大涨风头下，可能会有人认为英伟达的股票在基金经理中非常受欢迎，甚至需要在价格上涨，为股票带来风险时削减其敞口。但实际上，相对于英伟达在标普500指数中的权重，许多其他大型科技公司在主动型基金中的敞口更高。In 2024, it is not certain industries or even large cap stocks that dragged down actively managed funds from outperforming the market, the main culprit is only one: nvidia. Despite nvidia being the most held semiconductor stock in actively managed funds, with a holding rate of around 70%, its relative weight is still relatively 'low'.
Active funds in the USA did not outperform the large cap this year, with underweight positions in Nvidia being the key. Despite Nvidia's popularity on Wall Street, many large investors are not overly bullish on it.
Nvidia surged yesterday, with the stock price reaching $124.26 at one point, closing up 3.32% at $122.80.
Amid the surge, some may believe that Nvidia's stock is very popular among fund managers, leading to the need to reduce exposure as prices rise to mitigate risks. However, in reality, many other large tech companies have higher exposure in active funds compared to Nvidia's weight in the S&P 500 index.
Vivek Arya, a global research analyst at Bank of America, and his team recently reviewed the holdings of semiconductor stocks in active funds. The results show that although Nvidia is the most held semiconductor stock in active funds, with a holding rate of about 70%, its relative weight is still 'low'.
Vivek Arya points out that Nvidia's relative weight is 0.99 times, much lower than the top 16 holdings in the information technology and communications services sectors, even as Nvidia's sales growth potential may be over five times that of these companies.
Companies with higher weights than Nvidia include Meta, Salesforce, Microsoft, and Alphabet. In the semiconductor industry, the relative weights of companies like Applied Materials, KLA, and Micron Technology are also higher.
The actively managed fund in the USA that has a low allocation to nvidia has once again failed to outperform the large cap.
Although many investors and analysts had promised that this year would be a year of abundance for actively managed funds, it is incredible that the US actively managed funds have once again underperformed the large cap.
In fact, the performance of these funds this year is not bad. According to data from ubs group, the average net growth of large US actively managed funds is 20% this year. If this trend continues, 2024 will be one of the best-performing years on record.
The issue is that as of last weekend, the s&p 500 index including dividends has a return rate of 22.1%. In comparison, actively managed funds are lagging behind by 2.1%, the largest gap since 2019.
This is normal in the current market environment as the performance of large cap stocks still exceeds that of small cap stocks. Actively managed funds typically have a low allocation to large cap stocks, avoiding basic similarities with the top ten holdings of the index. Furthermore, when certain specific industries perform exceptionally well, it can also harm the annual performance of actively managed funds.
However, what has dragged down the performance of actively managed funds in 2024 is not certain industries, not even large cap stocks, the main 'culprit' is only one: nvidia. Since the high point in June, nvidia's stock price has fluctuated significantly, now down by about 13% from the peak. Managers of actively managed funds hope that nvidia's stock price will continue to fall, but at the same time, they also hope for a strong overall market.
