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Investors Business Daily
Investors Business Daily
Business
MATTHEW GALGANI

Top Funds Gorge On Nvidia, Meta And This Non-AI Sector

This month's list of new buys by the best mutual funds provides more reminders than revelations. Spurred by continued demand for leaders in artificial intelligence, top money managers again bet billions on Magnificent Seven stocks Nvidia, Microsoft, Meta Platforms and Alphabet.

To close out the week, Meta hit a record high, Google stock teased a return to its buy zone and Nvidia came off its lows to hold its 21-day line.

Meanwhile, these leading money managers also gorged on shares of Broadcom, Salesforce.com and Uber Technologies.

These savvy investors further whet their appetite for Chipotle Mexican Grill, maker of the Autocado, which brings robotics to the making of guacamole. They also binged on Netflix, a heavy user of machine learning and other AI technologies.

Financial giant JPMorgan Chase also reserved a seat at this exclusive table.

From Nvidia to Uber, the best mutual fund invested at least $1 billion in each of 15 stocks.

The links below highlight just a portion of this month's new buys and sells by top funds.

Click here to see all the stocks on the list.

Scroll down to see how top money managers also once again poured money into one non-AI sector.

IBD Special Report: Best Mutual Funds Awards 2024

Nvidia Stock Leads Billion-Dollar Club

Company Symbol $ Amt Invested (bil) Comp Rating EPS Rating SMR Rating
Nvidia 12,295 99 99 A
Microsoft 11,400 91 97 A
Meta Platforms 6,961 99 96 A
Alphabet 3,713 94 98 A
Intuitive Surgical 2,242 95 92 A
Broadcom 1,904 99 87 A
JPMorgan Chase 1,758 96 94 A
ASML 1,728 99 96 A
Netflix 1,535 99 98 A
AutoZone 1,443 80 96 -
Salesforce 1,408 93 97 A
Applied Materials 1,184 97 87 A
Chipotle Mexican Grill 1,128 99 97 A
Ingersoll Rand 1,059 97 93 A
Uber Technologies 1,015 98 81 B

Best Mutual Funds Keep Betting On Building Sector

Savvy money managers did not just focus on AI stocks. Just as they did last month, the best mutual funds have again placed their bets on companies in the broad building sector. As with the March report, the building sector comprised the largest contingent of new buys by top funds, with 32 names across all the related industry groups.

Led by Lennar, PulteGroup and Toll Brothers, led the homebuilders group. Top money managers poured in a total of at least $120 million in Lennar, PulteGroup and Toll Brothers.

Other building sector stocks with inflows over $100 million included Core & Main, Builders FirstSource, TopBuild, Masco, Martin Marietta and Trane Technologies.

Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.

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