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Apple Ownership Among Fund Managers Improves to a Record High

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© Reuters. BofA: Apple (AAPL), Fund Managers Increase to Record Levels

According to Wamsi Mohan, a Bank of America analyst, fund managers increased their Apple exposure in February.

This is an unprecedented record for ownership, with a leap of 701bps to 77%.

Mohan, a client note said that the rise in sales could be attributed to Mohan’s flight to safety amid a volatile macro-economic environment.

Elsewhere, Amphenol Corp Stock ownership rose by 716bps, or 21.1%. However, Dell Technologies Inc (NYSE 🙂 ownership declined by 47bps to 6.0%. Mohan however notes that the stock is still under-owned despite its relative overweighting.

“We highlight under-ownership opportunity at (6.0%), DELL (6.0%),  (14.0%), and  (21.1%), despite over-weighting (1.55x/1.68x/1.79x/2.30x). We highlight , , , and  as both underweight and under-owned,” the analyst added.

On a sector basis, Mohan notes that Electronic Equipment Instruments & Components are overweight both relative to the S&P and to the tech sector in general. On the other hand, IT Hardware Storage & Peripherals are underweight to both S&P and tech.

By Senad Karaahmetovic

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