Apple, Meta, Exxon Stakes Hiked By Putnam Investments In Q1 While AI-Focused Chipmaker Holdings Trimmed

Putnam Investments, with $169 billion in assets under management as of April, tweaked its technology portfolio in the first quarter and increased its holdings in a major energy company. 

What Happened: According to its 13F filings with the SEC, Putnam Investments raised its stakes in Apple Inc (NASDAQ:AAPL) and Meta Platforms Inc (NASDAQ:META) during the quarter. Meta shares have nearly doubled this year, while Apple stock has gained over 39%, according to Benzinga Pro.

Also Read: Everything You Need To Know About Apple Stock

Additionally, Putnam Investments increased its stake in Exxon Mobil Corp (NYSE:XOM) in the first quarter, purchasing over 2.39 million shares. This move coincided with Exxon reporting record first-quarter earnings of $11.4 billion. However, Exxon’s stock has underperformed this year, with a year-to-date loss of 1.45%.

On the other hand, Putnam Investments reduced its holdings of Microsoft Corp (NASDAQ:MSFT) by selling over 1.12 million shares. Microsoft shares have experienced significant gains this year, up over 34% year-to-date.

During the quarter, Putnam also trimmed its stake in chipmaker NVIDIA Corporation (NASDAQ:NVDA) by selling over 172,000 shares. Despite the strong rally in chip stocks in 2023, with NVIDIA gaining over 117% year-to-date on the back of an AI-computing wave, Putnam chose to reduce its position. The investment firm also decreased its stake in retail giant Walmart Inc (NYSE:WMT).

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