Millennials don’t just love Apple for the iPhone. Turns out AAPL is also their favorite stock.
A recent survey of over 734,000 portfolios from US-based investors with an average age of 31 found that Apple and Amazon are the two most popular stocks with young investors by a long shot.
Apex Clearing published its Q4 2019 findings for the top 100 stocks Millenials own and as you’d expect, tech stocks reign supreme. Eight of the top 10 stocks are tech. Tesla, Facebook and Microsoft round out the top five before Berkshire Hathaway shares nab the sixth spot. You could even argue that Disney is a tech company now too.
Here’s the top 10:
We’re not just talking about rich Millenials’ investment practices either. The average account size in the survey was only about $2,300. There is a weird discrepancy in the rankings where Google’s parent company Alphabet is listed twice in the 12th and 13th spots with 2 and 1.8 percentage of the holdings. If you added them together the 3.8% would put the company in the fifth spot.
The rest of the top 20 includes NVIDIA, AT&T&, Visa, Bank of America, Boeing, General Electric, Shopify and Costco. You can see the entire top 100 stocks on Apex’s website.
Millennials’ confidence in Apple has been paying off. Share values have more than doubled since the beginning of 2019. Earlier this week the company shocked Wall Street with record-breaking earnings during the holiday quarter. The stock price is down slightly today but is expected to keep climbing, as long as the coronavirus outbreak in China doesn’t get in the way.