Apple’s 21% Rally Is Tough Pill for 295 Funds That Bailed
- Institutional investors have been cutting the stock since June
- Missing rally by the biggest stock latest blow to active funds
First Look at the New iPhone 7 and iPhone 7 Plus
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Apple Inc.’s third-quarter rally is unwelcome news to the unusually large swath of investors who have been giving up on the stock.
Shares of the iPhone maker have jumped 21 percent this quarter, trouncing the S&P 500 Index. At the same time, the number of its institutional owners has fallen 1.3 percent to 3,847 since June as 295 firms sold out of their positions entirely, a 28 percent increase from three months ago, according to regulatory filings compiled by Bloomberg.