UPDATE 1-DoubleLine's Gundlach says firm sold some Apple shares - CNBC
NEW YORK Feb 12 (Reuters) - Jeffrey Gundlach, chief executive and chief investment officer of DoubleLine Capital, said on Wednesday that his firm had sold some Apple Inc. shares and that the U.S. Federal Reserve may not end its bond buying this year.
Gundlach also told CNBC television that Puerto Rico's bonds were "fine."
Gundlach told CNBC that he did not see Apple's stock price heading much higher. He bought Apple shares at around $405 a share and told Reuters last November that the company's shares were a "good diversifier."
"The most recent move we did was to sell some Apple, simply because I just don't see it going much higher than $550," Gundlach said.
Gundlach said he still owned "a little bit" of Apple stock. Apple shares traded up 0.1 percent at $536.66 in afternoon trading Wednesday.
Gundlach, who manages the roughly $31 billion DoubleLine Total Return Bond Fund, has made a series of prescient calls on global equity markets. In 2012, Gundlach correctly predicted that Apple shares would fall to $425.
His flagship mutual fund is up 2.21 percent this year, beating 99 percent of peers, according to Morningstar data.
Gundlach also told CNBC that market volatility may prevent the Fed from ending its bond buying program this year. Continuación...