Apple Stock Drop Fails to Deter Magellan From Technology Spree

The decline in Apple Inc.’s share price over the past year has failed to deter one of Australia’s top performing equities managers from boosting its exposure to the iPhone maker and other technology firms as they embark on an “arms race” that’s set to upend global business. Magellan Financial Group Ltd.’s flagship fund is also betting on software maker Microsoft Corp. and Alphabet Inc., owner of the Google search engine and the Android mobile operating system. While Apple, the Magellan Global Fund’s top holding, lost 16 percent in the 12 months through Friday and has been one of the biggest drags on its performance, the others have paid off more handsomely. Alphabet gained about 20 percent over the same period, while Microsoft is up 22 percent. Magellan wants to own…


Link to Full Article: Apple Stock Drop Fails to Deter Magellan From Technology Spree