A handful of the most well-known technology stocks are being somewhat ignored by socially conscious funds, according to Bernstein. Big technology names including Apple , Amazon , Meta , Microsoft and Alphabet were among the most underweighted stocks by North American funds that consider environmental, social and corporate governance factors when screening investment ideas. Big Tech has roared back to life this year, coming off 2022’s selloff as investors bet on a better interest rate environment. Meta, the best performer on this list, has surged more than 160% in 2023. Software stock Nvidia also made the list of the most underweight. The company has skyrocketed more than 200% in share value this year, largely driven by investor optimism around artificial intelligence. Here are the 10 most underweighted stocks by North American funds: On the flip side, a wide swath of stocks accounted for the most held, relatively. Danaher was the most overweight stock at 0.5%. Shares are down this year, but they made up some ground in summer. Recently, the medtech company beat analysts’ expectations on the top and bottom lines, according to FactSet. But Danaher said current-quarter non-GAAP base business revenues would be down compared with the third quarter of 2022, while the full-year number would be lower than previously expected. Insurance data provider Verisk Analytics also made the overbought list. Barclays analyst Craig Rye said the stock could actually benefit if hurricane season is worse than was previously expected. The stock “stands out as a primary beneficiary from any elevated claims activity resulting from an uptick in hurricane activity,” Rye told clients. Gilead , Thermo Fisher and Deere were also among the names on the list. Here’s the top 10: — CNBC’s Michael Bloom contributed to this report
These are the most overweighted and underweighted stocks by socially conscious funds, according to Bernstein
