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Fund Spy

What Top Fund Managers Are Buying and Selling

Across the board, Morningstar Medalists got defensive in the third quarter.

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Stock market volatility persisted in 2020's third quarter, providing fund managers with ample buying and selling opportunities. On top of the turbulence, 136 companies completed IPOs on either the Nasdaq or New York Stock Exchange, a more than 140% increase from 2019's third quarter.

To get a sense of how active stock managers positioned themselves during this volatility, 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. Overall, Morningstar Medalist managers shifted into more-defensive names, such as tobacco company Philip Morris (PM) and beverage company Coca-Cola (KO), while trimming strong-performing mega-cap technology and Internet stocks like Microsoft (MSFT), Apple (AAPL), and Amazon.com (AMZN).

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