NEW YORK (Reuters) - American International Group has replaced Apple Inc as the hedge fund industry's favorite stock, according to a Goldman Sachs Group analysis of fourth-quarter regulatory filings.
The American insurer, bailed out by the U.S. government during the financial crisis, knocked Apple out of the top spot in a list of stocks deemed most important to hedge funds, according to a Goldman report released late Wednesday.
The fact that Apple has lost favor with many hedge fund managers is not too surprising, given the 20 percent slide in the stock in the fourth quarter. Still, Apple's fall from grace follows a long run as No. 1.
"For the first time in three years was not the top stock in our VIP list, instead ranking as the third most frequent top-10 holding," the report said, adding that funds reduced their Apple positions "by over 30 percent."
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