Plus, Apple as an under-owned stock, Treasury bonds and renewable power stocks
as the most under-owned large-cap U.S. tech stock. Apple makes up 7.7 per cent of the S&P 500 but actively managed funds held only a 5.5-per-cent weighting on average. Historically, underweighted companies have outperformed equal weighted names, because if they begin to outperform, fund managers have to add to their holdings of the stock to keep up with their benchmarks.
Mr. Pettit grants that more weakness may be ahead before an eventual rally and draws a major distinction between companies that are already cash-flow positive and those burning through cash holdings. He believes cash-flow positive stocks can weather volatility before benefiting from the growth trend.
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