Like customers at an Apple store on the day a new iPhone is released, fund managers have crammed into large-cap tech stocks over the last six months as the world became reliant on work-from-home infrastructure.
According to a September 10 note from Goldman Sachs, the valuation surges of companies like Amazon, Facebook, Microsoft, Apple, and Alphabet may have unwittingly put some fund managers in violation of SEC regulations. Yet, that became the case for several diversified mutual funds as tech-stock valuations soared, Goldman Sachs found. For example, growth-fund managers are facing a situation where Apple, Microsoft, and Amazon now make up more than 5% of the Russell 1000 Growth Index's market cap and collectively add up to 30%. This makes it challenging for managers to hold weights that are benchmarked to the indexes.
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