Nvidia, Microsoft, Apple, Amazon and Meta were responsible for almost half the S&P 500′s gains in first half of 2024Fund manager Terry Smith doesn't own the one stock responsible for nearly a third of the S&P 500′s year-to-date returns: Nvidia. Photograph: Dhiraj Singh/Bloomberg
Smith is essentially a value investor, but he’s not averse to owning growth stocks, as evidenced by a portfolio containing Apple, Microsoft, Alphabet, Meta, and Novo Nordisk. Severe market concentration leaves fund managers in a quandary. Not following the crowd is all very well, but underperformance runs the risk of being fired or seeing frustrated investors pulling their money.
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