Apple Ownership Among Fund Managers Improves to a Record High - BofA
Fund managers have dramatically increased their exposure to Apple (NASDAQ: AAPL ) in February, according to Bank of America analyst Wamsi Mohan.
The ownership soared by 701bps to 77.7%, which is a new record high.
We attribute the increase to a flight to safety in a choppy macro-economic environment, Mohan said in a client note.
Elsewhere, Amphenol Corp (NYSE: APH ) ownership surged the most - by 716bps to 21.1%. On the other hand, ownership of Dell Technologies Inc (NYSE: DELL ) declined 47bps to 6.0%, although Mohan notes that the stock remains under-owned despite relative overweighting.
"We highlight under-ownership opportunity at HPE (6.0%), DELL (6.0%), TEL (14.0%), and APH (21.1%), despite over-weighting (1.55x/1.68x/1.79x/2.30x). We highlight IBM , GLW , WDC , and STX 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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