Q3 2018 Institutional Stock Ownership Report

About the Report

Over 4,000 institutional asset management firms submit data about their investment strategies to eVestment every quarter, including performance, holdings, characteristics, narratives, fees and AUM. In this report, we examined 855 active long-only U.S. large cap equity strategies, which manage a combined $1.83 trillion, that submitted portfolio data to eVestment during Q3 2018.

Report Highlights:

  • U.S. large cap growth, core, and value managers all decreased their weighting to the technology sector relative to their respective benchmarks in Q3 2018, albeit while maintaining significant absolute exposure. Value managers are most overweight tech largely off the back of Alphabet, Apple, and Microsoft. Alphabet was the only company held overweight by growth, core, and value managers by at least +20 bps.
  • The health care sector accounted for 13 – 15% of asset-weighted average portfolio exposure across growth, core, and value. Johnson & Johnson was the only company held underweight by growth, core, and value managers relative to their respective benchmarks by at least -20 bps as of 3Q’18.
  • Within financial services, growth managers on average preferred payment processor names like Visa, Mastercard, and PayPal, while core and value managers leaned more toward universal banks like JPMorgan, Bank of America, and Wells Fargo.

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