With the higher concentration of hedge funds owning the stock, Apple should brace for more activist calls to raise its dividend, offer more share buybacks, or acquire more companies to increase short-term returns, said Todd Rosenbluth, director of mutual fund research at S&P Capital IQ.
"Your typical mutual fund manager is going to have more patience than your typical hedge fund manager, who if they have a sizeable stake are going to push for structural or corporate changes to enhance shareholder value," he said.
Hedge fund Bridgewater Associates increased its stake in Apple by 19 percent during the fourth quarter of 2015, while Tiger Global Management initiated a position, buying 10.6 million shares in the same period, according to SEC filings.
At the same time, well-known activists such as Carl Icahn and David Einhorn have trimmed their positions..
Hedge fund manager Morris Mark, whose firm Mark Asset Management oversees $500 million in assets, said he is maintaining a large position in Apple, even as the shares flat line. He sees the iPhone as the gateway into new home-based products.
"They're going to come out with more services layered on top of this incredible franchise, and you are going to see their entire ecosystem grow," he said.