Funds Impacted by Apple Stock Drop
Mutual fund investors have enjoyed a nice New Year's bounce and Apple's fall may just receive a passing glance. But do you know how many funds own shares of Apple?
In recent years Apple has grown so large that it is a major component of both the Dow Jones Industrial Average and the S&P 500 indexes. This makes it automatically a holding in S&P 500 Index Funds as well as most large-cap stock Exchange Traded Funds (ETFs). As reported by MarketWatch, Apple shares are held by more than 5000 mutual, index and exchange traded funds worldwide, according to data compiled from Factset.
Among the most popular funds with significant exposure to Apple stock is Fidelity Contrafund (FCNTX) with approximately 11% of its portfolio in Apple shares. Check the MarketWatch article for a list of mutual funds and ETFs with shares of Apple stock representing more than 15% of each respective fund portfolio.
However there is some consolation for people who hold S&P 5oo Index funds: The S&P 500 was at roughly 0.01% gain on Thursday, when Apple declined 12%. Although Apple has performed quite well long-term, today's lesson is one large feather in the cap of diversification with mutual funds. Also, those who hold FCNTX, the fund only declined 0.33% Thursday.