15 Apple-Like Stocks That Could Bear Similar Fruit (Update1)

BOSTON (TheStreet) -- Everybody wants to pick the next Apple(AAPL) , the maker of the iPad and iPhone, which has seen its shares climb 55% this year, five times that of the S&P 500.

A cumulative stock-price gain of 474% in the past three years has resulted in a world-leading market value of $585 billion, and it makes up 4.5% of the S&P 500. That means Apple is a deceptively large part of many investment portfolios.

And therein lies the rub. Many investment funds aren't allowed to own more than 5% of an individual stock due to concentration concerns, even if the weight in their benchmark is larger.

But given Apple's rapid growth, "the stock is simply exceeding ownership limits for many funds and, as a result, investors are asking where the next Apple is," JPMorgan(JPM) said in a research note titled "Circle of Life."