Recently, several large investment institutions submitted their holdings reports (Form 13F) to the Securities and Exchange Commission (SEC). From the changes in holdings, the differences among investment institutions regarding U.S. technology stocks are widening.
Since 2023, driven by the continuous revenue growth brought by the layout of AI and the increasingly expanding scale of share buybacks, the Magnificent 7 has led the entire US stock market. However, this year, concerns about the prospects of AI and increased competitive pressure from Chinese technology companies have fundamentally changed the logic behind the Magnificent 7 leading the US stock market, with the stock price performance of other tech giants significantly lagging behind besides Meta.$S&P 500 Index (.SPX.US)$. From the perspective of investment changes, Shareholding in the Magnificent 7 has become mainstream, but many institutions are also increasing their positions, indicating that there is a growing divergence in their outlook on these companies.Institutional Hold Positions.From the changes observed, the reduction of holdings in the Magnificent 7 has become mainstream, but there are also many Institutions increasing their positions, indicating that the divergence in views on their prospects is gradually widening.
In addition, institutions including Barclays, Goldman Sachs, and Blackrock have reported increasing their investments.$Bitcoin (BTC.CC)$Among them, Goldman Sachs significantly increased its holdings in the iShares Bitcoin Trust ETF in the fourth quarter of last year, with a quarter-on-quarter growth of 88.56%, while also significantly increasing its positions in other smaller Bitcoin funds; meanwhile, Blackrock has increased its investment in $Strategy (MSTR.US)$ (Previously known as MicroStrategy, MSTR.US) has increased its shareholding ratio to 5%, an 18.83% growth in the number of Hold Positions compared to the previous quarter—Strategy is the world's largest corporate holder of Bitcoin.
Invesco: Increased holdings in large technology stocks.
$Invesco (IVZ.US)$ The total Market Cap of Hold Positions in the fourth quarter of last year was 540 billion USD, a 3.84% increase compared to the end of the previous quarter at 520 billion USD.
In terms of Market Cap of Hold Positions, the top ten holdings account for 18.95% of the total Market Cap. Among them,$NVIDIA (NVDA.US)$the largest holding stock ranks first, with approximately 0.129 billion shares held, a Market Cap of approximately 17.442 billion USD, accounting for 3.22% of the portfolio, an increase of 7.59% compared to the previous quarter.
$Microsoft (MSFT.US)$The number of Hold Positions increased by 1.50% compared to the previous quarter. $Apple (AAPL.US)$ The number of Hold Positions increased by 0.02% compared to the previous quarter.$Amazon (AMZN.US)$The number of Hold Positions increased by 4.69% compared to the previous quarter. $Meta Platforms (META.US)$Ranked fifth, with a Hold Position of approximately 17.2689 million shares, a Market Cap of about 10.111 billion dollars, a decrease of 1.76% in Hold Positions compared to the previous quarter.
The top ten heavy stocks in Invesco Group also include:$Broadcom (AVGO.US)$、 $Alphabet-A (GOOGL.US)$ 、 $Tesla (TSLA.US)$、$Netflix (NFLX.US)$、 $Alphabet-C (GOOG.US)$ 。
It is worth mentioning that NVIDIA continued to be favored by Invesco in the fourth quarter of last year, with holdings increasing by 9.1682 million shares, a growth rate of 7.59%, making it Invesco's largest holding. This increase reflects Invesco's confidence in NVIDIA's continued growth potential in AI and high-performance computing.
In contrast,$Salesforce (CRM.US)$it was one of the technology stocks with the largest increase in holdings in the fourth quarter of last year. Invesco increased its position by 2.32516 million shares, an increase of 42.54%. The total holdings amount to 7.791 million shares, with a market cap of 26.048 billion USD, accounting for 0.48% of the portfolio. Salesforce's continued innovation and expansion in the customer relationship management (CRM) software market may be significant factors attracting Invesco.
From the change in holding ratios, the top five bought symbols are: $NVIDIA (NVDA.US)$ 、 $Amazon (AMZN.US)$ 、$Tesla (TSLA.US)$、 $Salesforce (CRM.US)$ 、$Marvell Technology (MRVL.US)$。
The top five sold symbols are: $Marathon Petroleum (MPC.US)$ (The company was delisted from the New York Stock Exchange at the end of last year after completing the sale of $ConocoPhillips (COP.US)$),$UnitedHealth (UNH.US)$、$Regeneron Pharmaceuticals (REGN.US)$、$Eli Lilly and Co (LLY.US)$、$Elevance Health (ELV.US)$。
Barclays: Shareholding in Technology stocks.
$Barclays (BCS.US)$ In the fourth quarter of last year, the total market cap of the holdings reached 357 billion USD, down 5.3% from 377 billion USD in the previous quarter. The top ten holdings accounted for 41.46% of the total market cap.
Among the top five heavy positions, $NVIDIA (NVDA.US)$ the number of holdings decreased by 16.87% compared to the previous quarter; $Microsoft (MSFT.US)$ the number of holdings decreased by 15.50% compared to the previous quarter; $Apple (AAPL.US)$ The number of holdings decreased by 32.6% compared to the previous quarter.
The top five sold symbols are: $Apple (AAPL.US)$ 、$Ishares Iboxx $ High Yield Corporate Bond Etf (HYG.US)$Put Options,$Russell 2000 Index (.RUT.US)$Put options on ETFs, $Microsoft (MSFT.US)$ 、 $Alphabet-C (GOOG.US)$ 。
Overall, Barclays is bearish on all six of the major technology giants aside from Amazon. In addition, Barclays has also established a new position in the iShares Bitcoin ETF in the fourth quarter. The price of Bitcoin remained in an upward channel during the fourth quarter of last year, and benefited from Trump's election, whose pro-crypto policy stance briefly pushed Bitcoin above the $0.1 million mark.
Bridgewater: Significantly reduced shareholding in tech stocks.
At the end of the fourth quarter last year, the total market cap of the stocks held by Bridgewater was $21.8 billion, up 23.2% from $17.7 billion in the previous quarter. Overall, Bridgewater significantly reduced its shareholding in the 'six major U.S. tech stocks' excluding Tesla.
Among many holdings adjustments, Bridgewater's significant increased position in the SPDR S&P 500 ETF Trust (SPY) is particularly striking. The proportion of this symbol in its holdings surged from 2.72% to 22.12%, making it its largest holding. This move reflects Bridgewater's optimistic outlook on the overall market trend and makes its holdings structure more concentrated. The top ten holdings now account for 43.19% of the total market value of its holdings, up from 32.29% in the previous quarter, further demonstrating Bridgewater's strong confidence in its core positions.
In stark contrast to Bridgewater's optimistic stance on the S&P 500 ETF Trust, it significantly reduced its positions in major tech stocks. Among the 'Magnificent 7' that have drawn attention in recent years, all except Tesla have seen their positions cut by Bridgewater. Specifically, in the fourth quarter, Bridgewater reduced its holdings in NVIDIA, Alphabet, Meta Platforms, Microsoft, Apple, and Amazon by 26.44%, 17.31%, 22.58%, 23.34%, 40.19%, and 34.84% respectively.
In the fourth quarter of last year, Bridgewater established a new position of 0.1535 million shares in Tesla. In the fourth quarter, Tesla's stock price saw a significant rise following the major announcement of Tesla Robotaxi and new progress in humanoid robots. Bridgewater's establishment of this position may be taking into account Tesla's enormous potential in the AI and new energy vehicle sectors, as well as the substantial returns it may bring in the future.
Goldman Sachs: Major buying of Cryptos.
In the fourth quarter of last year, Goldman Sachs' total holdings market value was $630 billion, up from $620 billion the previous quarter, reflecting a growth of approximately 1.6%.
Looking at the changes in holdings, Goldman Sachs' attitude towards tech stocks is inconsistent. It increased positions in Apple, NVIDIA, Microsoft, and Meta Platforms, but significantly reduced positions in Amazon and Alphabet.
It is noteworthy that in the fourth quarter of last year, Goldman Sachs increased its holdings in the spot Ethereum Exchange traded fund (ETF) by 2000%, while raising its holdings in Bitcoin ETF to over 1.5 billion dollars. It purchased nearly 1.28 billion dollars worth of iShares Bitcoin Trust (IBIT) shares, an increase of 88.56% from the third quarter, and also bought 0.288 billion dollars worth of Fidelity Bitcoin Fund (FBTC) shares. In addition, Goldman Sachs holds 3.6 million dollars in Grayscale Bitcoin Trust (GBTC).
Want to understand the institutional holdings situation and stay updated on the latest investment trends,open Futubull > Market > US Stocks > Institutional Tracking,Check out more content!
Editor/rice
