Tags: Citi | Apple | Google | funds

Citi Research: Apple No. 1 Stock Holding for Mutual Funds, Google for Hedge Funds

By Dan Weil   |   Monday, 17 Mar 2014 08:26 AM

As of the fourth quarter of 2013, Apple was the most popular stock for hedge funds, while Google was the most popular stock for mutual funds, a new Citi Research analysis shows.

Among mutual funds, Microsoft and Wells Fargo tied for second and Amazon.com came in fourth, Forbes reports.

"Wells Fargo by far, added the most holdings of any other names at mutual funds, whereas MasterCard fell off modestly but outperformed the benchmark by more than 14 percent," Citi Chief Equity Strategist Tobias Levkovich tells Forbes.

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38 Trades That Could Turn $1,000 Into $49,000

Among hedge funds, Google placed second and Facebook third. Facebook came in only 15th place among mutual funds, though it enjoyed one of the biggest jumps on either list.

Looking at sectors, healthcare was No. 1 among mutual funds, with a 23 percent weighting, followed by information technology, with a 20 percent weighting, and financial services, with a 17 percent weighting.

Among hedge funds, consumer discretionary and information technology tied for first place, with a 27 percent weighting each. Healthcare was third, with a 23 percent weighting.

The top holdings for mutual funds returned 13 percent for the fourth quarter, outperforming the S&P 500 by 3.1 percent. However, according to Levkovich, the top holdings for hedge funds had a 13.4 percent return.

Levkovich warns that the problem with this data is that "it's dated. We're in March and we're talking about what happened as of Dec. 31. And it'll move again. It's a snapshot, it's not a moving picture."

As for Google, Morningstar analyst Rick Summer offers words of praise for the company.

"With a dominant Internet search product as its foundation, Google has built an impressive portfolio that individuals use frequently, beyond search," he writes on Morningstar.com. "These new products allow advertisers to reach out to potential customers multiple times, in multiple ways."

Editor’s Note: 38 Trades That Could Turn $1,000 Into $49,000

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