Goldman Sachs says the hedge fund VIP list — the 50 stocks that most frequently appear in the top 10 holdings of fundamental funds — is still dominated by mega-cap tech. Amazon (AMZN), Microsoft (MSFT), Meta (META), Nvidia (NVDA) and Alphabet (GOOGL) remain the top five, with Taiwan Semi (TSM), Broadcom (AVGO) and Apple (AAPL) close behind.
The basket is built from 720 hedge funds with 10–200 U.S. equity positions, and it has outperformed the S&P 500 (SPY) in 59% of quarters since 2001, with an average quarterly excess return of 51 basis points.
This quarter also brought a fresh wave of turnover inside hedge-fund portfolios, with 16 new stocks muscling their way onto the list:
Abivax (ABVX), Cidara Therapeutics (CDTX), CyberArk Software (CYBR), Excelerate Energy (EXE), First Solar (FSLR), Chart Industries (GTLS), Micron Technology (MU), Norfolk Southern (NSC), Natera (NTRA), PG&E Corp. (PCG), Echostar (SATS), SanDisk (SNDK), S&P Global (SPGI), Teva Pharmaceutical Industries (TEVA), Union Pacific (UNP) and Warner Bros. Discovery (WBD).
Goldman also notes rotation within the Magnificent 7. Hedge funds added to Meta, Microsoft, Tesla and Amazon, while trimming Nvidia. Amazon remains the single most popular long position across the hedge fund universe.
