An Apple a day didn’t keep hedge funds from catching cold in October.
Apple shares have been one of the top holdings of hedge funds since 2001, particularly for the star hedgies.
But October’s 9.7 percent drop in Apple shares — triggered by concerns over supply shortages for the latest iPhone — dinged a number of funds.
Chase Coleman’s $8 billion Tiger Global and Lee Ainslee’s $10 billion Maverick Capital — both of which have Apple as a top position — were down for the month. Tiger Global fell 2 percent, while Maverick was down 2.17 percent through October 26, according to investors.
Apple was also one of the biggest positions of David Einhorn’s $7.7 billion Greenlight Capital, which lost 1.5 percent for the month, and one of the top losers for Dan Loeb’s $9.6 billion Third Point, but that fund managed a 2.6 percent gain for the month.
Hedge funds fell an average 0.52 percent last month, according to Hedge Fund Research’s global index.
Even with the October sniffles, Tiger Global is still up 20 percent for the year, while Maverick has gained 17.3 percent. Greenlight Capital rose 11.2 percent for the year, and Third Point was up 13.8 percent. The hedge funds all declined to comment.