Best Mutual Funds Shun Nvidia, Microsoft. They got up and went to GoDaddy.

Recent market tremors have rocked Magnificent Seven’s shares Microsoft (MSFT) And Nvidia (NVDA) from their place at the peak of demand among leading money managers. A new name — GoDaddy (GDDY) – have risen to take their place at the top of the latest list of new buys by the best mutual funds.

Both Nvidia and Microsoft have turned this monthly screen on and off at different times this year. Microsoft led in July and took the crown from Nvidia, which ruled in June.

GoDaddy, an Internet domain seller and provider of related services to millions of small businesses, registered its name at the top of the list in August. Top mutual fund managers scooped up more than $2 billion worth of GDDY stock. That demand took GoDaddy to record highs.

Heading into the final hour of trading Monday, GoDaddy is on track to close higher for a fifth straight session and gains in six of the last seven days. Demonstrating its market leadership, the relative strength line has risen to a 52-week high.

GE Aviation (GE), which was featured in the IBD Stock Analysis on August 2, and a cryptocurrency powerhouse Coinbase worldwide (MINT) also made the list. These smart fund managers put $445 million into GE stock and $326 million into COIN stock.

Software, defense and artificial intelligence company Palantir Technologies (PLTR) joined the party with a capital influx of $248 million. Palantir shares have been on the list of new purchases by top funds every month except June this year. After a sharp drop below the 50-day line earlier this month, PLTR shares have bounced back into and out of buy range. The stock hit another all-time high in heavy volume early Monday before pulling back.

Neither Nvidia, Microsoft, nor any of the other Magnificent Seven stocks even appeared on this month’s list. With the exception of Metaplatforms (META) And Apple (AAPL), all Mag 7 names remain stuck below their 10-week moving averages. After nibbling away at it for a few days, Apple shares retook that benchmark on Friday.

Nvidia rose almost 5% on Monday, but remains 8% below its 50-day moving average. The AI ​​powerhouse retains its spot on the IBD Leaderboard.

↑
X

NOW PLAYING
Check out these top stocks as traders wait for confirmation of trend change: Monthly Market Report

GoDaddy and Palantir are leading new purchases by the top mutual funds

Including GoDaddy, GE Aerospace, Coinbase and Palantir, a total of twelve companies each raised at least $200 million from the top-performing funds.

From industry peers GE Aerospace and Howmet Aviation (HWM) to hotel giant Hilton (HLT) and medical stocks Intuitive surgery (ISRG) And Vertex Pharmaceutica (VRTX), this stock screen shows a wide range of sectors.

Homebuilder DR Horton (DHI) and supplier of construction solutions Carlisle (CSL) also make the cut. Valmont Industries (VMI), a maker of metal products, and Texas Pacific Country (TPL), which sells, leases and manages land in the US, further demonstrates the scope of industries in high demand.

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.

The Construction Industry Expands as Nvidia and Mag 7 Stocks Go Bankrupt

For most of this year, the construction sector has been heavily represented on every monthly list of new purchases by the top mutual funds. And as Nvidia, Microsoft and other AI powerhouses continue to reveal bigger cracks and disappear from this screen, 28 building stocks have secured a spot in the August report.

DR Horton is just one of ten housebuilders next door Pulte Group (PHM), Toll brothers (TOLL) And Lennar (LEN).

In the wider construction sector: air conditioning and heating company Lennox (LII) and supplier of construction products TopBuild (BLD) come to cement manufacturer Eagle materials (EXP) and others have laid a solid foundation for the question.

Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.

You might also like:

Nvidia is upset, but the enormous growth of this breakthrough stock is music to Wall Street’s ears

Attack on hammer sales Nvidia and more. But rays of hope appear.

Nvidia cracks deepen. Don’t ignore previous wake-up calls.

Generate new stock ideas with IBD Stock Screener

Identify bases and buy points with this pattern recognition tool