Were These Investors Apple’s Weak Link?
Similarly, the Fundamental Investors fund’s stake of about 1.9 million Apple shares worth $1.1 billion dollars used to make up 2.3 percent of its portfolio. At the end of the year, that was down to 1 percent, made of 934,000 Apple shares worth half a billion dollars. Amcap Fund more than halved its stake to 360,000 shares, or 0.75 percent, from August to December, while the New Economy Fund cut Apple short to 0.26 percent as of December 31 from 4 percent on May 31. New Economy Fund instead invested big in Facebook (NASDAQ:FB).
According to Morningstar data, Apple was among the top 10 holdings in more than 1,000 mutual funds last year, up from just 11 in 2002. “We’ve never seen another company have as big an impact” on overall market returns, S&P Dow Jones Indices analyst Howard Silverblatt told MarketWatch.
Don’t Miss: Are Apple Analysts Getting a Reality Check?