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MUTUAL FUNDS MOSTLY AVOIDED BIG BANKS IN FIRST-QUARTER

Mutual funds were overweight only Wells Fargo WFC.N among the eight largest U.S. financial firms in the first quarter, potentially because fund managers were focused on high-flying tech stocks, according to a note from Evercore ISI on Wednesday.

The same mutual funds were overweight three out of the largest eight U.S. financial firms in the previous quarter, the Evercore ISI analysts write.

It's hard to blame fund managers for favoring tech and the AI trade over banks and other financials. The S&P 500 tech index .SPLCRT is up 17% in 2026, while the financial sector index SPSY has tumbled 6% in the same period.

Top holdings among mutual funds during the March quarter were concentrated in exchanges, regional banks and alternative asset managers, including increases in Huntington Bancshares HBAN.O and Intercontinental Exchange ICE.N.

(Noel Randewich)

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