The Stichting Pensioenfonds DSM Nederland (PDN) bought stocks in Apple just before the tech giant wrapped up its worst calendar year since the financial crisis, according to Barron’s.

The Dutch fund raised its stake to 62,600 at the end of the year, weeks before Apple made an earnings warning last week as the stock is down 4.5 per cent so far this year.

The publication said the purchase is a “glaring misstep” by a usually successful pension fund as Apple’s lowered financial guidance for December following challenges in some emerging markets, particularly weak iPhone sales in China.

As of the end of November, PDN’s funding level was 107.9 per cent, meaning the pension was still above the required 104.9 per cent limit set by the Dutch government.

The policy funding ratio, calculated from the twelve-month average of the funding ratios, which is used for indexation, came to 109.7 per cent at the end of November, just missing its internal target of 110 per cent.

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