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.
