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Fund Spy

What Top Fund Managers Bought and Sold

As 2020 screeched to a close, financials stocks were popular.

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Top-rated fund managers pushed into beaten-down sectors and pared their stakes in high-flying stocks as 2020’s roller-coaster ride came to an end. The fourth quarter of 2020 featured a contentious election cycle in the United States and the release of initial coronavirus vaccine trial results, both of which further roiled markets and prevented an otherwise merciful, smooth ending to the year. To get a sense of how active stock managers responded to the quarter’s challenges, we looked at the buys and sells of the aggregated portfolios of all U.S. equity funds with Morningstar Analyst Ratings of Gold, Silver, or Bronze.

Here is a look at some of the Morningstar Medalists’ most popular trades, broken out by market capitalization. The following data represents funds with at least one medalist-rated share class and a reported fourth-quarter portfolio as of Feb. 16, 2021. It includes: 141 large-cap strategies, 52 mid-cap strategies, and 49 small-cap strategies covering over $3 trillion in combined assets. The data is adjusted for fund-level cash inflows and outflows in an effort to distinguish changes that managers chose to make from those they had to make to meet redemptions or put new money to work.

Jack Shannon does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.