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What Made Silver Ring Value Partners Exit its Apple (AAPL) Put Options Position?

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Soumya Eswaran
·2 min read
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Silver Ring Value Partners, an investment management company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned -11.4% (net) in the last twelve months compared to a -8.6% return for the Russell 3000 Index and a -6.5% return for the MSCI World Index for the same period. It’s a challenging environment for the fund to find compelling investments that combine business quality and a margin of safety. You can check the top 5 holdings of the fund to know its best picks in 2023.

Silver Ring Value Partners highlighted stocks like Apple Inc. (NASDAQ:AAPL) in the first quarter 2023 investor letter. Headquartered in Cupertino, California, Apple Inc. (NASDAQ:AAPL) is a multinational technology company that designs and manufactures smartphones, personal computers, tablets, wearables, and accessories. On June 8, 2023, Apple Inc. (NASDAQ:AAPL) stock closed at $180.57 per share. One-month return of Apple Inc. (NASDAQ:AAPL) was 4.64%, and its shares gained 31.68% of their value over the last 52 weeks. Apple Inc. (NASDAQ:AAPL) has a market capitalization of $2.84 trillion.

Silver Ring Value Partners made the following comment about Apple Inc. (NASDAQ:AAPL) in its Q1 2023 investor letter:

"Exited the Apple Inc. (NASDAQ:AAPL) put options position, as I came to the conclusion that I was wrong about the degree to which the stock is overvalued. While I still believe it’s optimistically priced, the fundamentals over the last few years made me believe that my initial decision to buy the put options was wrong."

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Apple Inc. (NASDAQ:AAPL) is in 8th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 131 hedge fund portfolios held Apple Inc. (NASDAQ:AAPL) at the end of first quarter 2023 which was 135 in the previous quarter.

We discussed Apple Inc. (NASDAQ:AAPL) in another article and shared the list of reliable dividend stocks billionaires are loading up on. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.