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Fund Spy

Funds That Have Thrived on an Apple-Free Diet

It's been hard for large-cap funds to succeed without Apple recently, but a handful of funds have.

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It has disrupted the music, mobile telecommunications, publishing, and computer industries, so why shouldn't  Apple (AAPL) mess with mutual fund performance, too?

Even after sliding 6% in the month before its blowout earnings announcement on Tuesday, Apple has been among the biggest factors explaining the difference between top- and bottom-performing large-blend and -growth funds for the year to date, as well as the trailing 12-month and trailing three-year periods. The typical top-quartile funds in both categories for those periods through April 23, 2012, had more exposure to Apple than the average bottom-quartile funds in those groups. (The typical large-value fund's exposure to the stock was negligible.)

Dan Culloton does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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