In a rating of hedge funds' top 10 holdings, 16 held Alphabet and 15 held Facebook in their top 10 during the three months ended June 30. The two had been tied in the first quarter of 2017, when 13 firms held both Alphabet and Facebook in their top 10 holdings.
Most recently, Facebook has lost some share of hedge fund prestige to Time Warner Inc. (TWX) and NXP Semiconductors (NXPI) . But tech companies continue to reign supreme. "Six of the top seven names owned by hedge funds are in the Information Technology sector," Levkovich wrote.
Microsoft Corp. (MSFT) is the overwhelming favorite for mutual funds, where it's held the top spot for the last five quarters. Microsoft doesn't get much love from hedge funds with only eight firms placing it in their top 10. That's better than Apple Inc (AAPL) , though, which is only a top-10 holding at five hedge funds.
More of What's Trending on TheStreet:
- 10 Mind-Blowing Things That Amazon Might Do to Whole Foods
- The 30 Nastiest Storms in Recent U.S. History Have Caused Mind-Blowing Damage
- Jim Cramer -- Why Are You Shocked That Amazon Is Lowering Prices at Whole Foods?
- Here's the Dreaded Black Swan That Might Come Out of Nowhere and Roil Stocks
Editors' pick: Originally published Aug. 18.