Heavy weighting in a handful of stocks tends to make investors nervous, especially with many Big Tech companies set to report earnings over the next week.
Many investors in exchange-traded funds have enjoyed a nice rebound in growth stocks to start 2023, but a look under the hood of some of those ETFs will show that their holdings are now concentrated in a few key names. Tech stocks with healthy cash flow have been the big winners so far this year, and those names are also dominating the growth indexes. "The combined weight of AAPL + MSFT in the Russell 1000 Growth index is nearing 25%.
"US Mid Cap Growth appears to be an attractive means of narrowing our portfolio's Growth underweight after we missed the Mega Cap Growth trade driving the large cap indices during Q1. Its blend of attractive fundamentals and solid growth outlook fit our model portfolio's quality and defensible growth theme," strategist Scott Chronert said in a Friday note.
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