5 Best Technology Stocks to Buy According to Giant Quant Hedge Fund

2. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 135
Renaissance Technologies Equity Stake: $954.67 Million

Apple Inc. (NASDAQ:AAPL) designs, manufactures, and sells smartphones, personal computers, tablets, wearables, and accessories. The company also offers various services, including Apple Arcade, games subscription services, payment services, Apple Music, subscription news and magazine services. 

While Apple Inc. (NASDAQ:AAPL) has pulled back significantly in recent months amid the tech stocks correction, it is still up by about 38% year to date, outperforming the S&P 500 10% gain. It stands out as one of the best technology stocks to buy according to the giant quant hedge fund owing to its track record of returning value through buybacks, dividends and share price appreciation.

Renaissance Technologies increased its stakes in Apple Inc. (NASDAQ:AAPL) to $954.68 million as of Q2 from $1.58 million as of Q1 2023.

Out of 910 hedge funds monitored by Insider Monkey, Apple had 135 hedge funds as shareholders in Q2 2023. The firm’s significant investor was Bailard Inc, which held a stake worth $154.28 million in the firm. 

Aristotle Large Cap Growth Strategy, a shareholder of Apple, said this about the company in its letter to investors for Q3 2023:

“Apple Inc. (NASDAQ:AAPL) contributed to outperformance in the third quarter, as a result of the underweight position relative to the benchmark. Following a very strong first-half performance, the stock saw a pullback ahead of the iPhone 15 launch, as investors weigh the potential growth from the new phone in the face of macroeconomic headwinds and slowing consumer spend.”

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