I hope this helps. Right now AAPL is going from a growth stock to a value stock. Fund Managers and Institutional Investors adjust accordingly. Most of the daily volume ( 70-80 Percent ) is of Institutional origin. Also AAPL is in a period of consolidation. How long will it take is anyone's guess. I was short AAPL after they put a price target of $1000 per-share. As this has been the down fall of endless stocks. Analyst struggle getting it right. Good luck with your investments.
I think you are right. Fund manager had way too much Apple in their portfolios. So they must be the ones who brought Apple down $270 including this latest drop to $435. But other fund managers will/have started buying starting @ $435s.