Which Funds Are the Biggest Owners of Apple Stock?
One of the most widely held stocks has been in the crosshairs of Trump’s trade wars.
This article mentions funds that have an issuer-initiated rating and/or track a Morningstar Index. For full disclosure information, please refer to the specific funds, which are demarcated with a * symbol, listed below.
Key Takeaways
- Apple, down more than 20% this year, is held by over 750 diversified US stock funds, and nearly 500 of those have a 5% weighting or higher.
- The fund with the largest allocation to Apple stock is the $160 million iShares Top 20 US Stocks ETF, with a weighting of 14.9%.
- Apple’s decline has knocked 2.5-3.0 percentage points from the returns of the stock’s top 10 biggest holders so far in 2025.
Apple AAPL stock has taken a beating this year, as the company has found itself in the crosshairs of President Donald Trump’s trade war with China. Apple shares are among the most widely held in the market, and some funds with especially large weightings are feeling the hit of the stock’s drop of more than 20% this year.
That includes the $261 billion Vanguard Growth ETF
VUG
Apple’s Tariff Woes
Over the long term, Apple has been a big winner for many funds and their investors. The tech titan’s stock returns of 28.6% for the five years ending in 2024 were double the broader market’s returns. Coming into this year, however, Apple was running into headwinds amid concerns about slowing growth in its core iPhone business and disappointment over a lack of high-profile artificial intelligence tools and products.
Now, Trump’s trade wars—especially the massive tariffs on exports from China, where Apple produces the bulk of its iPhones and iPads—have sent the stock reeling. Apple stock was already down 11% in 2025 when Trump unveiled his tariff blitz on April 2, which sent shares tumbling another 20% by April 8. Morningstar equity strategist Brian Colello says that were Apple to feel the full brunt of Trump’s tariffs on a sustained basis, the company’s profit margins would be “decimated.”
Apple and other tech giants were granted a reprieve amid Trump’s back-and-forth, as the president exempted smartphones and other tech products from certain tariffs on China. However, Trump and administration officials said those exemptions are temporary and that other levies could follow. It was enough to lift Apple stock off its lows, though shares are still down more than 20% in 2025.
How Many Funds Hold Apple Stock?
An enormous number of fund investors have felt the plunging value of the tech titan’s stock. To see the full impact, we screened for holders of Apple among all US domiciled diversified stock funds (which excludes sector funds) with over $100 million assets.
Out of more than 1,900 US stock funds, 767 strategies hold Apple stock, according to Morningstar Direct. (This data reflects most recently reported positions. Funds may have reduced, eliminated or added Apple positions after the reporting dates.) Nearly 500 of those held a weighting of 5% or higher in Apple, and more than 50 had a weighting of 10% or more.
To some degree, this simply reflects Apple’s size and dominance in the tech industry. At more than $3 trillion in market capitalization, Apple has a 6.3% weighting in the Morningstar US Market Index. Within the Morningstar US Large Core Index, which reflects Apple’s position as a large blend stock, it has a 12.6% weighting. Apple stock makes up 6.7% of the Morningstar US Large-Mid Cap Index, which is similar to the S&P 500.
Most large-company funds have hefty positions in Apple. The largest ETF in the world, the $565 billion SPDR S&P 500 SPY, has a 6.5% weighting in Apple, just ahead of its #2 position, Microsoft MSFT.
Apple’s prominence isn’t limited to market-cap-weighted indexes. Nine of the 10 largest actively managed US stock funds have Apple as a top 10 holding. That partly reflects how if those funds didn’t have a big stake in Apple, they would essentially be betting against the stock.
What Funds Have the Biggest Weights in Apple Stock?
Among the 10 funds with the largest Apple weightings, eight land in the Morningstar large growth category, and the remaining two are large blend funds. Six are index funds, while four are actively managed. The funds share a large allocation to the tech sector, ranging from 45% to 57%, north of their Morningstar benchmark indexes for the funds.
The largest holder, the $160 million iShares Top 20 US Stocks ETF TOPT, has a portfolio of the 20 largest companies in the S&P 500 Index by market cap.
The second-largest holder is the $526 million Wahed DTSE USA Sharia ETF HLAL, an environmental, social, and governance ETF that invests in large- and mid-cap US stocks, excluding those that it does not believe are compliant with Islamic religious values. Examples include firms involved in the production of alcohol, pork products, and gambling, as well conventional finance activities. It also excludes firms that have debt more than one-third of their assets.
The third-largest holder (and the largest fund) is the Vanguard Growth ETF, which follows a cap-weighted index of mega-cap growth stocks. “Concentration is the most important risk investors should be aware of,” says Morningstar analyst Zachary Evens in his analysis of the fund. Microsoft, Nvidia NVDA, and Apple make up more than a third of its assets, while its top ten holdings make up 64%.
The actively managed fund with the largest weighting to Apple (12.7%) is the $1.2 billion Goldman Sachs Large Cap Growth Insights Fund GLCUX. “[This] is a true quant fund, run by a talented, well-resourced team,” says Morningstar’s Jack Shannon. He says the fund limits tracking errors by restricting its positions to within 1.0-1.5 percentage points of those of the Russell 1000 Growth Index, which holds an 11.2% weighting in Apple.
How Much Has Apple Hurt These Funds?
In the year to date, the fall in Apple’s stock has detracted 2.5-3.0 points from the top 10 funds’ performance relative to the closest Morningstar benchmark index.
The fund that took the biggest hit was the Wahed FTSE USA Sharia ETF, which had 3.04 points knocked from its year-to-date performance due to its 13.3% allocation to Apple. That’s more than a quarter of the fund’s 11.3% drop in the year to date. The iShares Top 20 US Stocks ETF also lost 3 points from Apple stock, nearly a third of its 10.1% drop in the year to date.
The $551 million Praxis Growth Index Fund
MMDEX
The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.
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