If Hedge Funds Hate Apple, Who Do They Love?

Warren Buffett's Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) recently bought a $1 billion-plus stake in Apple Inc. AAPL. However, the purchase comes at a time when other funds are running for the hills and dumping Apple's stock.

Carl Icahn is the most notable investor who may have gotten fed up with Apple's poor performance and liquidated his position. The billionaire investor cited concerns in China in his decision.

CNN Money, citing reports from FactSet Research and S&P Global Market Intelligence, noted that Apple was the most sold stock among hedge funds during the first quarter.

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Where Has The Love Gone?

Hedge funds aren't facing a shortage of attractive technology stocks to invest in, but it appears the days of triple-digit percentage returns for Apple's stock has long passed.

CNN Money stated that hedge funds "can't seem to get enough" of Facebook Inc FB's stock. In fact, among the top 50 hedge funds, more than $3 billion worth of the social media's stock was acquired in the first quarter.

Broadcom Ltd AVGO was the second-most bought tech company among hedge funds, followed by Alphabet Inc GOOG.