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Multiple Headwinds Impacted Apple (AAPL)’s Performance in the Second Quarter

·2 min read

Alger Capital, an investment management company, released its “Alger Spectra Fund” second quarter investor letter. A copy of the same can be downloaded here. Class A shares of the fund in the second quarter underperformed the Russell 3000 Growth Index. Communication services and material sectors significantly contributed to the fund’s relative performance, while Consumer discretionary and energy sectors were the major performance detractors. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

In the second quarter investor letter, Alger Capital discussed stocks like Apple Inc. (NASDAQ:AAPL). Apple Inc. (NASDAQ:AAPL) is a multinational technology company headquartered in Cupertino, California. On August 31, 2022, Apple Inc. (NASDAQ:AAPL) stock closed at $157.22 per share. One-month return of Apple Inc. (NASDAQ:AAPL) was -5.18% and its shares gained 2.32% of their value over the last 52 weeks. Apple Inc. (NASDAQ:AAPL) has a market capitalization of $2.527 trillion.

Here is what Alger Capital specifically said about Apple Inc. (NASDAQ:AAPL):

"Apple Inc. (NASDAQ:AAPL) is a leading technology provider in telecommunications. computing and services. Apple's iOS operating system is the company's unique intellectual property and competitive strength. This software drives extremely tight engagement with consumers and enterprises. The engagement is fostering the growing purchase of high-margin services like music, apps, and apple pay. Apple's shares detracted from performance as management lowered its guidance for the second quarter due to headwinds from the war in Ukraine, adverse foreign currency shifts, and dampened consumer demand associated with the coronavirus in China. Additionally, many investors were concerned that lockdowns implemented to curtail the spread of COVID-19 would impact production of apple products, however the manufacturing facilities have resumed activity."

Apple Inc. (NASDAQ:AAPL), Apple Inc (AAPL)

Copyright: dennizn / 123RF Stock Photo

Apple Inc. (NASDAQ:AAPL) is in 9th position on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, Apple Inc. (NASDAQ:AAPL) was held by 128 hedge fund portfolios at the end of the second quarter, which was 131 in the previous quarter.

We discussed Apple Inc. (NASDAQ:AAPL) in another article and shared the stock picks of McKinley Capital Management. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.

Disclosure: None. This article is originally published at Insider Monkey.