Long Apple — quality + buybacks
18.90%Total return
42.06%IRR (annualized)
5.12%Alpha (ann.)
1.70Beta
1.19Sharpe
1.99Sortino
35.23%Volatility (ann.)
-15.54%Max drawdown
180Days held
Pick (active)
Pick (hypothetical, outside active window)
S&P 500
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Thesis & evidence
Thesis
Apple keeps printing free cash flow and is buying back ~5% of shares a year. Margin durability looks underrated.
Key metrics
| Metric | Value |
|---|---|
| FCF yield | 4.1% |
| Buyback yield | 3.8% |
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