Google, operator of the world’s largest Web-search engine, has passed Apple to become the most-owned stock by the 50 biggest actively managed U.S. mutual funds, according to a report by Citigroup.
Among hedge funds, Google was also the top holding, according to the report, which examined investments at the end of the fourth quarter for the largest funds by asset size. Google’s shares are now trading at about 25 times profit, compared with a price-to-earnings ratio of less than 10 for Apple, according to data compiled by Bloomberg. That gap is at its widest since June 2005, two years before competition between the companies in mobile devices began to intensify. Apple, based in Cupertino, Calif., is undergoing slowing revenue growth.