The one company? Apple. How dependent are the hedge funds? According to Bloomberg Business:
A group of companies representing the most popular long positions for hedge funds is up just 0.2 percent in 2015, compared to a 2.3 percent gain for the Standard & Poor’s 500 Index, data compiled by Goldman Sachs show. A 19 percent year-to-date increase for Apple, which is owned by one in every five hedge funds and is a top-10 position for 12 percent of them, has provided a needed boost, the firm said.
That’s a bad thing. A similar thing happened in Canada when fund managers held large holdings in companies like Nortel and RIM. It didn’t end well.