10 Stocks the Best Fund Managers Have Been Selling in 2025

Although 2025 has certainly felt like a roller-coaster ride for investors in the US stock market, stocks are up about 12% this year as of mid-November.

Investors who would like to prune their portfolio by selling stocks may be wondering which stocks they might scale back. As a suggestion, we’re examining which stocks the “smart money” has been selling during the past few months.

Specifically, we’ve taken a look at the latest portfolios of some of the best fund managers. To isolate the top stock investors among current active fund managers, we screened on the following:

• Actively managed funds that land in the US large-value, US large-blend, or US large-growth Morningstar Categories
• Funds with at least one share class earning Morningstar Medalist Ratings of Gold, Silver, or Bronze with 100% analyst coverage
• Funds that hold 50 stocks or fewer as of their most recently reported portfolios

Twenty-nine separate fund portfolios passed our screen. We then compared the latest portfolios of these funds with their portfolios three months before to determine what stocks these managers have been selling.

10 Stocks That the Best Fund Managers Are Selling in 2025

Here are some of the stocks that top managers have been scaling back during the past few months:

1. Amazon.com AMZN
2. Microsoft MSFT
3. DoorDash DASH
4. Charles Schwab SCHW
5. Visa V
6. Procter & Gamble PG
7. Danaher DHR
8. Apple AAPL
9. Accenture ACN
10. MercadoLibre MELI

Don’t take this as a comprehensive list of stocks to sell. Why? Because many of these stocks remain sizable holdings among the best managers; trimming a stock position isn’t the same as bailing out of a name entirely. Also, while some of these stocks look overvalued according to Morningstar, some look fairly valued, or even undervalued, too. And of course, selling stocks can have tax implications, and tax circumstances differ from investor to investor.

Here’s a little bit about each of the stocks the best fund managers have been selling, along with some commentary from the Morningstar analyst who follows the company. All data is as of Nov. 19, 2025.

Amazon.com

• Number of best fund managers selling the stock: 16
• Morningstar Rating: 4 stars
• Morningstar Style Box: Large Core
• Sector: Consumer Cyclical

Amazon tops our list of the stocks that the best fund managers are selling, yet it remains a top-three holding among these investors: 22 of the funds on our list own the stock. We think shares are worth $260, and they are currently a bit below our fair value estimate.

After digesting Amazon’s latest results, Morningstar senior analyst Dan Romanoff had this to say:

Amazon’s third-quarter results beat the high end of guidance on the top line and would’ve beat it on the bottom line, save for $4.3 billion of unusual items. Sales grew 12% year over year in constant currency to $180.2 billion, while operating margin was 9.7% versus 11.0% a year ago.

Why it matters: Results are good, with upside on the top and normalized bottom lines, which is a good setup heading into the holiday season. The temperature on tariffs has eased as many trade deals have been forged, although China remains a work in progress. Consumer buying patterns are unchanged.

• Amazon produced upside in all segments relative to our model, with the most upside coming in AWS, third-party sellers, and online stores. Grocery is performing well, and same-day delivery is rapidly expanding, which should support good growth for several years.
• Excluding a $2.5 billion settlement with the FTC and $1.8 billion in severance, operating income would’ve been $21.7 billion, with 12.0% margin, versus the high end of guidance at $20.5 billion.

The bottom line: We raise our fair value estimate to $260 per share, from $245 previously, based on good results and guidance. The stock is jumping after hours, leaving shares fairly valued, in our view.

• AWS was strong, as growth accelerated to 20% year over year, a pace that CEO Andy Jassy thinks can continue for “a while.” As such, the firm is capacity-constrained and plans to accelerate expansion based on demand signals. Demand is very strong for artificial intelligence, but core workloads also performed well.
• Amazon detailed innovation within the AWS portfolio that is helping attract new customers. Anthropic’s use of Trainium 2, with its compelling price performance and the fact that Trainium 3 will arrive by the end of 2025, could extend AWS’ surging growth through next year.

Coming up: Guidance is slightly better than we anticipated for revenue and profitability, resulting in slight increases to our estimates over the next 18 months.

Read Morningstar’s full report on Amazon.com.

Microsoft

• Number of best fund managers selling the stock: 14
• Morningstar Rating: 4 stars
• Morningstar Style Box: Large Core
• Sector: Technology

Microsoft is another widely held stock that’s among the sells of our best managers. Microsoft stock is undervalued today relative to our $600 fair value estimate. We think it looks more like a stock to buy, not a stock to sell.

Here’s what Morningstar’s Romanoff wrote this note after Microsoft released earnings in late October.

Microsoft’s first-quarter results easily topped the high end of guidance. Revenue increased 17% year over year in constant currency to $77.7 billion, compared with the high end of guidance of $75.8 billion, while operating margin was 48.9%, compared with the high end of guidance at 47.2%.

Why it matters: Results look good from all sides, with meaningful upside to our estimates on both the top and bottom lines. Revenue for all segments checked in above the high end of guidance. Critically, we see strength in Azure, in both traditional and artificial intelligence workloads.

• Near-term demand indicators are buoyant. Commercial bookings grew a staggering 111% year over year in constant currency based on surging large Azure commitments. Remaining performance obligations increased 51% year over year to $392 billion, with a weighted average duration of just two years.
• Demand for Azure AI services is surging, which is a long-term positive. While Azure remains capacity-constrained, both traditional and AI workloads were strong. Azure growth was 39% in constant currency for the quarter and surpassed guidance of 37%.

The bottom line: We maintain our fair value estimate for wide-moat Microsoft at $600 per share. We raised our Azure growth by about 100 basis points annually, which was offset by higher capital expenditures within our model. The stock remains one of our top picks.

Coming up: Second-quarter guidance is largely in line relative to both our and FactSet consensus estimates, including $80.05 billion in revenue, 45.3% operating margin, and $3.94 in EPS at the midpoints. Technically, revenue is slightly light, while margin is slightly better than our model.

Big picture: We see results as consistent with our long-term thesis, which centers on the expansion of hybrid cloud environments, the proliferation of AI, and Azure. We center our growth estimates around Azure, Microsoft 365 E5 migration, and traction with the Power Platform.

Read Morningstar’s full report on Microsoft.

DoorDash

• Number of best fund managers selling the stock: 2
• Morningstar Rating: 3 stars
• Morningstar Style Box: Large Core
• Sector: Consumer Cyclical

The only narrow-moat stock that our best fund managers sold is DoorDash. DoorDash currently trades a bit below our $205 fair value estimate but earns a 3-star rating when adjusted for its very high uncertainty.

Here’s Morningstar analyst Mark Giarelli’s take on DoorDash after earnings earlier this month.

DoorDash shares traded lower after the company reported mixed third-quarter results. It beat the midpoint of management’s forecast for total gross order value on the marketplace and adjusted EBITDA but foreshadowed increased spending on technology.

Why it matters: DoorDash hasn’t been shy about organic and inorganic investments, but its plans to invest “several hundred million dollars more” in 2026 than in 2025 may have caught some investors by surprise. We have confidence that this spending will benefit DoorDash, given management’s record.

• DoorDash’s acquisition of European delivery platform Wolt likely serves as an integration blueprint for the recent acquisition of Deliveroo. DoorDash has grown Wolt by about 200% since 2022. Deliveroo now gives DoorDash a wide presence over continental Europe, the most attractive market after the US.
• Core metrics like monthly active users and engagement (orders per monthly active user), used to quantify network effects, continue to impress. Monthly active users grew the fastest in seven quarters, and we estimate quarterly order frequency was 17.3. This is impressive versus Uber’s 18.6, given DoorDash’s focus on delivery.

The bottom line: We maintain our narrow moat rating and $205 fair value estimate for DoorDash, as we have largely already factored in increased spending for Deliveroo integration and investments in autonomy initiatives.

• The shares appear fairly valued. We appreciate the potential operating leverage from courier-replacing autonomous delivery technologies, but we expect Uber to compete with similar autonomous initiatives. And these initiatives still require capital investment, even if they replace human costs.
• Real wage growth is decelerating due to increasing slack in the labor market. When paired with a saving rate well below normal levels, weak consumer spending on food delivery becomes a tangible threat.

Read Morningstar’s full report on DoorDash.

Charles Schwab

• Number of best fund managers selling the stock: 8
• Morningstar Rating: 4 stars
• Morningstar Style Box: Large Core
• Sector: Financial Services

Charles Schwab is the first financial services stock on our list of names that the best fund managers have been selling. We think the stock is 15% undervalued today and assign it a fair value estimate of $109.

Morningstar director Sean Dunlop had this take on Schwab’s recent earnings report:

Charles Schwab reported third-quarter results on Oct. 16, with investors looking for signs of retail trading strength, ongoing improvement in net interest margin, and guidance regarding the long-term balance-sheet strategy.

Why it matters: Management commentary during the call validates our view that the firm is likely to prioritize growth at Schwab Bank, having paid down the lion’s share of its high-cost supplemental borrowing from 2023. We believe the market continues to underestimate the earnings power of Schwab’s banking franchise.

• During the regional banking crisis in 2023, Schwab’s leadership exhibited more willingness to pursue a balance-sheet-light sweep deposit approach, which reduced its exposure to interest rate risk.
• We’re increasingly confident that in an environment of higher investment yields, management will prioritize growth at Schwab Bank, with net interest margin swelling to 2.86% during the third quarter, already ahead of our year-end target.
• Going into this quarter’s earnings release, our midterm forecast for net interest income of $27.5 billion in 2029 was well above the S&P CapIQ consensus estimate of $20 billion, reflecting our constructive view. We expect that gap to narrow.

The bottom line: After digesting third-quarter results, we’ve raised our fair value estimate for wide-moat Schwab to $109 per share from $105, driven by a quicker-than-expected paydown of high-cost funding (with higher net interest income hitting earlier in our forecast), still-strong retail trading volume, and time value of money.

• Our long-term view remains nearly intact. We’ve raised our estimate for 10-year compound annual growth in revenue and operating profit by 20 basis points and 30 basis points, respectively, to 11.5% and 15.1%.
• We’ve also upgraded our Morningstar Uncertainty Rating to Medium from High, qualitatively reflective of a stabilizing macroeconomic environment and quantitatively aligned with our internal tool.

Read Morningstar’s full report on Charles Schwab.

Visa

• Number of best fund managers selling the stock: 10
• Morningstar Rating: 3 stars
• Morningstar Style Box: Large Core
• Sector: Financial Services

One of two financials-services stocks on our list of stocks the best managers have been selling, Visa trades near our fair value estimate of $306.

Here’s what Morningstar senior analyst Brett Horn had to say after Visa released earnings.

Visa has benefited from strong and stable consumer spending this year, and that continued to be the case in its fiscal fourth quarter.

Why it matters: Year-over-year net revenue growth was 11% on a constant currency basis, basically in line with what we’ve seen over the past few quarters.

• Constant-currency payment volume growth in the quarter was 9%, up 60 basis points from the previous quarter. Transaction growth held steady at 10%. Visa’s results suggest consumer spending is still holding strong, and management commented that this was broad-based across spending categories.
• The quarter provided further evidence that cross-border volumes have fully normalized. Constant-currency cross-border volume, excluding intra-Europe transactions (which are priced similarly to domestic transactions), grew by 11% year over year in the quarter, in line with the previous quarter and prepandemic levels. Going forward, we think this area is most sensitive to the macro environment.

The bottom line: We will maintain our $306 fair value estimate for the wide-moat company and see shares as modestly overvalued. We think the market is a bit too optimistic about the company’s long-term prospects, given recent strong results.

• During the quarter, Visa took a $903 million provision related to interchange litigation. The total charge for the fiscal year was $2.6 billion. We think charges due to fines and lawsuits are an ever-present risk for the company but also that these issues are in some sense an outcome of its wide moat.
• In the quarter, adjusted operating margins (based on net revenue) declined 40 basis points year over year and were down 60 basis points for the full year. However, we don’t focus on near-term margin results, as investments for growth often drive short-term margins, and the compression was slight.

Read Morningstar’s full report on Visa.

Procter & Gamble

• Number of best fund managers selling the stock: 4
• Morningstar Rating: 3 stars
• Morningstar Style Box: Large Value
• Sector: Consumer Defensive

The first consumer defensive name on the list of stocks the best managers are selling, wide-moat Procter & Gamble, trades in line with our fair value estimate of $148.

Morningstar director Erin Lash had this to say about the business after earnings.

Organic sales edged up 2% in Procter & Gamble’s fiscal first quarter, on the heels of higher prices and a favorable mix, as volumes held flat year over year. Costs related to tariffs and commodities inflated, eating into profits, with the adjusted gross margin contracting 50 basis points to 51.4%.

Why it matters: Even as P&G navigates a challenging landscape, we’re encouraged that it is prioritizing investments in its brands and capabilities rather than chasing short-term volume and market share gains.

• We forecast it to expend 13.0% of sales annually on research, development, and marketing as it strives to innovate across price tiers in the aisles in which it plays, while also investing 4.3% of sales in capital expenditures (both generally in line with historical levels).
• To combat cost pressures, fuel brand spending, and speed up decision-making, we expect P&G to remain stringently focused on extracting inefficiencies (optimizing its supply chain and altering its organizational structure) and rightsizing its portfolio.

The bottom line: Our $147 fair value estimate for wide-moat P&G shouldn’t change much, aside from a modest uptick due to a time-value-of-money benefit, leaving shares in a range we consider fairly valued.

• However, if the stock comes under more pressure on concerns around the global macro and/or competitive environment, we’d recommend this competitively advantaged name.

Coming up: While the outlook for incremental costs stemming from tariffs is now half the level the firm foresaw three months ago ($400 million versus $800 million), the situation remains fluid.

• Beyond the pursuit of cost savings, we expect P&G to continue to surgically raise prices (up 2.0%-2.5% on average across its mix as of September) to thwart any lasting demise in profitability and to ensure value-enhancing investments aren’t stifled.
• However, we don’t think volumes will plummet, given its judicious emphasis to ensure its products align with evolving consumer trends.

Read Morningstar’s full report on Procter & Gamble.

Danaher

• Number of best fund managers selling the stock: 9
• Morningstar Rating: 4 stars
• Morningstar Style Box: Large Value
• Sector: Healthcare

Wide-moat Danaher is one of the most attractive stocks among those our top managers are selling: The stock currently trades 18% below our $270 fair value estimate.

Morningstar senior analyst Julie Utterback had this to say after Danaher issued earnings in October.

Danaher turned in third-quarter results, including 3% core revenue growth and 11% adjusted EPS growth. Also, management maintained its guidance for 2025 at adjusted EPS of $7.70 to $7.80, or low- to mid-single-digit growth, and gave an initial view for 2026, including profit growth acceleration.

Why it matters: Shares rose about 9% in early trading on Oct. 21, as earnings growth returned to the double digits for the first time since the postcovid pandemic reset period started in 2023 and as productivity-related investments promised profit growth acceleration in 2026.

• While planned investments look likely to constrain 2025 profit growth, potential productivity gains from those investments promise an acceleration of annual profit growth in 2026 toward the double digits, which the market loved.
• Specifically, management gave an initial outlook for 2026 that included core revenue growth of 3% to 6% and margin improvement that should lead to high-single-digit earnings growth before any benefits from capital allocation, which could boost adjusted EPS even further next year.

The bottom line: We are keeping our $270 fair value estimate intact on Danaher, and we continue to view shares as moderately undervalued, as management’s near-term profit expectations look roughly in line with our own view.

• We think Danaher shares may rebound more fully toward fair value, as near-term challenges fully dissipate and growth trends return to more normalized levels, including the potential for mid-single-digit revenue and low-double-digit earnings growth on an annualized basis beyond 2025.
• Danaher’s wide moat rating remains intact, too, on its differentiated technology that is typically protected by intangible assets like patents, brands, copyrights, and trademarks. Also, once its products are chosen, Danaher typically layers on substantial switching costs for customers.

Read Morningstar’s full report on Danaher.

Apple

• Number of best fund managers selling the stock: 6
• Morningstar Rating: 2 stars
• Morningstar Style Box: Large Core
• Sector: Technology

Apple is another popular holding among the best managers that some have been scaling back in. We think the stock of this wide-moat company looks 12% overvalued relative to our $240 fair value estimate.

Here’s what Morningstar senior analyst William Kerwin had to say about Apple after earnings.

Apple’s September-quarter results were strong, with revenue rising 8.0% year over year to $102 billion and gross margin expanding 100 basis points year over year to 47.2%. December guidance was even better, with double-digit revenue growth expected, as well as further gross margin expansion.

Why it matters: Exceptional iPhone revenue guidance of double-digit year-over-year growth for the next quarter well exceeded our model, and demonstrates strong uptake of the iPhone 17 family, including the new iPhone Air. We like that Apple is seeing strong growth even against headwinds out of China.

• Services revenue rose a strong 15% year over year, and guidance implies continuing momentum. Apple’s services business looks more secure after an antitrust remedy ruling for Google in September allowed the firm to continue paying Apple to be the default browser on its devices.
• Profitability continues to shine, even as Apple eats up additional tariff costs. We assess tariffs as a roughly 100-basis-point margin headwind to Apple, which makes its guidance to record gross margin in the December quarter all the more impressive.

The bottom line: We raise our fair value estimate for wide-moat Apple to $240 per share, from $210. We’re impressed by growth and profitability despite a slow artificial intelligence feature rollout, tariffs, and China headwinds. Still, we find the market’s valuation challenging.

• iPhone and services drive firmwide growth, and we expect a good year for iPhone revenue after a few years of lower growth. We expect services to continue growing in the low teens, especially with more conviction in the durability of payments from Google.
• We expect gross margins to continue marching upward, as Apple benefits from a higher mix of high-margin services revenue and commands pricing power in premium iPhone models. We also expect in-house chip development to continue enabling lower marginal product costs.

Read Morningstar’s full report on Apple.

Accenture

• Number of best fund managers selling the stock: 4
• Morningstar Rating: 3 stars
• Morningstar Style Box: Large Value
• Sector: Technology

Wide-moat Accenture is the worst-performing year-to-date name on the list of stocks that the best fund managers have been selling. Accenture stock is about fairly valued relative to our $267 fair value estimate.

Morningstar analyst Luke Yang noted this after the company reported earnings earlier this month.

Accenture’s fiscal 2025 revenue growth of 7.0% and adjusted operating margin of 15.6% topped management’s guidance. Fourth-quarter new bookings grew 6% year over year to $21.3 billion, reversing the previous two quarters’ declining trend and lifting the book-to-bill ratio to 1.2.

Why it matters: Accenture’s resilient performance amid a volatile economic environment comes from its deep relationship with the world’s largest enterprises and a robust partnership ecosystem. However, more work is required to retool its gigantic workforce for artificial intelligence-based transformation projects.

• Financial services stands out as the only industry group posting double-digit growth in fiscal 2025, thanks to strong cloud and cybersecurity demand. The US federal segment remains soft, but a new partnership with Palantir should expand Accenture’s opportunity set with federal customers.
• Accenture’s fiscal 2025 year-over-year headcount growth of less than 1% was the smallest in over five years, highlighting its current talent strategy that focuses on workforce upskilling. Management expects to add headcount in fiscal 2026 based on market demand.

The bottom line: We raise our per-share fair value estimate for wide-moat Accenture to $267, from $263, mainly due to the time value of money. We view shares as undervalued, and Accenture’s deep understanding of enterprise IT should expand its footprint as AI adoption increases.

• Accenture’s record of 129 major bookings above $100 million in fiscal 2025 means that clients trust the company as a reliable partner that can fulfill their biggest digital transformation ambitions, which underpin the intangible assets and switching costs Accenture enjoys.

Coming up: Management guides a 2%-5% revenue growth in constant currency for fiscal 2026, of which around 150 basis points are from inorganic channels. In addition, we like management’s focus on adjusted operating margin expansion, targeting between 10 and 30 basis points for fiscal 2026.

Read Morningstar’s full report on Accenture.

MercadoLibre

• Number of best fund managers selling the stock: 5
• Morningstar Rating: 3 stars
• Morningstar Style Box: Large Growth
• Sector: Consumer Cyclical

MercadoLibre rounds out our list of stocks the best managers have been selling. We think the stock of this wide-moat company is worth $2,170, and its shares trade around that.

Morningstar senior analyst Dan Wasiolek published this note after MercadoLibre reported earnings in October.

MercadoLibre’s third-quarter revenue increased 39%, the 27th consecutive quarter of more than 30% growth, and an acceleration from 34% last quarter. Operating margins decreased to 9.8% from 10.5% on logistic and marketing investments.

Why it matters: In our view, MercadoLibre’s powerful platform continues to strengthen, aided by prudent investments and the higher adoption of its financial product offerings, all of which are enhancing the network’s value proposition.

• A June investment to extend the free shipping threshold in Brazil to items starting at R$19 from R$79 is boosting its network edge. Buyers rose 29%, the fastest increase since 2021, while items in the new threshold increased threefold, accelerating the region’s sales growth to 38% from 25% in the previous quarter.
• Total payment volume accelerated to 41% growth versus 39% last quarter, with user growth of 29%, the credit portfolio up 83%, and assets under management up 89%. With single-digit penetration in Latin America, we expect fintech sales to average about 20% growth through 2029.

The bottom line: We don’t plan to change our $2,170 per share fair value estimate for wide-moat MercadoLibre materially. We view the shares as fairly valued and wouldn’t require a significant discount to recommend an investment in this high-quality, competitively advantaged company.

• We remain constructive on MercadoLibre’s opportunity in Latin America, given 85% of the region’s retail spending still occurs at physical stores. We believe the company’s current share of less than 5% in the retail market can expand for the foreseeable future.
• We estimate gross merchandise value, or GMV, growth to average 13% in Brazil (41% of total GMV), 20% in Mexico (23%), 16% in Argentina (15%), and 14% in other countries (21%) during 2025-34.

Read Morningstar’s full report on MercadoLibre.

How Do We Determine Which Stocks the Best Managers Are Selling?

To determine which stocks the top managers are selling, we compared the latest portfolios of these funds with their portfolios three months prior. We then calculated a “sell score” for each stock, which is a weighted average that allows us to make apples-to-apples comparisons of the most-sold stocks. One or two managers making large sales of a stock could lead to the same sell score as many managers selling small amounts of a stock.

Morningstar senior editor Margaret Giles and lead developer Lauren Solberg developed the methodologies and tools required to create this content.