Parent companies see drops in portfolio interest
Have mutual funds soured on Hollywood? Back in October, fund-tracker Morningstar revealed how many U.S. equity portfolios held shares of the parent companies of the major film studios. This month, Morningstar updated that data.Comcast is still the most popular holding, but 36% fewer funds own it. This may be due to profit taking, as the shares have risen about 25% over the past year. Ditto for Disney, whose shares are up about 22%, despite “John Carter.” Even so, 28.5% fewer funds hold the Mouse House’s stock. Time Warner delivered flat first-quarter earnings, and fund ownership is down almost 34%. Viacom’s stock declined, partly on cable ratings woes; about 30% fewer funds hung on. Sony’s shares fell more than 50% over the last 12 months — and lost almost 18% of its domestic mutual fund owners. News Corp. saw a slide in the number of funds owning it due to the phone-hacking scandal. Expect ownership to rise following the planned split between the news and biz units.
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