Funds That Have Thrived on an Apple-Free Diet
It's been hard for large-cap funds to succeed without Apple recently, but a handful of funds have.
It has disrupted the music, mobile telecommunications, publishing, and computer industries, so why shouldn't Apple (AAPL) mess with mutual fund performance, too?
Even after sliding 6% in the month before its blowout earnings announcement on Tuesday, Apple has been among the biggest factors explaining the difference between top- and bottom-performing large-blend and -growth funds for the year to date, as well as the trailing 12-month and trailing three-year periods. The typical top-quartile funds in both categories for those periods through April 23, 2012, had more exposure to Apple than the average bottom-quartile funds in those groups. (The typical large-value fund's exposure to the stock was negligible.)
Dan Culloton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.