GLG tech duo snap up chunk of Apple as shares 'trough'

GLG's technology fund managers Philip Pearson and Anthony Burton have been adding substantially to their position in US giant Apple after a brutal sell-off recently saw it shed over 20% of its value.

A combination of lower sales on some products, and a warning from the company the cost of making new gadgets ahead of the Christmas season is hurting margins, has hit the stock hard. From an all-time high of $705 seen at the end of September, Apple is now down to $542 a share. Burton (pictured) said he and his colleague have been adding to their position in Apple in the last few weeks, taking it from 5% to 8% of the portfolio, in the expectation it will rebound once new products arrive and tax changes come into effect in the US at the end of the year. “The company indicated gross m...