It’s almost all about Apple.

Hedge funds have gotten off to a pretty good start this year, according to the results of a half dozen or so high profile investors that have already reported their results to clients. Yet none of them are beating the overall market.

More importantly, the early look at performance indicates it helped to have a big position in Apple, which surged 34 percent in the first two months alone.

For example, Steve Cohen’s SAC Capital was up 1.8 percent in February and 4.5 percent for the year. This compares with a 9 percent gain for the S&P 500 during the first two months.....