Top Hedge Funds Rack Up $2 Billion in Losses on Their Apple Holdings

(Bloomberg) -- Eight hedge funds that own large stakes in Apple Inc. have seen the value of their holdings plunge about $2.13 billion since the company cut its revenue outlook.

AQR Capital Management saw its holdings decline by about $732 million on Thursday as the stock slid as much as 9 percent. The firm held 8.8 million shares as of Sept. 30, according to data compiled by Bloomberg.

Adage Capital Management’s stake dropped by almost $500 million. Apple was the firm’s biggest holding as of Sept 30. It held about 6 million shares valued at $1.35 billion on that date.

The calculations assume that the hedge funds held the same number of shares today as they did on Sept. 30.

--With assistance from Hema Parmar.

To contact the reporters on this story: Alan Mirabella in New York at amirabella@bloomberg.net;Brandon Kochkodin in New York at bkochkodin@bloomberg.net

To contact the editors responsible for this story: Margaret Collins at mcollins45@bloomberg.net, Vincent Bielski

©2019 Bloomberg L.P.