Apple Inc. (NASDAQ:AAPL) isn’t just a popular position for U.S. hedge funds. Bloomberg data shows that funds in Asia are also seeking the rapid growth the company’s stock provides. Securities experts familiar with the Asian hedge fund market say Asian funds once only focused on Asian securities.

Apple AAPL

Asian funds grow from international stocks

A source reportedly told Bloomberg that Azentus Capital Management Ltd. got more than one-third of the 17% return it earned last year from companies outside Asia. Also Tybourne Capital Management Ltd. reported having $848.8 million in securities listed in the U.S. as of the end of March, while Myriad Asset Management Ltd. had $476.9 million, according to regulatory filings.

Approximately 226 Asia-listed stocks have more than $50 million in daily turnover. These are the types of companies that hedge funds that manage more than $1 billion tend to target, even in China where official restrict foreign trading. However, Bloomberg data shows more than 190 companies with turnover this high in Europe and nearly 850 in the U.S.

Apple turnover

Bloomberg reports that Apple Inc. (NASDAQ:AAPL)’s average daily turnover in the 12 months that ended in April was about half of the total for all Hong Kong- and Australia-listed stocks. Apple was Myriad’s third biggest U.S. holding as of the end of March, according to regulatory filings with the Securities and Exchange Commission. Myriad also held a stake in Google Inc (NASDAQ:GOOGL) (NASDAQ:GOOG) as of the end of March, as did Tybourne as well. In addition, Myriad had a stake in Mead Johnson Nutrition CO (NYSE:MJN).

All three of these companies have a major commonality among them. Asia plays a key role in their businesses. Apple Inc. (NASDAQ:AAPL) has most of its supply chain in China, while Google Inc (NASDAQ:GOOGL) (NASDAQ:GOOG)’s Android operating system is the backbone of many Asian smartphone makers. Mead Johnson Nutrition CO (NYSE:MJN) is China’s biggest baby formula supplier.