Mutual funds this year have had near-record-low exposure to Facebook, Amazon, Apple, Microsoft, and Alphabet's Google compared to 2020, a factor that has resulted in higher returns so far in 2021.  In general, mutual funds were underweight FAAMG by 555 basis points at the beginning of the second quarter of 2021  — five basis points lower than last quarter's all-time-low, according to a May 21 portfolio research strategy report by Goldman Sachs.
Mutual funds have near-record-low exposure to elite FAAMG stocks — and that's actually helping their performance this year (FB, AMZN, AAPL, MSFT, GS)