Apple is now in second place, followed by Microsoft, which bumped Exxon Mobil out of third place. Financial heavyweights have also moved up: Wells Fargo and JP Morgan are now in fourth and fifth place, respectively, while Exxon Mobil and Johnson & Johnson and other slower growing high yielding stocks have moved down the list.
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This is the first time since 2010 that the top three stocks held by mutual funds have been dominated by technology. Experts say that's because investors are more confident and more focused on investing in growth, and not as fearful as when the market started to recover from the bottom in March 2009.
"With an uptick in economic activity, growth stocks are now primed for outperformance," said Chris Grisanti, portfolio manager at Grisanti Capital Management, adding that the dividend income play in this low-rate environment is overcrowded.