“Active managers in both the mutual and hedge fund industries are badly underperforming their peers, and they have a mutual malady: heavy ownership of flailing tech giant Apple.
The Cupertino, Calif.-based maker of electronic gizmo wizardry is the fourth-most owned company by the top 50 mutual funds and the fifth-most owned by hedge funds.
With Apple shares down 16 percent this year, it’s played a heavy role in the inability of active managers to beat the basic Standard & Poor’s 500 benchmark….”
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