NEW YORK: As Google-parent Alphabet Inc became on Thursday the fourth U.S. company to top a market value of more than US$1 trillion, some funds holding its shares are wondering whether now is the time to cash in on the stock's extraordinary gains.
Alphabet joins Apple , Amazon.com and Microsoft as the only U.S. companies to hit US$1 trillion in market value. Alphabet's shares are among a small group of stocks found in the top holdings of both mutual funds and hedge funds, two types of institutions whose investing styles tend to be markedly different, a Goldman Sachs analysis showed. That could leave it exposed to volatile price swings if sentiment suddenly changes.Despite those concerns, many investors are finding it hard to say goodbye.
Scott Goginsky, a portfolio manager of the Biondo Focus fund, has held off adding to a longstanding position over the last year, concerned that the company's costs are likely to increase due to its efforts to pre-empt any additional regulatory measures from Washington. That could cut into the margins of businesses like YouTube if it needs to hire additional workers to vet user-posted content, he said.
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