Goldman Sachs’ favorite mutual funds positions that are overweight the Russell 1000

Goldman Sachs analysts listed 50 of their favorite positions within the Russell 1000 (NYSEARCA:IWF), where the average large-cap core, growth, and value mutual fund is most overweight relative to the benchmark.

Holdings range from 30 basis points to 6 basis points overweight, with new constituents including UnitedHealth Group (UNH), CRH (CRH), and Dell Technologies (DELL).

According to a Mutual Fundamentals report, 34% of mutual funds have outperformed their benchmarks year-to-date. That is down from 50% in May, and below the historical average of 38%.

Their cash balances remain at record lows, “as fund managers attempt to minimize the drag from holding cash in a rising equity market,” wrote Analyst Ryan Hammond.

There has been $220B of outflows from active mutual funds year-to-date, compared with $284B of inflows to passive ETFs.

Also, the performance of the largest mutual fund overweights surpassed the equal-weight S&P 500 (RSP) year-to-date at 11% vs. 10% but trailed the largest underweights 19%.

These are the overweight positions vs. the benchmark:

• Visa Inc. (V) – overweight: 30 basis points
• Wells Fargo & Co. (WFC) – overweight: 18 basis points
• Cigna Group (CI) – overweight: 16 basis points
• ServiceNow Inc. (NOW) – overweight: 16 basis points
• Mastercard Inc. (MA) – overweight: 15 basis points
• TJX Companies Inc. (TJX) – overweight: 14 basis points
• Comcast Corp. (CMCSA) – overweight: 13 basis points
• Intuit Inc. (INTU) – overweight: 13 basis points
• American International Group Inc. (AIG) – overweight: 13 basis points
• Charles Schwab Corp. (SCHW) – overweight: 12 basis points
• Medtronic Public Limited Co. (MDT) – overweight: 12 basis points
• UnitedHealth Group Inc. (UNH) – overweight: 12 basis points
• Marvell Technology Inc. (MRVL) – overweight: 12 basis points
• CRH Public Limited Co. (CRH) – overweight: 12 basis points
• ConocoPhillips (COP) – overweight: 11 basis points
• FedEx Corp. (FDX) – overweight: 10 basis points
• Intuitive Surgical Inc. (ISRG) – overweight: 10 basis points
• Elevance Health Inc. (ELV) – overweight: 10 basis points
• Texas Pacific Land Corp. (TPL) – overweight: 10 basis points
• Fiserv Inc. (FI) – overweight: 10 basis points
• Dell Technologies (DELL) – overweight: 10 basis points
• Kenvue Inc. (KVUE) – overweight: 9 basis points
• Danaher Corp. (DHR) – overweight: 9 basis points
• Johnson Controls International Plc (JCI) – overweight: 9 basis points
• Amdocs Limited (DOX) – overweight: 9 basis points
• Citigroup Inc. (C) – overweight: 8 basis points
• EOG Resources Inc. (EOG) – overweight: 8 basis points
• Bank of New York Mellon Corp. (BK) – overweight: 8 basis points
• PNC Financial Services Group Inc. (PNC) – overweight: 8 basis points
• Fidelity National Information Services Inc. (FIS) – overweight: 8 basis points
• Workday Inc. (WDAY) – overweight: 8 basis points
• U.S. Bancorp (USB) – overweight: 7 basis points
• HEICO Corp. (HEI) – overweight: 7 basis points
• Uber Technologies (UBER) – overweight: 7 basis points
• Bank of America Corp. (BAC) – overweight: 7 basis points
• Hartford Financial Services Group Inc. (HIG) – overweight: 7 basis points
• Progressive Corp. (PGR) – overweight: 7 basis points
• American Express Co. (AXP) – overweight: 7 basis points
• Willis Towers Watson Public Limited Co. (WTW) – overweight: 7 basis points
• American Tower Corp. (AMT) – overweight: 7 basis points
• Target Corp. (TGT) – overweight: 6 basis points
• Intercontinental Exchange Inc. (ICE) – overweight: 6 basis points
• General Dynamics Corp. (GD) – overweight: 6 basis points
• L3Harris Technologies Inc. (LHX) – overweight: 6 basis points
• Sysco Corp. (SYY) – overweight: 6 basis points
• eBay Corp. (EBAY) – overweight: 6 basis points
• Cardinal Health Inc. (CAH) – overweight: 6 basis points
• Centene Corp. (CNC) – overweight: 6 basis points
• Gen Digital Inc. (GEN) – overweight: 6 basis points
• Cencora Inc. (COR) – overweight: 6 basis points