Computer geeks and electronics freaks are not the only ones applauding Apple’s new line of iPods, a new device for the Internet-television market, and other products trotted out by CEO Steve Jobs on Wednesday.
Many of the most prominent hedge funds managers are calling their stock holding the “I-Profit.” For at least the second straight quarter, the maker of I-Everything was clearly the most popular top holding among the smart money set.
At the end of the June period, at least six managers counted Apple as their single largest holding, including John Griffin’s Blue Ridge Capital, Ken Griffin’s Citadel and Stanley Druckenmiller’s Duquesne Capital, who increased his stake in the iconic electronics gadget maker by 57 percent. Jennison Associates and Kleinheinz Capital Partners also continued to count Apple as their largest holding.
In addition, Eric Mindich’s Eton Park and David Einhorn’s Greenlight Capital took new positions in Apple in the second quarter, although neither of them were large positions.
Also, Jeff Vinik’s Vinik Asset Management listed Apple as his second largest holding while David Shaw’s D.E. Shaw counted Apple as its third largest position. However, at the end of the first quarter, Apple was its largest equity holding.
So far this quarter, however, Apple has been a losing bet. Despite its 2.4 percent climb on Wednesday, the stock is still down more than 3 percent since June 30.
However, for the year, it is still one of the most profitable trades — up more than 17 percent.
