Appaloosa unloads all Apple shares as other hedge funds trim position

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Another big investment fund is breaking up with Apple. According to a U.S. Securities and Exchange Commission filing, David Tepper's Appaloosa Management has reduced its position in the iPhone maker to zero, mirroring a recent move by high-profile investor Carl Icahn.

Appaloosa dumped more than 1.26 million shares of Apple common stock worth about $133 million at the end of 2015, SEC documents show. BusinessInsider spotted the selloff earlier today.

Tepper isn't the only investment manager who shored up assets on the heels of Apple's first year-over-year revenue decline in more than a decade. Bridgewater Associates, which last cycle raised its stake in Apple, sold off 221,452 shares to end March with 106,000 shares worth $11.6 million.

Two weeks ago, Icahn announced that he no longer owns Apple shares, citing Chinese market risks. In particular, the investor is concerned that the country's economy and strict government policies might make things difficult for Apple, which is looking at China as a major growth opportunity.

Despite Wall Street doom and gloom, massive funds like BlackRock, whose co-founder and current COO Susan Wagner serves on Apple's board, and Vanguard upped their holdings in the company over the course of the most recent quarter. Hedge fund manager David Einhorn also voiced support, saying he sees 'tremendous value' in Apple stock. Einhorn's Greenlight Capital still holds a position in Apple, but the exact amount is unknown as the fund has yet to file a holdings report for the March quarter.

Last month, Apple posted its first quarterly revenue decline in 13 years on disappointing iPhone sales. Of note, revenue generated by Greater China slumped to roughly $12.5 billion in the three-month period ending in March, down 26 percent year-over-year.