GOLDMAN SACHS: Buy these 16 stocks that growth funds are betting big on — and reaping the rewards in 2023
Goldman Sachs identified the tech stocks that mutual funds are betting big on right now.That almost forces funds to underweight the stocks that are doing the best in 2023.
For instance, Apple and Microsoft each account for 10% of the total capitalization of the Russell 1000 index, and Alphabet, Nvidia, and Meta Platforms are all around 5% each. "The underweight positions of core and growth funds in the largest tech stocks have been a significant headwind to returns amid this year's narrow market rally," wrote David Kostin, Chief US Equity Strategist for Goldman Sachs, in a recent note to clients."The average mutual fund is 721 bp underweight the seven largest tech stocks ."
But he also pointed out that a lot of funds aren't really abiding by the SEC's diversification criteria — and that's become an advantage for funds that have let their stakes in Apple or Microsoft or their peers grow larger than they are supposed to.
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