Global Equity
Magnificent 7: Positioning Update
June 23rd 2026
- Global funds are approaching record Magnificent 7 weights, yet remain -6.7% underweight on average — a Value/Growth split driving the 29% who are overweight. Microsoft and Alphabet lead on ownership, but Apple is the key underweight and Tesla lags the pack.
- At the stock level, the stories diverge sharply: Alphabet at peak ownership with positive momentum, NVIDIA broadening its investor base, Amazon slowing, Meta seeing active closures and a growing underweight, Microsoft potentially past its peak.
- Apple hits record high fund ownership, yet 82% of funds remain below benchmark. Tesla remains the poor relation: 21% ownership, little momentum, and just 7% of funds positioned overweight.
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