Most “Magnificent Seven” stocks have seen selling from active ETFs, mutual funds and hedge funds due to profit taking, concentration, and risk management, according to Citi Research.

According to an equity strategy note, Nvidia (NVDA), Microsoft (MSFT), Alphabet (GOOGL), and Tesla (TSLA) do have both active and passive funds trending positively.

Active funds have “persistently lightened on most of the ‘Magnificent Seven’ over the past two years, so have hedge funds,” wrote Scott Chronert, Citi Research head of U.S. equity strategy.

He explained that concentration limits for diversified funds, profit taking, and risk management oversight could all be behind this net selling.

Below is the breaking down of the Magnificent Seven stocks and their net buying percentage of market cap since 2022:

• Apple Inc. (AAPL) – Active MF plus ETF: 1.24%; Passive MF plus ETF: 1.82%; Hedge fund: 0.23%
• Amazon.com, Inc. (AMZN) – Active MF plus ETF: 1.63%; Passive MF plus ETF: 3.27%; Hedge fund: -0.30%
• Alphabet Inc. (GOOGL) – Active MF plus ETF: -2.51%; Passive MF plus ETF: 1.81%; Hedge fund: -0.26%
• Meta Platforms Inc. (META) – Active MF plus ETF: 1.78%; Passive MF plus ETF: 1.06%; Hedge fund: -1.78%
• Microsoft Corp. (MSFT) – Active MF plus ETF: -1.54%; Passive MF plus ETF: 1.84%; Hedge fund: -0.19%
• Nvidia Corp. (NVDA) – Active MF plus ETF: -2.66%; Passive MF plus ETF: 1.06%; Hedge fund: -0.54%
• Tesla, Inc. (TSLA) – Active MF plus ETF: -2.59%; Passive MF plus ETF: 4.04%; Hedge fund: 0.15%