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Hedge funds and mutual funds are split on the elite group of FAAMG stocks - and that’s led to a big performance gap | Markets Insider

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Hedge funds and mutual funds are split on the elite group of FAAMG stocks — and that’s led to a big performance gap

now sitting at record levels. Yet strategists fear the run-up is overextended, and that such concentration in a select few names could tank stocks if any of the tech giants falters.

In the other, mutual funds are significantly underweight in the tech group. Such firms are most underweight in Apple compared to the rest of the market, with Microsoft and Amazon following close behind. Part of their positioning has to do with concentration limits, as mutual funds can't park swaths of client cash into a small set of names.

Mutual funds fared far worse. Goldman's mutual fund overweights basket is down 1% year-to-date. The firm's mutual fund underweights gauge, which held Apple, Amazon, and Microsoft last quarter, is up only 4% over the same period. Meanwhile, hedge funds simply followed the market and sank more capital into their FAAMG positions. Though portfolio concentration dropped slightly in the second quarter, hedge fund crowding remains at historic highs. The average hedge fund holds 67% of its long portfolio in its top 10 positions, according to Goldman Sachs.

 

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