TECHNOLOGY

Apple Inc.

TickerAAPLListingNASDAQ: AAPLPortfolio weight13.0%As ofOctober 28, 2026

FINANCIAL OVERVIEW

What it is and why we own it.

The business

Designs and sells the iPhone, Mac, iPad and wearables, and earns a growing, high-margin stream from services such as the App Store, iCloud, Apple Music and Apple Pay. The installed base of active devices is the foundation of the franchise.

Role in the portfolio

Core quality compounder and the largest single position. It pairs a highly cash-generative business with large share repurchases.

What drives the numbers

Services revenue growth and its effect on gross margin
iPhone upgrade cycle and demand in Greater China
Free cash flow and the pace of share buybacks
Operating margin against the cost of AI and custom-silicon investment

Key risks

Dependence on the iPhone for the majority of revenue
Regulatory pressure on App Store fees and search-distribution payments
Supply-chain and tariff exposure to Asia

CHART

Price and technical analysis.

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Technical summary

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Company profile

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FUNDAMENTALS

Financials, live.

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