Josephine Norton
As of June 2023, mutual funds from Baron, Fidelity, and Invesco were among those with the largest positions in Nvidia stock, which had surged 190% since the start of the year. Nvidia is a California-based technology company that manufactures graphics processing units (GPUs) used to train AI software such as Open AI's ChatGPT. The company's stock performance is influenced by demand for its chips in the development of artificial intelligence. Nvidia's importance to the growth of AI is underscored by its leading market share in the GPU market and its role as a consumer of semiconductors. As of August 2024, notable mutual fund holders of Nvidia stock included the Vanguard Total Stock Market Index Fund, Vanguard 500 Index Fund, and SPDR S&P 500 ETF Trust.
| Characteristics | Values |
|---|---|
| Mutual funds with large Nvidia stakes | Baron, Fidelity, Invesco, WisdomTree |
| Mutual funds with Nvidia as a top holding | Vanguard Total Stock Market Index Fund, Vanguard 500 Index Fund, SPDR S&P 500 ETF Trust, Fidelity 500 Index Fund, iShares Core S&P 500 ETF, Vanguard Growth Index Fund, Invesco ETF Tr-Invesco QQQ Tr, Series 1 ETF, Vanguard Institutional Index Fund-Institutional Index Fund, Fidelity Growth Company Fund, Fidelity Blue Chip Growth Fund |
| Mutual funds with Nvidia as a holding | <co: 1>LDVCX - AXS Thomson Reuters Venture Capital Return Tracker Fund Class C Shares, SLGAX - SIMT Large Cap Fund Class F, TGVAX - Thornburg International Value Fund - Class A, PGKAX - PGIM Jennison Technology Fund Class A, GEQYX - EQUITY INDEX FUND Institutional, ABRFX - AmericaFirst Monthly Risk-On Risk-Off Fund Class A, MFOCX - Marsico Focus Fund, CHTRX - Invesco Charter Fund Class A, ALVOX - Alger Capital Appreciation Portfolio Class S, ABPAX - AB Conservative Wealth Strategy Class A, STCIX - Virtus Silvant Large-Cap Growth Stock Fund Class A, NLCAX - Voya Large-Cap Growth Fund Class A, RYVLX - NASDAQ-100(R) 2x Strategy Fund A, SDYAX - SIMT Dynamic Asset Allocation Fund Class F, VFINX - Vanguard 500 Index Fund Investor Shares, CFGRX - The Growth Fund Shares, OWLSX - Old Westbury Large Cap Strategies Fund, STFGX - State Farm Growth Fund, WFIVX - Wilshire 5000 Index Fund Investment Class, BFOCX - Berkshire Focus Fund, FGKFX - Fidelity Growth Company K6 Fund, BUFEX - Buffalo Large Cap Fund Investor Class, HESGX - Horizon ESG Defensive Core Fund Investor Class, GSIHX - Goldman Sachs GQG Partners International Opportunities Fund Class A Shares, FNCMX - Fidelity Nasdaq Composite Index Fund, SPEDX - Alger Dynamic Opportunities Fund Class A, USAAX - Growth Fund Shares, DTMGX - BNY Mellon Tax Managed Growth Fund Class A, FIDHX - Fidelity SAI Sustainable Future Fund, JFCAX - Fundamental All Cap Core Fund Class A, FDCPX - Computers Portfolio, QFFOX - Pear Tree Axiom Emerging Markets World Equity Fund Ordinary Shares, VSRDX - U.S. Socially Responsible Fund, PCRSX - LargeCap Growth Fund I R-1, BBGLX - Bridge Builder Large Cap Growth Fund, BTLSX - Baillie Gifford International Concentrated Growth Equities Fund Institutional Class, SSUSX - State Street U.S. Equity V.I.S. Fund Class 1 Shares, JHDRX - JPMorgan Hedged Equity 2 Fund Class R6, MVIAX - Praxis Value Index Fund Class A, JAGTX - Janus Henderson Global Technology Fund Class T, CMEUX - Six Circles Managed Equity Portfolio U.S. Unconstrained Fund, RYOCX - NASDAQ-100 Fund Investor Class, FLDOX - MODERATE ALLOCATION FUND Retail Class, TDEAX - Touchstone Dynamic Equity Fund A, FAPCX - Fidelity International Capital Appreciation K6 Fund, FZROX - Fidelity ZERO Total Market Index Fund, RIVBX - Riverbridge Growth Fund Institutional Class, TNXAX - 1290 DoubleLine Dynamic Allocation Fund Class A, WASAX - Ivy Asset Strategy Fund Class A, PRBLX - Parnassus Core Equity Fund Investor Shares, NWCAX - Nuveen Winslow Large-Cap Growth Fund Class A, FUMIX - Fidelity SAI U.S. Momentum Index Fund, CAVAX - Catholic Values Equity Fund Class F, effective 1-31-201 |
What You'll Learn
Mutual funds with the largest Nvidia stakes
As of June 15, 2023, mutual funds from Fidelity, Baron, Invesco, and WisdomTree were among those with the largest Nvidia stakes. The following funds have the highest portfolio weights in Nvidia:
Fidelity Growth Company
Nvidia Portfolio Weight: 10.48%
Nvidia is the second-largest holding in the Fidelity Growth Company fund after Apple. The fund's manager, Steve Wymer, has a knack for spotting up-and-coming firms, which has led to strong returns.
Dunham Focused Large Cap Growth
Nvidia Portfolio Weight: 8.32%
The Dunham Focused Large Cap Growth fund lists Nvidia as its largest holding. The fund has provided better returns compared with peers, but subpar returns compared to the category benchmark.
Baron Fifth Avenue Growth Retail
Nvidia Portfolio Weight: 7.71%
Nvidia is the top holding for Baron Fifth Avenue Growth Retail, behind Apple and Microsoft. The fund's manager, Alex Umansky, has over 25 years of experience but has delivered inferior performance compared to peers and the category benchmark.
Spirit of America Large Cap Value
Nvidia Portfolio Weight: 7.63%
Nvidia is the largest holding weight for the Spirit of America Large Cap Value fund. The fund's manager, Douglas Revello, has a mixed track record, leading the average category peer but lagging the category benchmark over the past five years.
Fidelity Blue Chip Growth
Nvidia Portfolio Weight: 7.58%
Nvidia is the third-largest holding in the Fidelity Blue Chip Growth fund. The fund's manager, Sonu Kalra, focuses on companies with higher-than-average expected growth rates, paltry earnings relative to their share prices, and high stock-price volatility.
Impact Shares NAACP Minority Empwrmt ETF
Nvidia Portfolio Weight: 9.10%
Nvidia is the largest holding in the Impact Shares NAACP Minority Empowerment ETF, with a portfolio overweight in technology stocks. The fund seeks investment results that track the performance of the Morningstar Minority Empowerment Index.
Invesco ESG NASDAQ 100 ETF
Nvidia Portfolio Weight: 9.00%
Nvidia is the third-largest holding in the Invesco ESG NASDAQ 100 ETF, behind Microsoft and Apple. The fund has performed well since its launch less than two years ago.
WisdomTree U.S. Quality Growth ETF
Nvidia Portfolio Weight: 7.10%
Nvidia is the fourth-largest holding in the WisdomTree U.S. Quality Growth ETF, trailing Apple, Microsoft, and Alphabet. The fund has performed well since its launch in December 2022, outperforming the category benchmark and average.
In addition to mutual funds, Nvidia stock is also held by several top institutional holders, including State Street Corporation, Geode Capital Management, LLC, Price (T.Rowe) Associates Inc, JP Morgan Chase & Company, and Norges Bank Investment Management.
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Nvidia's market value
Nvidia's journey to becoming a trillion-dollar company has been eventful. In 2022, the company experienced a challenging year, with its stock losing nearly 50% of its value due to trade restrictions on its chips with China, leading to a decline in sales and investor uncertainty. However, 2023 marked a significant turnaround, with Nvidia's stock surging 190% by June, driven by optimism about the demand for its chips in the booming artificial intelligence industry.
Mutual funds with significant investments in Nvidia include those offered by Baron, Fidelity, and Invesco. For instance, the Fidelity Growth Company Fund has a notable Nvidia portfolio weight of 10.48%, making Nvidia its second-largest holding after Apple. Additionally, the Dunham Focused Large Cap Growth Fund lists Nvidia as its largest holding, with an Nvidia portfolio weight of 8.32%. These funds have benefited from Nvidia's impressive performance in the market.
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Nvidia's market share
In the GPU market, Nvidia's dominance is even more pronounced, with the company capturing 88% of the market share in Q1 2024, according to Jon Peddie Research (JPR). This is an increase from 80% in the previous quarter, with most of the market share gained coming at the expense of its competitor AMD, whose market share fell from 19% to 12%.
Nvidia's position in the AI chip market has been described as a "moat" by some experts, with its flagship AI graphics processing units (GPUs) and CUDA software giving it a significant head start over its competitors. However, there is increasing competition from startups, cloud companies, and other chipmakers in the AI chip market. Companies such as AMD, Intel, and D-Matrix are developing alternative solutions to challenge Nvidia's dominance.
Despite the competition, Nvidia's market share and valuation remain strong. As of November 2024, Nvidia is the world's second-most valuable company with a market cap of $3.4 trillion, a significant increase from its $10 billion valuation a decade ago.
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Mutual funds with the highest percentage of Nvidia stock
Nvidia's stock surged 190% in 2023, with the California-based technology company becoming the fifth publicly traded company in the United States to reach a market value of $1 trillion. This significant turn of events has been attributed to the release of its first-quarter results in May 2023, which revealed optimism about demand for its chips due to the boom in artificial intelligence development.
Fidelity Growth Company
Nvidia Portfolio Weight: 10.48%
Nvidia is the second-largest holding of the Fidelity Growth Company fund after Apple. According to Morningstar strategist Robby Greengold, the fund "often bears a strong resemblance to the Russell 1000 Growth Index" but also "resists posting index-like results" due to its "stylistic tilts, industry biases, and unique stock-specific bets."
Dunham Focused Large Cap Growth
Nvidia Portfolio Weight: 8.32%
The Dunham Focused Large Cap Growth fund lists Nvidia as its largest holding. The fund's portfolio is overweight with technology stocks by 14.2 percentage points. Morningstar Manager Research states that the fund has "provided better returns compared with peers, but subpar returns compared with the category benchmark."
Baron Fifth Avenue Growth Retail
Nvidia Portfolio Weight: 7.71%
Nvidia is the top holding for Baron Fifth Avenue Growth Retail, behind Apple and Microsoft. The fund's portfolio is overweight in technology stocks by 22.3 percentage points. According to Morningstar Manager Research, manager Alex Umansky has "delivered inferior performance, lagging both the category benchmark and the average peer over the past 10-year period."
Spirit of America Large Cap Value
Nvidia Portfolio Weight: 7.63%
Nvidia is the largest holding weight for the Spirit of America Large Cap Value fund, while its portfolio is overweight with technology stocks by 5.9 percentage points. Morningstar Manager Research states that manager Douglas Revello has "delivered a mixed track record, leading the average category peer but lagging the category benchmark for the past five-year period."
Fidelity Blue Chip Growth
Nvidia Portfolio Weight: 7.58%
Nvidia is the third-largest holding of the Fidelity Blue Chip Growth fund. Manager Sonu Kalra maintains "a sprawling portfolio emphasizing companies with higher-than-average expected growth rates, paltry earnings relative to their share prices, and high stock-price volatility," according to Robby Greengold.
Other notable mentions include the Impact Shares NAACP Minority Empwrmt ETF (7.10%), Invesco ESG NASDAQ 100 ETF (6.69%), and Xtrackers S&P 500 Growth ESG ETF (6.61%).
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Mutual funds with the highest number of Nvidia shares
Several mutual funds have invested in Nvidia, a company that designs, develops, and markets programmable graphics processors. Nvidia's stock has surged by 190% this year, and the company is now worth over $1 trillion. The following mutual funds have the highest number of Nvidia shares:
Fidelity Growth Company Fund
Nvidia Portfolio Weight: 10.48%
Nvidia is the second-largest holding of the Fidelity Growth Company Fund after Apple. The fund's manager, Steve Wymer, is known for spotting up-and-coming firms, which has led to a lower average market cap than peers and the index. As of October 2022, the fund's top five holdings (Apple, Amazon.com, Nvidia, Microsoft, and Alphabet) amounted to nearly 38% of its assets, a slightly more concentrated strategy than the index.
Dunham Focused Large Cap Growth Fund
Nvidia Portfolio Weight: 8.32%
The Dunham Focused Large Cap Growth Fund lists Nvidia as its largest holding. The fund's portfolio is overweight with technology stocks by 14.2 percentage points. Under long-term manager Scott O'Gorman, the fund has provided better returns compared with peers but subpar returns compared to the category benchmark.
Baron Fifth Avenue Growth Retail
Nvidia Portfolio Weight: 7.71%
Nvidia is the top holding for Baron Fifth Avenue Growth Retail, behind Apple and Microsoft. The fund's portfolio is overweight in technology stocks by 22.3 percentage points. Manager Alex Umansky has over 25 years of experience but has delivered inferior performance, lagging the category benchmark and average peer over the past 10 years.
Spirit of America Large Cap Value
Nvidia Portfolio Weight: 7.63%
Nvidia is the largest holding weight for the Spirit of America Large Cap Value fund, while its portfolio is overweight with technology stocks by 5.9 percentage points. Manager Douglas Revello has a mixed track record, leading the average category peer but lagging the category benchmark over the past five years.
Fidelity Blue Chip Growth
Nvidia Portfolio Weight: 7.58%
Nvidia is the third-largest holding of the Fidelity Blue Chip Growth fund. Manager Sonu Kalra maintains a portfolio emphasizing companies with higher-than-average expected growth rates, paltry earnings relative to their share prices, and high stock price volatility. Kalra has successfully spotted high-potential up-and-comers, such as Tesla and Nvidia, contributing to the fund's spectacular gains over the past decade.
Other notable mutual funds with significant Nvidia holdings include the Vanguard Total Stock Market Index Fund, Vanguard 500 Index Fund, SPDR S&P 500 ETF Trust, and Invesco ETF Tr-Invesco QQQ Tr, Series 1 ETF.
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Frequently asked questions
Nvidia is a top holding in several mutual funds, including the following:
- Baron Fifth Avenue Growth Retail
- Fidelity Growth Company Fund
- WisdomTree U.S. Quality Growth ETF
- Vanguard Total Stock Market Index Fund
- Vanguard 500 Index Fund
- SPDR S&P 500 ETF Trust
- Fidelity 500 Index Fund
- iShares Core S&P 500 ETF
- Vanguard Growth Index Fund
- Fidelity Blue Chip Growth Fund
The mutual funds with the highest exposure to Nvidia stock in terms of allocation percentage are semiconductor and AI ETFs, such as the VanEck Semiconductor ETF and the Global X Robotics and Artificial Intelligence ETF.
Some of the largest mutual funds with Nvidia stakes include funds from Baron, Fidelity, and Invesco.
Nvidia is a leader in the design, development, and marketing of programmable graphics processors, which are crucial for the growth of artificial intelligence (AI). Its products power a range of AI applications, including self-driving cars, virtual reality, robotics, and gaming PCs. As the demand for AI continues to grow, Nvidia is well-positioned to benefit in the long term, making it an attractive investment opportunity for mutual funds.
