A $30 Billion Asset Manager Turns Cautious on Apple Suppliers
- UBS Asset Management’s Wong has sold entire holding in Largan
- Good opportunities in banks, AI-related stocks, Wong says
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After doing well out of Apple Inc. suppliers for several years, a top fund manager says it’s time to take money off the table.
Geoffrey Wong, head of emerging markets and Asia Pacific equities at UBS Asset Management, has reduced his holdings of the suppliers as he doubts consumer demand for high-end mobile phones will keep rising. Wong’s now sold out of Largan Precision Co., a stock which he held since at least 2011. The handset lens maker’s shares soared 610 percent in Taipei in the six years through 2017. This year, they’re down 14 percent.