MUST READ - Mutual Fund Monitor - Moving the goal postspdf
MUST READ - Mutual Fund Monitor - Moving the goal postspdf
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  1. Mutual Fundamentals analyzes the quarter-end positioning of 558 large-cap mutualfunds with a combined $3.9 trillion in equity assets. 1. PERFORMANCE AND FLOWS: Just 31% of large-cap mutual funds haveoutperformed their benchmarks YTD. Mutual funds typically cut cash allocationspost-Election Day, but cash balances already stand at a record low. Mutual funds andETFs have had inflows since Election Day, similar to the 2016 experience.2. THEMES IN FOCUS: (1) Mega-cap tech: The average large-cap mutual fund is 806bp underweight the Magnificent 7 (vs. 671 bp in 2Q). Four of the Magnificent 7ranked in the top 20 most cut stocks (MSFT, GOOGL, META, NVDA), while TSLAwas the most added stock. (2) Index weighting changes: S&P and Russellannounced that they would implement a cap on weights in select indices. Large-capunderweights have been a key driver of fund underperformance YTD. Top-quartilecore funds have a neutral weight (30%) in the Magnificent 7 while bottom-quartilefunds have only 11% of assets allocated to these stocks. A cap means that if thelargest stocks continued to outperform, funds would not mechanically become moreunderweight these stocks. (3) US Election: Mutual fund tilts ahead of Election Daysuggest that funds benefited from many policy-related rotations. Mutual funds carrylarge overweights in Financials, Cyclicals, and stocks with high US sales, which haveoutperformed on the back of the election results.3. SECTORS: The average mutual fund remains most overweight Financials (+187bp) and Industrials (+162 bp). Funds are most underweight Info Tech (-483 bp),cutting exposure to the sector by the most since 2Q 2020 and registering the lowesttilt during the past 10 years. However, this is likely due to strong sector performancecombined with funds pushing up against diversification limits. The average fundacross all core, growth, and value styles added to Materials and Consumer Staplesbut cut exposure to Consumer Discretionary and Info Tech.4. STOCKS: Performance of the largest mutual fund overweights (GSTHMFOW) hassurpassed the equal-weight S&P 500 YTD (+22% vs. +17%) but has trailed thelargest underweights (GSTHMFUW, +23%). We rebalance the baskets in this report.11 new constituents in GSTHMFOW: VRT, LOW, BDX, BMY, LH, STT, APD, SPOT, CB,KDP, GPN. 4 new constituents in GSTHMFUW: PLTR, ACN, ADP, ED.Ryan Hammond+1(212)902-5625 |ryan.hammond@gs.comGoldman Sachs & Co. LLCDaniel Chavez+1(212)357-7657 |daniel.chavez@gs.comGoldman Sachs & Co. LLCDavid J. Kostin+1(212)902-6781 | david.kostin@gs.comGoldman Sachs & Co. LLCBen Snider+1(212)357-1744 | ben.snider@gs.comGoldman Sachs & Co. LLCJenny Ma+1(212)357-5775 | jenny.ma@gs.comGoldman Sachs & Co. LLCKartik Jayachandran+1(212)855-7744 |kartik.jayachandran@gs.comGoldman Sachs & Co. LLCMutual FundamentalsMoving the goal posts19 November 2024 | 5:02PM ESTInvestors should consider this report as only a single factor in making their investment decision. For Reg ACcertification and other important disclosures, see the Disclosure Appendix, or go towww.gs.com/research/hedge.html.
  2. Performance, positioning, and flows3Themes in focus: Index weights, mega-cap tech, and the US Election5Sector positioning8Stock positioning10Appendix15Disclosure Appendix1719 November 20242Goldman SachsMutual FundamentalsTable of Contents
  3. Performance, positioning, and flowsMutual fund performance was weak over the first 8 months of the year but hasstabilized since then. 31% of large-cap mutual funds are outperforming theirbenchmarks YTD, compared with the historical average of 38%. 41% of large-cap valuefunds are outperforming their benchmarks, compared with 33% of growth funds andjust 24% of large-cap core funds.History suggests that mutual funds reduce cash balances after Election Day. During9 presidential election years since 1988, mutual fund cash holdings as a share of assetsdeclined by a median of roughly 0.3 pp in the months after the election. A similardynamic occurred following the 2016 election.However, mutual fund cash balances are already at a record low. US equity mutualfund cash as a percentage of total assets equals just 1.4%, matching the record low.Exhibit 1: 31% of large-cap mutual funds are outperforming their benchmark71%40%53%23%21%37%48%16%38%19%45%38%28%42%30%57%33%31%0 %10 %20 %30 %40 %50 %60 %70 %80 %'07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 YTD% of large-cap mutual fundsoutperforming their benchmarks(annual)Average38%Source: Goldman Sachs Global Investment ResearchExhibit 2: Large-cap value managers have performed best YTD% of fundsBenchmark Average outperformingHistoricalFund type Benchmark returnfund return benchmark averageLarge-Cap ValueRussell 1000 Value 19.2% 18.2% 41% 46%Large-Cap GrowthRussell 1000 Growth 29.1 26.3 33 36Large-Cap CoreS&P 500 25.1 20.3 24 33Source: Goldman Sachs Global Investment Research19 November 20243Goldman SachsMutual Fundamentals
  4. Similarly, optimism after the 2016 election drove inflows into US mutual funds andETFs. Funds experienced $45 billion in inflows in the four weeks after the 2016 election.Fund flows have totaled more than $50 billion since Election Day this year and havebeen a key driver of the increase in our GS Sentiment Indicator.Active mutual funds have continued to experience outflows YTD. There have been$262 billion of outflows from active mutual funds YTD, compared with $361 billion ofinflows to passive ETFs. Notably, “active” ETFs have experienced $63 billion of inflows.We wrote about the implications of the rising share of passive management on USequities in our US Weekly Kickstart.Exhibit 3: Mutual fund cash balances stand at record lowslatest available data as of September 30, 2024Exhibit 4: Funds typically cut cash holdings after Election Daylatest available data as of September 30, 2024$100$125$150$175$200$225$2501.0 %1.5 %2.0 %2.5 %3.0 %3.5 %4.0 %4.5 %5.0 %5.5 %2006 2010 2014 2018 2022 2026US equity mutual fundsCash and liquid assets($bn, right axis)Cash % of total assets(left axis)(0.6)pp(0.4)pp(0.2)pp0.0 pp0.2 pp0.4 pp0.6 ppNov Feb May Aug Nov Feb May Aug NovChange in cash as a share of assetsChange in US mutual fund cash holdingsfrom 1 year before to 1 year afterUS presidential elections since 19889-episodemedianElectionmonth20242016Source: ICI, Goldman Sachs Global Investment ResearchSource: ICI, Goldman Sachs Global Investment ResearchExhibit 5: Positive inflows after 2016 and 2024 electionsExhibit 6: YTD mutual fund and ETF flowsmonthly data as of September 30, 2024-1.0%-0.5%0.0%0.5%1.0%1.5%Mar Apr May Jun Jul Aug Sep Oct Nov Dec4-week US equity MF and ETF fund flowsas % of AUM20242016ElectionDayElectionDay$(262)$(86)$(50)$39 $63 $361 -$300-$200-$100$0$100$200$300$400Activemutualfunds ($8.1 tnAUM)Growth ($3.9 tnAUM)Value ($2.7 tnAUM)Passivemutualfunds ($5.3 tnAUM)ActiveETFs ($0.3 tnAUM)PassiveETFs ($6.8 tnAUM)YTD in/(out)flowsMutual fund and ETFin/(out)flows YTD($ billions)Source: EPFR, Goldman Sachs Global Investment ResearchSource: EPFR, Goldman Sachs Global Investment Research19 November 20244Goldman SachsMutual Fundamentals
  5. Themes in focus: Index weights, mega-cap tech, and the US ElectionThere are two key regulations for mutual fund portfolio weightings. First, theInvestment Company Act of 1940 (“40 Act”) sets limitations for mutual funds to beclassified as “diversified.” Under section 5(b), the total weight of securities withindividual weights in the portfolio of 5% or greater cannot exceed 25% of the portfolio.Second, in addition to the 40 Act, the Internal Revenue Code’s (“IRC”) test determineswhether a fund qualifies as a regulated investment company and may take advantage ofpass-through tax treatment. Under section 851(b)(3)(A), on the close of each quarter ofthe taxable year, the total weight of securities with individual weights in the portfolio of5% or greater cannot exceed 50% of the investment company’s total assets and nosingle stock may compose more than 25% of the portfolio.After a consultation period, both S&P and Russell announced that they wouldimplement a cap on weights in select indices. We wrote about the potential changesin September (see US Weekly Kickstart). The Russell 1000 Growth Index is close toexceeding the IRS threshold, as five companies currently have weights of 5% or more inthe index for a combined 47% weight. If META outperforms and its 4.3% weight growsby 70 bp, the index would exceed the threshold. In addition, Russell’s cappingmethodology provides a buffer relative to the IRS guidelines. The S&P 500 does notcurrently cross either threshold, but some S&P 500 sectors do. S&P’s changes alreadytook effect, while Russell’s changes will take effect after the close of March 21, 2025.Mutual funds continue to carry large underweights in the largest mega-cap techstocks. In part due to diversification limits, the average large-cap growth fundunderweight each of the mega-cap tech stocks by a median of 182 bp and a total of1726 bp. While the benchmark S&P 500 has not crossed the regulatory threshold, activelarge-cap core mutual funds also carry large underweights in the biggest stocks. Theaverage large-cap core fund was underweight each of the mega-cap tech stocks by amedian of 110 bp and a total of 1057 bp. Based on our review of annual reports for largecore funds, some managers attribute the underweight positions in the largest stocks toExhibit 7: Benchmark indices and diversification thresholdsExhibit 8: Concentration has been increasing in benchmark indices47%20%0%0%10%20%30%40%50%60%70%Russell 1000 Growth S&P 500 Russell 1000 ValueCumulative weight of stocks with 5% or greaterweight in indexSEC ICA of 1940 diversification threshold: 25%IRS RIC diversification threshold: 50%0%10%20%30%40%50%60%2014 2016 2018 2020 2022 2024Combined weight of stocks with weight of 5% or more in indexRussell 1000GrowthS&P 500Source: FactSet, Goldman Sachs Global Investment ResearchSource: Goldman Sachs Global Investment Research19 November 20245Goldman SachsMutual Fundamentals
  6. fundamental bottom-up views while other funds discussed their goal of building adiversified portfolio.Large-cap underweights have been a key driver of fund underperformance YTD.The Magnificent 7 have returned 41% YTD, compared with 17% for the equal-weightedindex. YTD, only 24% of large-cap core equity mutual funds have outperformed thebenchmark. An examination of the holdings of the top and bottom quartile performingfunds explains the gap in returns. On a performance basis, top-quartile funds have aneutral weight in these stocks at 30% while bottom-quartile performing funds have only11% of assets allocated to these stocks – an allocation nearly 20 percentage pointslower than the benchmark.Adjusting the weighting methodology means that if the largest stocks continuedto outperform, funds would not mechanically become more underweight thesestocks. Because the Russell 1000 Growth is on the cusp of key IRS thresholds, theweighting methodology change would have a limited impact on mutual fund tilts today.However, if funds used a capped version of the Russell 1000 Growth index thatcomplies with the SEC’s 40 Act, the average large-cap growth mutual fund would movefrom 1726 bp to 572 bp underweight mega-cap tech.Exhibit 9: Mutual funds have struggled to keep pace with thegrowing weight of mega-cap techExhibit 10: Mutual funds continue to carry large underweights inmega-cap tech stocks4%8%12%16%20%24%28%32%2013 2015 2017 2019 2021 2023 2025Weight ofMagnificent 7Index WeightMutual FundWeight20%28%(2000)bp(1500)bp(1000)bp(500)bp0 bp500 bp1000 bp2013 2015 2017 2019 2021 2023 2025Average large-cap MFover/(under)weightin Magnificent 7Value365 bpGrowth(1726) bpCore(1057) bpAvg(806) bpSource: FactSet, Goldman Sachs Global Investment ResearchSource: FactSet, Goldman Sachs Global Investment ResearchExhibit 11: Mutual funds cut their exposure to mega-cap tech in 3Q 2024Core Growth Value Equal-weight AverageTicker OW/UW Change % OWOW/UW Change % OW OW/UW Change % OW OW/UW Change % OWAAPL (343)bp (42)bp 15 % (600)bp (81)bp 8 % 62 bp (5)bp 21 %(294)bp(42)bp 15 %NVDA (259) 19 27 (262) (47) 31 22 (2) 4(166)(10) 21MSFT (131) 14 41 (357) (45) 16 124 (25) 43(121)(19) 33TSLA (110) (22) 6 (181) (42) 8 0 0 1(97)(21) 5AMZN (105) 10 40 (67) (50) 45 25 (1) 12(49)(14) 32GOOGL (52) 1 42 (182) (29) 19 88 (22) 43(49)(16) 35META (57) (3) 38 (76) (26) 47 44 (6) 24(30)(12) 37Mag 7 total (1057)bp (22)bp (1726)bp (320)bp 365 bp (60)bp (806)bp (134)bpMag 7 median (110) 1 (182) (45) 44 (5) (97) (16)Source: FactSet, Goldman Sachs Global Investment Research19 November 20246Goldman SachsMutual Fundamentals
  7. Mutual fund tilts ahead of Election Day suggest that funds benefited from many ofpolicy-related rotations. We highlighted various slices of the equity market that wereexposed to policy risk, ranging from deregulation to tax to tariffs. Mutual funds carrylarge overweights in Financials, Cyclicals, and stocks with US sales, which outperformedon the back of the election results. We expect these pockets of the equity market willremain in focus in 2025 as investors await policy details.Exhibit 12: Distribution of large-cap core mutual fund YTD returnsExhibit 13: Best-performing core funds have large weight in theMagnificent 70102030405060700 4 8 12 16 20 24 28 32 36 40 44# of Large-Cap Core Mutual FundsYTD total return (%)Distribution of Large-Cap Core Mutual Fund YTD returnsAverageYTD return:20%S&P 500YTD return:25%11%30%30%0 %10 %20 %30 %40 %50 %Bottom quartile of fundsbased on returnsIndex weight Top quartile of fundsbased on returnsWeight of Magnificent 7 in average large-cap core mutual fund portfoliosSource: FactSet, Goldman Sachs Global Investment ResearchSource: FactSet, Goldman Sachs Global Investment ResearchExhibit 14: Mutual funds are overweight many of the policy-related slices of the market that ralliedIRA beneficiariesRenewable energyCyclicalsDefensivesHigh taxLow taxSmall business exposureM&A beneficiariesRepublican outperformRepublican underperformUS salesNon-US salesFinancials-8%-6%-4%-2%0%2%4%6%8%10%(200)bp (150)bp (100)bp (50)bp 0 bp 50 bp 100 bp 150 bp 200 bpReturn since Election DayLarge-cap MF OW/UWOverweight and Positive ReturnSource: FactSet, Goldman Sachs Global Investment Research19 November 20247Goldman SachsMutual Fundamentals
  8. Sector positioningThe average mutual fund is currently most overweight Financials (+187 bp) andIndustrials (+162 bp) and most underweight Info Tech (-483 bp). The currentIndustrials and Health Care overweights are near 10-year highs (97th percentile for bothsectors). Although Real Estate is currently the second most underweight sector, its tiltremains at a 10-year high. Other sectors with tilts that sit at or near their 10-year highsare Utilities (100th percentile), Consumer Staples (100th percentile), and Health Care (97thpercentile).Relative to last quarter, the average fund increased exposure most to Health Care(+53 bp) and Financials (+39 bp) while cutting the most in Info Tech (-125 bp) andConsumer Discretionary (-41 bp). The average fund cut exposure to Info Tech for thefourth consecutive quarter; however, strong sector performance and funds up againstdiversification limits likely contributed to a further reduction in exposure in 3Q. Thisquarter’s cut to Info Tech was the largest since 2Q 2020. However, the move was drivenprimarily by growth funds, which cut exposure to the sector by 306 bp on average vs. a37 bp cut on average across core funds and a 32 bp cut across value funds. Below thesurface, growth funds primarily reduced exposure within the Software andSemiconductor industries.Exhibit 15: Mutual fund sector over/(under)weightsholdings as of 3Q 2024(600) (400) (200) 0 200 400Info TechReal EstateCons DiscrCons StaplesComm ServicesUtilitiesMaterialsEnergyHealth CareIndustrialsFinancialsAverage over/(under)weight vs. benchmark (bp)Average mutual fund over/ (under)weightrelative to 10-yeardistributions10-year high10-year lowCurrent tiltSource: FactSet, Goldman Sachs Global Investment Research19 November 20248Goldman SachsMutual Fundamentals
  9. Across styles, the average core, growth, and value fund is overweight Energy. Interms of changes in positioning, the average fund across all styles added to Materialsand Consumer Staples. Conversely, the average fund across all styles cut exposure toConsumer Discretionary and Info Tech.Exhibit 16: Mutual fund over/(under)weights and changes vs. 3Q 2024holdings as of 3Q 2024Info TechReal EstateCons DiscrCons StaplesComm ServicesUtilitiesMaterialsEnergyHealth CareIndustrialsFinancials(150)bp(100)bp(50)bp0 bp50 bp100 bp-500 bp -400 bp -300 bp -200 bp -100 bp 0 bp 100 bp 200 bp 300 bpChange in average fund OW/(UW) vs. benchmarkCurrent average fund OW/(UW) vs. benchmarkUW butaddingOW andaddingUW andcuttingOW but cuttingSource: FactSet, Goldman Sachs Global Investment ResearchExhibit 17: Mutual fund over/(under)weights by styleholdings as of 3Q 2024Financials IndustrialsHealth Care Energy MaterialsCons DiscretComm ServicesUtilitiesCons StaplesReal Estate Info TechAVERAGEAverage fund OW/(UW) (bp) 187 162 156 70 47 (48) (13) (1) (16) (62) (483)Change in OW/(UW) (bp) 39 25 53 2 14 (41) (11) 23 9 11 (125)COREAverage fund OW/(UW) (bp) 224 303 114 97 100 (74) (44) 2 24 (47) (700)Change in OW/(UW) (bp) (15) (1) 20 (11) 18 (10) 8 9 10 11 (37)GROWTHAverage fund OW/(UW) (bp) 339 371 396 51 88 (119) (133) 28 (111) 34 (945)Change in OW/(UW) (bp) 0 96 234 (6) 1 (2) (46) (2) 3 27 (306)VALUEAverage fund OW/(UW) (bp) (2) (189) (42) 62 (46) 49 137 (34) 39 (171) 197Change in OW/(UW) (bp) 133 (18) (93) 23 24 (111) 4 61 16 (5) (32)Source: FactSet, Goldman Sachs Global Investment Research19 November 20249Goldman SachsMutual Fundamentals
  10. Stock positioningWe analyzed individual equity holdings from 558 large-cap core, growth, and valuemutual funds to identify the most over- and under-weight positions of long-onlyinvestors. Exhibit 18-Exhibit 20 show the biggest overweight and underweightpositions by fund type.We blend core, growth, and value manager tilts to create our Mutual FundOverweight (GSTHMFOW) and Underweight (GSTHMFUW) baskets. GSTHMFOWhas outperformed the equal-weight S&P 500 YTD (+22% vs. +17%), but has trailedExhibit 18: Large-cap CORE overweights and underweightsholdings as of 3Q 2024YTD Index Average YTD Index AverageTicker Sector return weight OW/(UW) Ticker Sector return weight OW/(UW)CI Health Care 9 % 0.2 %20 bpAAPL Information Technology 17 % 7.3 %(343)bpMRVL Information Technology 46 0.020NVDA Information Technology 187 6.1(259)DHR Health Care (0) 0.418MSFT Information Technology 11 6.6(131)V Financials 20 0.916TSLA Consumer Discretionary 29 1.5(110)WFC Financials 55 0.416AMZN Consumer Discretionary 33 3.6(105)TXN Information Technology 21 0.414BRK.B Financials 32 1.7(82)UNH Health Care 14 1.113AVGO Information Technology 49 1.6(72)FI Financials 59 0.213META Communication Services 57 2.6(57)APO Financials 78 0.012GOOGL Communication Services 24 3.6(52)WDAY Information Technology (6) 0.012LLY Health Care 29 1.4(48)Source: FactSet, Goldman Sachs Global Investment ResearchExhibit 19: Large-cap GROWTH overweights and underweightsholdings as of 3Q 2024YTD Index Average YTD Index AverageTicker Sector return weight OW/(UW) Ticker Sector return weight OW/(UW)UNH Health Care 14 % 0.1 %89 bpAAPL Information Technology 17 % 12.3 %(600)bpDHR Health Care (0) 0.067MSFT Information Technology 11 11.6(357)TMO Health Care (3) 0.062NVDA Information Technology 187 10.3(262)SPGI Financials 15 0.061GOOGL Communication Services 24 6.5(182)NOW Information Technology 43 0.753TSLA Consumer Discretionary 29 2.6(181)BSX Health Care 50 0.044AVGO Information Technology 49 2.8(138)ISRG Health Care 56 0.639MRK Health Care (10) 1.0(89)MELI Consumer Discretionary 20 0.037HD Consumer Discretionary 20 1.2(79)ACN Information Technology 2 0.032META Communication Services 57 4.6(76)LOW Consumer Discretionary 23 0.031LLY Health Care 29 2.6(71)Source: FactSet, Goldman Sachs Global Investment ResearchExhibit 20: Large-cap VALUE overweights and underweightsholdings as of 3Q 2024YTD Index Average YTD Index AverageTicker Sector return weight OW/(UW) Ticker Sector return weight OW/(UW)MSFT Information Technology 11 % 0.0 %124 bpBRK.B Financials 32 % 3.3 %(249)bpGOOGL Communication Services 24 0.088XOM Energy 23 2.1(80)MRK Health Care (10) 0.086WMT Consumer Staples 62 1.4(79)AAPL Information Technology 17 0.062PG Consumer Staples 19 1.3(78)AVGO Information Technology 49 0.049UNH Health Care 14 2.0(69)CMCSA Communication Services 1 0.645LIN Materials 10 0.9(64)MDT Health Care 9 0.544ACN Information Technology 2 0.9(60)META Communication Services 57 0.044JPM Financials 48 2.4(60)ORCL Information Technology 76 0.043TMO Health Care (3) 0.9(58)WFC Financials 55 0.839DHR Health Care (0) 0.7(48)Source: FactSet, Goldman Sachs Global Investment Research19 November 202410Goldman SachsMutual Fundamentals
  11. GSTHMFUW (+23%). See Exhibit 22 and Exhibit 23 for constituents of the newlyrebalanced baskets.Mutual Fund Overweight Positions (GSTHMFOW): Our portfolio of favorite mutualfund positions contains 50 Russell 1000 stocks where the average large-cap core,growth, and value mutual fund is most overweight relative to a blended benchmark. Thebasket is equal-weighted and not sector-neutral to the Russell 1000. Mutual fundholdings range from 22 bp to 6 bp overweight (Exhibit 22). 11 new constituents: VRT,LOW, BDX, BMY, LH, STT, APD, SPOT, CB, KDP, GPN.Mutual Fund Underweight Positions (GSTHMFUW): Our portfolio of out-of-favormutual fund positions contains 50 Russell 1000 stocks where the average large-capcore, growth, and value mutual fund is most underweight relative to a blendedbenchmark. The basket is equal-weighted and not sector-neutral to the Russell 1000.Mutual fund holdings range from 294 bp to 6 bp underweight (Exhibit 23). 4 newconstituents: PLTR, ACN, ADP, ED.Exhibit 21: Mutual Fund Overweights have lagged Underweights YTD808590951001051101151201252015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025Indexed long/short returnMutual fund OW/UW basket pair(GSTHMFOW vs. GSTHMFUW)YTDreturnGSTHMFOW 22 %GSTHMFUW 23S&P 500 25Equal-wgt S&P 500 17Source: Goldman Sachs Global Investment Research19 November 202411Goldman SachsMutual Fundamentals
  12. Exhibit 22: Core, growth, and value mutual fund overweight positions vs. benchmarks (GSTHMFOW)holdings as of 3Q 2024; pricing as of November 18, 2024; bold indicates new constituentBlended weightYTD Mkt cap Average OVERCompany name Ticker Sector return ($ billion) fund Benchmark weightVisa Inc. V Financials 21 % 596 1.1 % 0.8 %22 bpWells Fargo & Company WFC Financials 55 247 0.6 0.420Comcast Corporation CMCSA Communication Services 1 165 0.5 0.319Medtronic Public Limited Company MDT Health Care 9 112 0.4 0.219Cigna Group CI Health Care 9 90 0.4 0.218ServiceNow, Inc. NOW Information Technology 42 207 0.5 0.315Mastercard Incorporated MA Financials 23 479 0.9 0.815American International Group, Inc. AIG Financials 14 48 0.2 0.113Danaher Corporation DHR Health Care (0) 166 0.5 0.413Kenvue, Inc. KVUE Consumer Staples 15 45 0.2 0.112Charles Schwab Corp SCHW Financials 20 145 0.3 0.212Bank of America Corp BAC Financials 42 358 0.7 0.512Fiserv, Inc. FI Financials 60 121 0.3 0.212Johnson Controls International plc JCI Industrials 47 56 0.2 0.112Marvell Technology, Inc. MRVL Information Technology 48 77 0.2 0.111U.S. Bancorp USB Financials 21 79 0.3 0.111Elevance Health, Inc. ELV Health Care (14) 93 0.4 0.211UnitedHealth Group Incorporated UNH Health Care 13 543 1.2 1.111Texas Pacific Land Corporation TPL Energy 172 32 0.1 0.010Bank of New York Mellon Corp BK Financials 55 57 0.2 0.110PNC Financial Services Group, Inc. PNC Financials 39 82 0.2 0.110Intuit Inc. INTU Information Technology 9 190 0.4 0.310Intercontinental Exchange, Inc. ICE Financials 24 91 0.3 0.210Vertiv Holdings Co. VRT Industrials 156 46 0.1 0.0 9Lowe's Companies, Inc. LOW Consumer Discretionary 24 154 0.4 0.3 9Becton, Dickinson and Company BDX Health Care (7) 65 0.2 0.1 9ConocoPhillips COP Energy 1 131 0.3 0.29EOG Resources, Inc. EOG Energy 16 77 0.2 0.19Citigroup Inc. C Financials 39 130 0.3 0.29Amdocs Limited DOX Information Technology (3) 10 0.1 0.09Sysco Corporation SYY Consumer Staples 6 37 0.2 0.19Fidelity National Information Services, Inc. FIS Financials 49 48 0.2 0.18Intuitive Surgical, Inc. ISRG Health Care 58 189 0.4 0.38Bristol-Myers Squibb Company BMY Health Care 16 115 0.3 0.2 8TJX Companies Inc TJX Consumer Discretionary 29 135 0.3 0.38FedEx Corporation FDX Industrials 18 72 0.2 0.18HEICO Corporation HEI Industrials 51 37 0.1 0.08Labcorp Holdings Inc. LH Health Care 6 20 0.1 0.0 8State Street Corporation STT Financials 27 28 0.1 0.1 8Workday, Inc. WDAY Information Technology (6) 69 0.1 0.17Willis Towers Watson Public Limited Company WTW Financials 31 31 0.10.17Air Products and Chemicals, Inc. APD Materials 22 73 0.2 0.1 7Spotify Technology SA SPOT Communication Services 142 89 0.1 0.1 7Progressive Corporation PGR Financials 62 150 0.4 0.37Chubb Limited CB Financials 29 116 0.3 0.2 7Keurig Dr Pepper Inc. KDP Consumer Staples (4) 42 0.1 0.1 7Global Payments Inc. GPN Financials (8) 30 0.1 0.1 7Hartford Financial Services Group, Inc. HIG Financials 49 34 0.1 0.16CRH public limited company CRH Materials 46 68 0.1 0.16Centene Corporation CNC Health Care (21) 30 0.1 0.16Mutual Fund Overweights (GSTHMFOW) median 23 % 81 9 bpRussell 1000 median15 15 0Source: FactSet, Goldman Sachs Global Investment Research19 November 202412Goldman SachsMutual Fundamentals
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