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Best Mutual Funds: Broadcom Dethrones AI Chip Stock Nvidia on This Elite Screen

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Artificial intelligence behemoth Nvidia (NVDA) topped the list of new purchases by top executives in April. Nvidia shares also earned a spot on this screen in February and March. But this month’s list of new buys by the top mutual funds includes fellow AI and semiconductor leader Broadcom (AVGO) has taken the crown, while Nvidia didn’t even manage to appear.




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In fact, from Microsoft (MSFT) And Metaplatforms (META) Unpleasant Alphabet (GOOGL) And Amazon.com (AMZN), none of the Magnificent Seven shares made the cut.

But the top-performing institutional investors showed their love for Broadcom, scooping up about $8.3 billion worth of AVGO shares. Now that Nvidia has only disappeared from the list Arm positions (ARM), which just posted disappointing full-year sales guidance, came to Broadcom from the fabless semiconductor group.

Including Broadcom, a total of eight companies, including Super microcomputer (SMCI), saleforce.com (CRM) And Chipotle Mexican Grill (CMG), each saw more than $1 billion in capital inflows from the best mutual funds.

The links below highlight just some of this month’s new buying and selling by top funds.

Click here to view all stocks on the list.

Broadcom, SMCI in demand among the best investment funds

The best mutual funds also picked up shares of financial giants JPMorgan Chase (JPM) And American Express (AXP).

Just like these smart investors in March and April, top funds are also investing heavily in the broad construction sector. Trane Technologies (TT), a maker of energy-efficient environmental products for commercial and residential applications, led the sector and earned approximately $1.14 billion.

Company Symbol $ Amount invested (billion) Comp rating EPS rating RS rating SMR assessment
Broadcom (AVGO) 8.37 97 87 93 a
Super microcomputer (SMCI) 5.82 99 99 99 a
JPMorgan Chase (JPM) 2.35 94 89 87 a
American Express (AXP) 1.38 95 93 91 a
Chipotle Mexican Grill (CMG) 1.33 99 98 94 a
Eaton (ETN) 1.33 96 95 94 a
Sales team (CRM) 1.27 87 97 78 a
Trane Technologies (TT) 1.14 98 95 94 a

Broadcom, JPM near buy points

A number of names on the list of new buys by the top mutual funds are in or near new buying zones.

Now testing support at the 50-day moving average, Broadcom has etched a consolidation pattern with a buy point at 1,438.17.

JPM stock appears to be financing another breakout from a second phase of a flat base. The buy point is 200.94.

Booz Allen Hamilton (BAH), which Nvidia and Palantir (PLTR) as the driving force behind AI in the federal government, has moved into buying range after breaking through on a flat basis.

Tradeweb Markets (TW) has jumped to the top of its buy zone since reporting earnings on April 25.

Builders near purchasing points

Represents the high demand for the construction sector among the best mutual funds, Modine production (MOD) joins homebuilders Pulte Group (PHM) And Toll brothers (TOLL).

Modine was named IBD Stock of the Day on May 6, pushing past a 106.01 buy point as its relative strength line rises. It remains within buying range.

PulteGroup and Toll Brothers have both created new flat bases.

Follow Matthew Galgani on X, formerly Twitter, at @IBD_MGalgani.

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