Mutual funds struggling with record underweight in megacap tech stocks, says Goldman Sachs

Mutual funds are underweight megcap technology stocks despite chasing some during the second quarter, leaving them struggling to beat their benchmarks, according to analysts at Goldman Sachs Group.

In the second quarter, the number of mutual funds’ underweight in megacap tech stocks rose further despite portfolio managers chasing rallies in Google parent Alphabet Inc. GOOGL, -1.96%, Facebook parent Meta Platforms Inc. META, -2.55% and Microsoft Corp. MSFT, -2.15%, said the analysts. While the average mutual fund bought shares of those companies in the second quarter, their underweight allocations to Apple Inc. AAPL, -2.62%, Nvidia Corp. NVDA, +0.10%, Tesla Inc. TSLA, -2.88% and Amazon.com Inc. AMZN, -2.72% widened, according to Goldman.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Goldman says these stocks have produced the best risk-adjusted returns for mutual fundsMutual fund managers have been able to generate alpha outside of Big Tech stocks this year, and some stocks have contributed sizeable gains.
Source: CNBC - 🏆 12. / 72 Read more »