How avoiding Apple helped these US funds outperform in Q4

US fund managers who avoided technology giant Apple in the final quarter of last year have raced to the top of the IMA North America sector after the company endured a fierce sell-off.

Apple closed at a record high of $702 on 19 September after investors spent much of last year feeling euphoric over the stock, labelling it a safer bet than the US government in summer owing to the tech firm’s huge cash balance. However, disappointing sales of some key products, a sliding share of the tablet market, and some legal disputes have all hit the company recently, and the stock has tumbled in value. Last week, shares were 36% off their peak, trading at $453. Those funds with little or no exposure to the world’s largest company have jumped up the sector rankings in the last q...