fund manager David Einhorn has also indicated his support saying that there is “tremendous value” in Apple stock. His firm Greenlight Capital still has a position in the company but the precise amount is unknown because the fund hasn’t yet filed its holding report for the March quarter.
Last month, Apple posted the first quarterly decline in revenue in 13 years on the back of disappointing iPhone sales. Revenue from Greater China also fell to $12.5 billion in the three months to March, which was a fall of 26 percent year over year.
Larry Banks is a keen follower of technology and finance. He has worked for a variety of online publications, writing about a diverse range of topics including mobile networks, patents, and Internet video delivery technologies.