Apple Was Most-Owned Stock Among Hedge Funds in Q2

Shares in Apple Inc. were the most-owned stocks among hedge funds, according to a Citigroup analyst. In a report, Citigroup’s chief U.S. equity strategist, Tobias Levkovich, said that AAPL was owned by 17 of the top 50 hedge funds in the second quarter of 2011.

Wall Street Loves Apple

Apple on Wall Street

The analyst noted that Apple has held this position since the third quarter of 2010, according to Bloomberg. While Apple is the darling of the hedge funds, banking firm Wells Fargo and pharmaceutical giant Merck & Co. were the most-owned stocks among mutual funds, which outnumber hedge funds many times over.

“Apple retains the top spot for both growth and value hedge funds,” Mr. Levkovich wrote. “The overlap in top stocks for these two investment styles implies a degree of consensus within the hedge-fund world and possibly a break from some firms’ traditional investment styles.”

The analyst also pointed out that AAPL has outperformed 99 percent of the S&P 500 since the beginning of the second quarter, having gained 13% from June 30th to September 6th (It’s actually 13.1%).

AAPL moved higher on Wednesday, ending the day at US$383.93, up $4.19 (+1.10%), on light volume of 12.47 million shares trading hands.

Image made with help from iStockPhoto

*In the interest of full disclosure, the author holds a tiny, almost insignificant share in AAPL stock that was not an influence in the creation of this article.