As is his wont, Third Point’s Dan Loeb is taking a little break (and some profits) from Apple, while David Tepper is hedging his bets. The 13Fs don’t indicate whether the two were showing solidarity with their industry against Warren Buffett, getting out before the stock tanks because there will be no tax holiday allowing Apple to repatriate its billions, or don’t want to be around when the company does something stupid like buy Tesla.
The New York hedge fund sold 1.85 million Apple shares, worth more than $265 million at March 31, taking profits as the stock repeatedly set new highs in recent months.
David Tepper‘s Appaloosa LP also disclosed Friday that it reduced its Apple position by a third, to 300,000 shares.
Loeb’s also not too sanguine about how Trumponomics will work out for the financial industry.
In other moves disclosed Friday, Third Point eliminated its stake in Goldman Sachs Group and reduced positions in Bank of America and J.P. Morgan Chase & Co.