Key Takeaways
- With Nvidia rallying 35% this year and hitting a $4.4 trillion market cap, top-rated managers are divided on buying versus selling the stock.
- Among our 15 top-rated stock pickers who hold Nvidia, seven recently added to their positions, including Polen Growth Fund and Neuberger Berman Multi-Cap Opportunities Fund.
- Seven others have recently sold the stock, including GQG Partners US Select Quality Equity Fund and Brown Advisory Sustainable Growth Fund.
Is Nvidia NVDA a buy or a sell? Some of Morningstar’s most highly rated fund managers are split over the question. Some funds—including the $10.4 billion Principal Blue Chip Fund PGBHX and the $250 million Neuberger Berman Multi-Cap Opportunities Fund NMUEX—have piled in further in their most recently reported portfolios, while others, such as the Brown Advisory Sustainable Growth Fund BAFWX, have sold. One of the managers recently bought the stock after sitting out most of its massive artificial-intelligence-driven rally, while another thought that rally had reached “a fever pitch” and decided to sell.
The semiconductor giant has risen 35% so far this year, bringing it to a colossal $4.4 trillion market cap—the highest in the world. The company has been one of the biggest beneficiaries of the wave of investment in AI data centers. With an eye-popping cumulative gain of 1,290% over the past five years through Dec. 9, Nvidia has grown so large that it makes up 7% of the benchmark Morningstar US Large-Mid Cap Index. The stock’s exclusion or underweighting in a portfolio can be a significant factor in funds’ returns.
To find out what some of our best-rated fund managers have been doing about Nvidia, we took a closer look at the latest moves in their portfolios. We screened using these criteria to find the funds that Morningstar considers the best stock pickers:
- US-domiciled, actively managed US stock funds in the large-cap blend and large-cap growth categories.
- Funds that earn a Morningstar Medalist Rating of Bronze or higher that is 100% determined by Morningstar analysts, not quantitatively assigned.
- Funds with 50 or fewer holdings, excluding funds of funds.
We then compared these funds’ latest portfolios with their holdings three months prior to their latest portfolio reports to determine how they’ve updated their positions in Nvidia. Data is based on the most recently disclosed portfolios. Disclosure dates among the funds vary, and the data will not capture any changes after those dates. (Disclosure dates can be found in the tables below.)
Seven of the funds that hold Nvidia have recently added to their stakes, while seven others have pared down. The $3.1 billion GQG Partners US Select Quality Equity Fund recently sold its entire Nvidia stake.
7 Top-Ranked Funds That Are Buying Nvidia Stock in 2025
- Neuberger Berman Multi-Cap Opportunities
- Polen Growth Institutional POLIX
- Principal Blue Chip PGBHX
- Principal Focused Blue Chip ETF BCHP
- JPMorgan US Equity JUEMX
- Jensen Quality Growth JENYX
- BNY Mellon Appreciation DGYGX
7 Top-Ranked Funds That Are Selling Nvidia Stock in 2025
- GQG Partners US Select Quality Equity GQERX
- Brown Advisory Sustainable Growth
- Parnassus Core Equity PRILX
- T. Rowe Price Growth Stock PRUFX
- T. Rowe Price Large Cap Growth TRLGX
- PGIM Jennison Focused Growth PSGQX
- Mairs & Power Growth MPGFX
Which Top Stock Pickers Are Buying Nvidia?
Of the 15 highly rated stock pickers that own Nvidia, seven have reported buying the stock in the three months prior to their latest filings. Two opened new positions in the stock: the Neuberger Bergman Multi-Cap Opportunity Fund and the $4.7 billion Polen Growth Fund, which has a 4.1% allocation to Nvidia.
The Polen fund jumped on the Nvidia bandwagon after determining that its earlier underweighting to the stock had been a key detractor. The fund has performed near the bottom of the large-cap growth category in 2025, landing it in the 98th percentile. “The current boom in AI chips and related hardware will likely continue for the foreseeable future, giving us greater conviction over the trajectory of future earnings for both Nvidia and Broadcom,” wrote co-managers Dan Davidowitz and Damon Ficklin in their September commentary.
Both the Polen fund and Neuberger Berman fund placed relatively small initial bets on Nvidia during our screening period. The Neuberger Berman fund’s latest portfolio showed a 2.9% weighting in the stock, significantly below the 7.0% weighting in the Morningstar US Large-Mid Cap Index. Polen’s reported 4.1% weighting is more than 9 points below the 13.3% weighting of the Morningstar US Large-Mid Cap Broad Growth Index.
The fund within our screen that increased its stake in Nvidia the most on a percentage basis was the $10.4 billion Principal Blue Chip, which increased its Nvidia holdings by 152% over this period. The fund’s weighting in Nvidia rose from 2.6% to 7.9%—still significantly shy of the large-cap growth category’s benchmark.
Which Top Stock Pickers Are Selling Nvidia?
Seven of the top fund managers in the screen pared down their Nvidia holdings over the screening period, with GQG Partners US Select Quality Equity Fund axing its stake entirely. Of the funds that still hold Nvidia, the most dramatic reduction came from the Brown Advisory Sustainable Growth Fund, which cut its holdings by 22.3%.
The second-largest sell came from the $27.4 billion Parnassus Core Equity Fund, which cut its stake by 18.5%. “We continue to be very optimistic about AI investment, but we do realize that the narrative has gotten to a fevered pitch,” explained Parnassus Investments chief investment officer and portfolio manager Todd Ahlsten in the fund’s third-quarter portfolio update. “So, in the last quarter, we have somewhat reduced our exposure to AI semiconductors. We remain, as [portfolio manager Andrew Choi] said, quite invested there.”
This cautiously bullish stance was echoed by other funds that trimmed their Nvidia exposure. The $51.3 billion T. Rowe Price Growth Stock Fund cut its share count for the stock by 6.4% over the screening period. It still has the highest weighting of any of the managers in our screen, at 14.9%. The fund is one of only three in our screen to take an overweight position in Nvidia relative to its index.
“We trimmed our position in Nvidia in order to manage our position size amid the stock’s strong run of outperformance,” wrote the T. Rowe Price fund’s management in its September quarterly review. “We remain constructive on the chipmaker and believe its dominant position in state-of-the-art graphics processing units (GPUs), combined with its embedded software, has created an expanding moat behind which it should be able to continue to innovate and grow earnings.”
The optimism isn’t shared by GQG Partners US Select Quality Equity Fund, which has zeroed out its position in the chip maker—the only one of the funds in our screen to do so. “A lot of people are pricing this as a secular growth story, when, realistically, Nvidia is a cyclical business,” says portfolio manager Brian Kersmanc. He thinks the demand for chips isn’t going to continue indefinitely, and that it may have already been met.
In fact, Kersmanc believes the market may have already been saturated. To this end, he says, GQG has reached out to many of Nvidia’s third-party distributors to see how many chips they could get at short notice, and at what price. He found that chips whose sticker price was $40,000 were being offered for $20,000-$25,000, with one distributor offering them for as low as $17,000. This means demand for Nvidia’s chips may not be as robust as is widely thought, as some distributors are selling the chips at half price.
