Market Extra: Hedge funds sell Apple, cut stock positions to record low in 2nd quarter

Amid a period of Brexit-fueled market volatility, hedge funds cut their stock positions to a record low in the second quarter, and while equity assets under management rose over the period, billions worth of Apple stock was sold, according to a study from S&P Global Market Intelligence.

Equity positions by top hedge funds fell to 399 in the quarter, according to the study, down from 408 at the end of the first three months of 2016. This was the lowest number of stock positions held by hedge funds on record, going back to the quarterly study’s inception in 2014.

“Like other market participants, hedge funds were at the whim of the broader market and economy these last few months,” said Pavle Sabic, head of market development at S&P Global Market Intelligence.

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