When institutional investors start releasing their updated holdings lists, Wall Street watches to see who’s buying what, and for good reason. What’s going to be especially interesting is seeing which firms have bought or sold Apple Inc. (NASDAQ:AAPL) shares over the course of the most recently completed quarter.

Apple AAPL

The latest 13F filings due tomorrow

Filings for the June quarter are due no later than tomorrow, and the stock has been spiraling downward up until the company’s most recently completed earnings report last month. If hedge funds have been selling off large amounts of shares, that was likely part of Apple Inc. (NASDAQ:AAPL)’s problem during the second quarter.

Of course not all hedge funds are losing their confidence in Apple Inc. (NASDAQ:AAPL), and even those that are less sure about the company are more likely to simply reduce their position rather than sell completely out of the company. We started to see that trend with a few funds earlier this year, even as recently as June in some of the quarterly filings from mutual funds.

However, it’s important to note that even though Wall Street was paying more attention to the funds that reduced their positions in Apple Inc. (NASDAQ:AAPL) during the first quarter, more of them increased their position than reduced it.

Carl Icahn tweets about Apple investment

Carl Icahn tweeted on Tuesday that he had amassed a large position in the company, although that may have come about in the wake of the company’s most recent earnings report. News reports indicate that his position may be worth over $1 billion, but we’ll likely have to wait until this fall to get a clearer picture of how much of a position he has in the company. Sources have told Bloomberg that he amassed those shares over the last month, which would put it after the cut-off line for reporting this time around.

Institutional investors must report positions worth more than $100 million which were acquired during the June quarter no later than tomorrow, so while we might get a small clue about Icahn’s investment and whether he started snapping up shares in June, we won’t see the whole picture.