and Nvidia (NVDA), microsoft (MSFT), meta platform (META) and other Magnificent Seven stocks currently account for about half of the Nasdaq's market capitalization, so it's no wonder these tech giants continue to be Wall Street wonders. But this month's list of new buys from the best mutual funds reveals another set of seven stocks that are showing great demand.
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Stocks from Microsoft, Meta, and Nvidia all make up this screen highlighting companies that are attracting exceptional institutional demand. This list features seven stocks with at least $1 billion in inflows from blue-chip mutual funds.
In addition to these three Magnificent Seven brands, Uber Technologies (Uber), fair isaac (FICO), Arista Networks (ANET) and fiserv (FI) will also make the billion dollar club.
Without exception, Nvdia, Uber, Microsoft, Meta, and other members of this elite club are currently trading at or near all-time highs.
alphabet (GOOGL) just missed out on getting an invitation to the billion dollar club. These major asset managers invested a total of $950 million in equity in Google's parent company.
Uber stock leads new purchases by best mutual funds
| company | symbol | Investment amount (billion) | Comp evaluation | EPS rating | RS rating | SMR evaluation | A/D rating |
|---|---|---|---|---|---|---|---|
| Uber Technologies | (Uber) | $12.3 | 97 | 82 | 96 | B | a |
| microsoft | (MSFT) | 5.5 | 97 | 97 | 89 | a | B |
| Nvidia | (NVDA) | 2.4 | 99 | 99 | 98 | a | B+ |
| meta platform | (meta) | 1.4 | 99 | 96 | 97 | a | B |
| fair isaac | (Fico) | 1.4 | 94 | 95 | 96 | Not applicable | B |
| Arista Networks | (ANET) | 1.2 | 99 | 98 | 96 | a | a- |
| fiserv | (FI) | 1.1 | 86 | 95 | 82 | a | D+ |
The links below highlight some of this month's new purchases and sales by top funds.
Click here to see all stocks on the list.
AI will drive demand in these two areas
Artificial intelligence, which seeps into every crevice of every industry, continues to fuel demand among the best mutual funds. In addition to stocks like the aforementioned Magnificent Seven stocks and Uber, savvy asset managers are once again showing strong interest in three specific industries: enterprise software, cybersecurity, and semiconductors.
guided by ServiceNow (now), salesforce.com (CRM), dyna trace (DT) and Palantir Technologies (PLTR) Enterprise Software Group makes up 16 stocks on the Best Mutual Fund New Buys list.
UiPath (path), Shopify (shop), cloudflare (Net), Monday.com (MNDY) and docusign (DOCU) is also from this group.
As AI and cloud computing raise concerns about network security, four cybersecurity companies are creating screens like this: cloud strike (CRWD), palo alto networks (PANW), cyberark software (CYBR) and Z scaler (ZS).
Six stocks from the semiconductor sector, including Nvidia, are also on this list of new purchases by blue-chip mutual funds.This grouping includes: ASML (ASML), broadcom (AVGO) and lambus (RMBS).
Follow Matthew Galgani on X (formerly Twitter). @IBD_MGalgani.
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