Not all growth mutual funds take a bite of Apple
Mutual fund managers are used to justifying why they invest in a particular stock. But the market impact of Apple Inc. is so great these days that some managers must explain why they don’t own the powerhouse stock, or why they own relatively little of it. Shares of the world’s most valuable company are up more than 40 percent this year, and the few large-growth funds that don’t count Apple among their top holdings are underperforming. Two Apple-averse managers explain why they’re remaining holdouts.