Industrials, financials and a solidly-performing AI pick and shovel made up a handful of companies that mutual funds and hedge funds have been in lockstep agreement on in early 2026.

That’s according to Goldman Sachs strategists, who analyzed $9 trillion in equity positions for the start of the first quarter and found that mutual and hedge funds were both overweight on these companies: Boeing, Citigroup, Mastercard and Visa and Vertiv Holdings.

Of those stocks, putting money in Vertiv has proved the savviest, with shares of the AI infrastructure stock surging 50% so far this year, followed by a 6.8% gain for Boeing, as investors have rotated toward industrials and punished sectors like software. Elsewhere Mastercard and Visa shares are down more than 7% each, with Citigroup off modestly. Credit card companies took a hit at the start of the year after President Donald Trump urged for a cap on credit card fees.

The data also found both mutual funds and hedge funds are plowing money into stocks, with cash levels for the former at a record low of 1.1% of assets, and hedge funds carrying gross leverage near record highs, said a team led by Goldman’s chief U.S. equity strategist Ben Snider.

And while mutual and hedge funds are in agreement on most sectors, with healthcare and industrials among the most overweight for both, there are areas of contention. Within financials, mutual funds are overweight, but hedge funds are underweight, while the opposite was true for consumer discretionary.

The State Street Financial Sector ETF has dropped 4% this year, and the consumer discretionary ETF has eased 2%.

Mutual funds and hedge funds appeared savvy when it comes to the selloff seen by software stocks this year as investors have punished companies potentially facing AI disruption. Both cut their exposure to the sector ahead of the meltdown, with hedge funds having rotating away from software for several quarters, said Goldman. That said, hedge funds remain net long software, making up 7% of portfolios.

Snider and the team said 57% of large-cap mutual funds were outperforming their benchmarks year to date, and if that continues, will match 2022 as the strongest year for mutual fund performance since 2007.

Hedge funds, meanwhile, have returned 1.5% year to date, after seeing sharp volatility in long and short positions.