The latest list of new buys by the best mutual funds showcases seven members raking in over $1 billion each, including Broadcom (AVGO), Tractor Supply (TSCO) and JPMorgan Chase (JPM).
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Ferguson (FERG) led the billion-dollar club, with top money managers showering over $12 billion on the plumbing and heating products distribution giant.
Steel Dynamics (STLD), Eaton (ETN) and Ameriprise (AMP) also earned membership in this exclusive club.
| AVGO, TSCO And JPM Join Billion-Dollar Club | |||
|---|---|---|---|
| Company | Symbol | $ Amount Invested By Top Funds | Composite Rating |
| Ferguson | FERG | $12 billion | 98 |
| Broadcom | AVGO | $4.5 billion | 98 |
| Tractor Supply | TSCO | $2.9 billion | 93 |
| JPMorgan Chase | JPM | $2.5 billion | 93 |
| Steel Dynamics | STLD | $2.3 billion | 95 |
| Eaton | ETN | $1.2 billion | 93 |
| Ameriprise | AMP | $1.2 billion | 96 |
Browse The Full List Of New Buys By The Best Mutual Funds
Sectors In Demand Among The Best Mutual Funds
An overall look at new buys by the best mutual funds shows these well-heeled investors put a special focus on five broad sectors.
BUILDING SECTOR
The building sector led, with 41 stocks making the grade. Nine homebuilders earned promising appraisals, including Tri Pointe Homes (TPH), Toll Brothers (TOL), Green Brick Partners (GBRK) and PulteGroup (PHM).
RETAIL SECTOR
TSCO stock, Crocs (CROX), AutoZone (AZO), Ulta Beauty (ULTA) and Chinese e-commerce play PDD (PDD) were among 29 retailer stocks top money managers added to their shopping carts.
SOFTWARE SECTOR
Software stocks also had a strong showing. IBD Long-Term Leaders Cadence Design Systems (CDNS) and Synopsys (SNPS) joined 23 other software names in demand among top fund managers. Cloud stock Arista Networks (ANET) and cybersecurity leaders Fortinet (FTNT) and Palo Alto Networks (PANW) also secured recognition.
MACHINERY
Top funds have also engineered clear demand for the machinery sector. Industrial powerhouses Parker-Hannifin (PH) and Trane Technologies (TT) led, taking in $818 million and $725 million, respectively.
SEMICONDUCTORS
As the Nasdaq searches for support to continue its 2023 rally, the best mutual funds scooped up shares in 15 names in the semiconductor sector.
In addition to AVGO stock, Mobileye (MBLY), Lattice Semiconductor (LSCC), Applied Materials (AMAT), Advanced Energy Industries (AEIS), and Allegro Microsystems (ALGM) made the cut. IBD 50 and IBD Big Cap 20 member Monolithic Power Systems (MPWR) also etched its spot on this stock screen.
Stocks To Watch Forming Bases, Breakouts And Buy Zones
While the market indexes successfully test their key moving averages, there’s no shortage of names testing new breakouts and buy zones.
Just among semiconductor stocks being bought by the best mutual funds, chip names testing buy zones include AMAT, ADI, AEIS and Microchip Technology (MCHP).
Semiconductor stocks now approaching new buy points include MPWR, STMicroelectronics (STM), Diodes (DIOD) and Global Foundries (GFS), just to name a few.
Meanwhile, AVGO stock soared Friday while MBLY, Axcelis Technologies (ACLS) and others have found support at their 10-week moving averages to continue their impressive moves.
Semiconductor stocks have already broken out include LSCC and ALGM stock.
To explore beyond just chip stocks, click to see the full list of stocks the best mutual funds are buying.
Follow Matthew Galgani on Twitter at @IBD_MGalgani.
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