Growth stocks are not in season, as the tech-heavy Nasdaq continues to retreat after notching a record high in February. But the best mutual funds have just harvested a ton of Apple (AAPL), adding over $11.6 billion worth of Apple stock in their baskets. These savvy investors also invested at least $1 billion in each of 10 other stocks, including Palo Alto Networks (PANW), Walmart (WMT), Eli Lilly (LLY), Robinhood Markets (HOOD) and Meta Platforms (META).
Headed by Robinhood and Ameriprise (AMP), financial sector stocks had a strong presence on the latest list of new buys by top funds. In addition to 24 companies from the financial sector, three finance-focused software firm were also in demand: SS&C Technologies (SSNC), Fair Isaac (FICO) and Clearwater Analytics (CWAN).
↑ X NOW PLAYING 'Chill It Then Kill It': Watch These Signs As Stocks Look For A BounceThe links below highlight just a portion of this month's new buys and sells by top funds.
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In addition to the massive investment in Apple stock, these top-performing money managers also placed large bets on Palo Alto Networks ($7.1 billion), Walmart ($4.8 billion) and insurance broker Gallagher (AJG) ($4.2 billion). Eli Lilly and Bank of New York Mellon each raked in approximately $2.5 billion.
Telecom powerhouse T-Mobile, which has bucked the market downturn as its relative strength line soars, pulled in roughly $1.1 billion. Visa (V) has done the same, with the best mutual funds pouring an estimated $1 billion into the credit card giant.
| Company | Symbol | $ Amt Invested (bil) | Comp Rating |
|---|---|---|---|
| Apple | (AAPL) | $11.6 | 88 |
| Palo Alto Networks | (PANW) | 7.1 | 97 |
| Walmart | (WMT) | 4.8 | 88 |
| Gallagher | (AJG) | 4.2 | 96 |
| Eli Lilly | (LLY) | 2.5 | 97 |
| Bank of New York Mellon | (BK) | 2.5 | 99 |
| Ameriprise Financial | (AMP) | 1.7 | 97 |
| Automatic Data | (ADP) | 1.5 | 95 |
| Robinhood Markets | (HOOD) | 1.3 | 98 |
| T-Mobile | (TMUS) | 1.1 | 99 |
| Visa | (V) | 1 | 97 |
Leading the financial sector, Ameriprise and Robinhood took in $1.7 billion and $1.3 billion, respectively, from the best mutual funds.
Other financials firms seeing significant capital inflows included companies in the specialty financial services industry group. Seven companies, including Corpay (CPAY) and Tradeweb Markets (TW), hail from that industry. Tradeweb was featured as the IBD Stock Of The Day on Feb. 28 and in the Breakout Stocks column on Feb. 26.
From the credit card and payment processors group, Mastercard (MA), Discover Financial (DFS) and Paymentus (PAY) also joined Visa on the list of new buys by the best mutual funds.
Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.
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