While the market has come under pressure, the latest list of new buys by the best mutual funds shows top money managers continue to place their bets on Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Nvidia (NVDA) and other big-name stocks. While AAPL, MSFT, GOOGL and NVDA try to resist the headwinds, others, such as Big Pharma plays Eli Lilly (LLY) and Vertex Pharmaceuticals (VRTX), as well as defense contractor Lockheed Martin (LMT), have so far shown more immunity to the selling.
Leading the pack, Apple and Microsoft made the billion-dollar club, taking in $1.3 billion and $1.1 billion, respectively, from top-performing institutional investors.
Vertex Leads Breakouts Bucking This Pressured Market
Even within this volatile market, on this list of new buys by the best mutual funds you’ll find a mix of stocks that have soared alongside those that are setting up or testing new buy points and buy zones.
While Lilly and Vertex represent the crop of stocks that have broken out to nice gains, they’re not alone. Leading dividend stock Iron Mountain (IRM), and gambling stock Monarch Casino & Resort (MCRI) also join their ranks. Steel stocks Nucor (NUE) and Steel Dynamics (STLD) also fit that bill.
AAPL, GOOGL, MSFT Among Stocks In Or Near Buy Zones
While a pressured market creates headwinds for individual stocks, Apple, Microsoft and Alphabet are among those showing resilience and looking to weather the storm.
Apple is near but below a double-bottom buy point it cleared earlier. Unlike GOOGL and Microsoft, the 50-day line remains solidly above the longer-term 200-day line, showing superior technical strength. Alphabet is testing support at its 50-day line as it forms a cup with handle and tries to retake its 200-day benchmark.
Stocks being bought by the best mutual funds that are exploring new buy zones include Regeneron Pharmaceuticals (REGN), Roche (RHHBY), ExlService (EXLS), and NV5 Global (NVEE). Regeneron has just moved beyond the buy zone and is now extended.
Follow Matthew Galgani on Twitter at @IBD_MGalgani.
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