Over the trailing decade, these seven stocks have run circles around the benchmark S&P 500.
The third magnificent seven stock that billionaires have been buying hand over fist just happens to be the largest publicly traded company, Apple. A grand total of six highly successful billionaire fund managers bought shares of Apple during the second quarter (number of shares purchased in Q2 in parenthesis):
• Jim Simons at Renaissance Technologies (4,912,234 shares)
• David Siegel and John Overdeck at Two Sigma Investments (1,003,490 shares)
• Israel Englander at Millennium Management (559,040 shares)
• David Tepper at Appaloosa Management (480,000 shares)
• Ken Fisher at Fisher Asset Management (417,648 shares)
Billionaire investors (ahem, Warren Buffett) are likely enamored with Apple’s capital-return program, too. Since commencing its aggressive share-repurchase program in 2013, Apple has bought back approximately $600 billion worth of its common stock. This mammoth buyback program is meaningfully reducing its share count and helping to boost its earnings per share.
