Fund managers unconvinced by Apple rebound as firm readies results
Published on Jul 22, 2014 6:50 AM
NEW YORK/SAN FRANCISCO (REUTERS) - Apple, once a can't-miss stock, is finding it tough to persuade portfolio managers to come back into the fold.
The company's shares are up 17 per cent for the year, nearly three times the performance of the benchmark Standard & Poor's 500 stock index over the same time.
Yet the company remains one of the most significantly underweighted stocks among large cap fund managers, according to a Goldman Sachs report.
Part of the reason for a lack of portfolio manager enthusiasm is that Apple no longer seems to be the hot growth company of old, fund managers say.
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