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 AAPL and Meta Platforms Inc 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

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Additionally, Putnam Investments increased its stake in Exxon Mobil Corp 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 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 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 WMT.