AXA Framlington's Kelly slashes Apple weighting on margin fears

AXA Framlington American Growth managers Stephen Kelly and Dan Harlow have cut their position in Apple after growing concerned over margin pressures at the world's largest tech firm.

The pair have moved from overweight to underweight on the stock within their £700m portfolio, reducing their holding from 7.6% to 4.5% of the fund following Apple's interim results in January. After a high profile rise to become the world's largest company, Apple has fallen 35% from its September 2012 peak to trade at $460 a share today. The most recent slide saw the stock shed 12% following a disappointing earnings report on 24 January. Harlow said those results raised concerns over Apple's bid to diversify its supply chain in an effort to ease competitive pressures. "We cut our w...