Lisa M. Jones is the president and CEO of Pioneer Investment Mangement Inc, a successful hedge fund. For the fourth quarter, the $26.76 billion fund generated a 6.33% return for investors. Jones’ holdings are comprised mostly of services and financial stocks, with healthcare, consumer goods, and technology following. Let’s take a look at some Jones’ notable activity from the fourth quarter, including Apple Inc. (NASDAQ:AAPL), Gilead Sciences, Inc. (NASDAQ:GILD) and Walt Disney Co (NYSE:DIS).

Lisa M. Jones portfolio performance

Apple Inc.

In the fourth quarter, Jones increased her investment in Apple by 23.89%, now owning $823.10 million worth of the company. Apple’s fourth quarter was marked by falling iPhone demand concerns, as some of the company’s microchip suppliers provided weak guidance in their earnings reports, indicating falling iPhone sales. As a result, many analysts expressed concern over whether or not the company could sustain its iPhone growth rates, pointing to FX headwinds, a difficult macro environment, and a Chinese economic slowdown, one of Apple’s key markets. In the company’s Q1 earnings call in late January, the company proved these concerns to be true as they issued weak iPhone unit guidance for Q2.

Like Jones, analyst consensus for Apple is a Buy, with 30 out of the 37 analysts who have rated the company in the last 3 months bullish on the stock.

Gilead Sciences, Inc.

Jones increased her stake in Gilead by 3.33% in the fourth quarter, now owning $343.34 million worth of shares. In the fourth quarter, Gilead, like many other pharma giants, was subject to a U.S. Congressional probe regarding the unaffordable prices of its Hep-C drugs Harvoni and Sovaldi, both retailing at over $80K per regimen. Specifically, Congress accused the company of limiting patient access through high prices and passing on these costs to state and federal healthcare programs. The company also received FDA approval for its pulmonary arterial hypertension drug Letaris and HIV drug Genvoya.

Analysts and Jones agree on Gilead, as 15 out of 18 analysts who rated the company in the past 3 months gave a Buy rating.

Walt Disney Co

In the fourth quarter, Jones reduced her holdings in Disney by 0.39%, now owning a $370.68 million stake in the company.  The most notable event in the fourth quarter was the release of Star Wars: The Force Awakens, which grossed $529 million worldwide, breaking box office records. The company also experienced strong merchandise sales related the film during Black Friday weekend. However, all eyes were on ESPN subscriber declines, as the company reported in November that it lost 3 million subscribers in 2015 due to “cord cutting” with various cable providers.

While Jones reduced her shares of Disney, 9 out of 20 analysts who rated the stock in the past 3 months recommended to buy the stock, while 2 gave a Sell rating and 9 remaining on the sidelines.