Nvidia (NVDA) and most of the Magnificent Seven stocks once again failed to make this monthly list of new buys by the best mutual funds. While all of these tech titans were AWOL in August and September, Meta Platforms (META) was the sole representative of the Mag 7 in October.
Nvidia stock has not made this screen since topping it in June.
But while Meta stock manifested a spot on the list, it came nowhere near the top. The best mutual funds made their largest bets on Walmart (WMT), Broadcom (AVGO) and, the only stock to rake in more than $1 billion from these savvy investors, Ameriprise Financial (AMP).
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Walmart, Broadcom Among Top Bets By Best Mutual Funds
Top funds showed unmistakable demand for Ameriprise Financial. The provider of financial planning and brokerage services was the sole member of the billion-dollar club, raking in over $1.5 billion from the best mutual funds.
Walmart ($399 million) and Broadcom ($194 million) were among six stocks that saw capital inflows north of $100 million in the latest report.
Rail transportation leader Trinity Industries (TRN) ($236 million) and building product supplier Carlisle (CSL) ($234 million) joined that club.
Top fund managers showed their range of interest by also taking large stakes in toy giant Hasbro (HAS) ($123 million) and insurer Progressive (PGR).
| Company | Symbol | $ Amt Invested (mil) |
|---|---|---|
| Ameriprise Financial | AMP | 1,451 |
| Walmart | WMT | 399 |
| Trinity Industries | TRN | 236 |
| Carlisle | CSL | 234 |
| Broadcom | AVGO | 194 |
| Hasbro | HAS | 123 |
| Progressive | PGR | 120 |
The links below highlight just a portion of this month’s new buys and sells by top funds.
Click here to see all the stocks on the list.
Meta Stock In Focus And In Demand
While paling in comparison to the $194 million the best mutual funds invested in Broadcom, these top investors scooped up an estimated $35 million worth of Meta stock.
The Facebook, Instagram and WhatsApp parent has also earned a spot on the IBD 50 and IBD Leaderboard lists alongside Nvidia.
Boosted by institutional demand for Meta, the stock has just hit an all-time high with its relative strength line near a 52-week high.
Meta Platforms was featured as the IBD Stock Of The Day on Sept. 20. It was also showcased as an IBD Leaderboard member on Sept. 23.
Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.
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