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To say that hedge fund and mutual fund managers tend to follow the herd is an incredible understatement and always has been. While publicly they sometimes seem reluctant to discuss their holdings, especially stocks they short, the reality is managers tend to talk among themselves as they run in the same circles. Often those discussions are centered around their portfolios and what is in them.

In a recent Jefferies report, superb equity strategist Steven DeSanctis breaks down the top holdings in not only all three market capitalization groups — large cap, mid-cap and small cap — but also into core, growth and value categories.

Large-cap core managers like dividends and names with significant overseas exposure. The category is bigger than the index on a weighted basis, but the median is half the size of the benchmark. Here are the top five holdings of these fund managers.

Apple

This technology giant has been hit recently on concerns that the iPhone X is not the huge home run that was expected. Apple Inc. (NASDAQ: AAPL) designs, manufactures and markets consumer electronics and computers, and it has developed its own proprietary iOS and Mac OS X operating systems and related software platform/ecosystem.

Revenues are principally derived from the iPhone line of smartphones, hardware sales of the Macintosh family of notebook and desktop computers, iPad tablets and iPod portable digital music players. The company also realizes revenue from software, peripherals, digital media and services.

It’s no surprise that this technology giant is in the top slot, as 81.5% of these managers own the stock. One of those managers is the legendary Warren Buffett, who owns a reported, and stunning, 165 million shares.

Apple shareholders are paid a 1.53% dividend. The consensus price target across Wall Street is $193.02. The stock traded early Thursday at $164.05. The 52-week trading range is $141.16 to $183.50.

Microsoft

This top old-school technology stock has posted all-time highs this year and has a massive $138.6 billion sitting on the balance sheet. Microsoft Inc. (NASDAQ: MSFT) continues to find an increasing amount of support from portfolio managers, who have added the software giant to their holdings at an increasingly faster pace all of this year and last.

Numerous Wall Street analysts feel that Microsoft has become a clear number two in the public or hyper-scale cloud infrastructure market with Azure, which is the company’s cloud computing platform offering. Some have flagged Azure as a solid rival to Amazon’s AWS service. Analysts also maintain that Microsoft is discounting Azure for large enterprises, such that Azure may be cheaper than AWS for larger users. The cloud was big in the recent earnings report, which was outstanding.

And 75.8% of the managers own the software giant, which is quickly gaining traction in the cloud and may be one of the safest bets when it comes to owning technology.

Microsoft shareholders currently receive a 1.82% dividend. The posted consensus price objective for the stock is $105.21. The shares traded at $93.55 Thursday morning, in a 52-week trading range is $65.14 to $97.24.

Comcast

This broadcasting-related stock also could have solid upside potential for the rest of 2018. Comcast Corp. (NASDAQ: CMCSA) is the largest U.S. provider of cable services, with over 22 million basic subscribers. It owns NBCU, which includes the NBC TV Networks, Telemundo, MSNBC, USA, Syfy, Bravo, E!, CNBC and several other cable networks, as well as Universal Films and Universal Theme Parks.

Comcast has invested in technology to build an advanced network that delivers among the fastest broadband speeds and brings customers personalized video, communications and home management offerings. Also, with the midterm election cycle starting up soon, this company stands to benefit big time.

A reported 69.6% of the fund managers own shares of Comcast.

Investors in this cable and entertainment giant receive a 2.22% dividend. The consensus price target of $46.95 compares with a recent share price of $34.10 and the 52-week trading range of $32.74 to $44.00.

JPMorgan

This stock trades at a very reasonable 12.1 times estimated 2019 earnings and could respond well in a rising rate scenario. JPMorgan Chase & Co. (NYSE: JPM) is one of the leading global financial services firms, and one of the largest banking institutions in the United States, with about $2.6 trillion in assets.

The company as it is today formed through the merger of retail bank Chase Manhattan and investment bank JPMorgan. The firm now has many operating divisions, including investment and corporate banking, asset management, retail financial services, commercial banking, credit cards and financial transaction services.

First-quarter results were very solid, and 67.8% of the fund managers in the Jefferies survey own shares of the banking colossus.

JPMorgan investors are paid a 2.03% dividend. The Wall Street consensus price target is $122, and shares were last seen trading at $111.00. The 52-week trading range is $81.64 to $119.33.

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Alphabet

The search giant continues to expand and is even working on a driverless car now. Alphabet Inc. (NASDAQ: GOOGL) is a global technology company focused on key areas, such as search, advertising, operating systems and platforms, enterprise and hardware products. It generates revenue primarily by delivering online advertising and by selling apps and contents on Google Play, as well as hardware products. The company provides its products and services in more than 100 languages and in 190 countries, regions and territories.

Alphabet offers performance and brand advertising services. It operates through Google and Other Bets segments. The Google segment includes principal internet products, such as Search, Ads, Commerce, Maps, YouTube, Apps, Cloud, Android, Chrome and Google Play, as well as technical infrastructure and newer efforts, such as virtual reality.

Some 63.4% of the managers said they own the stock, which has rolled over some since the most recently reported earnings.

The shares have changed hands between $885.15 and $1,198.00 in the past year. The stock was trading at $1,024.00 a share, and the consensus price target estimate is $1,275.12.

While these top holdings probably should come as no surprise. They make sense as they are huge, dominate much of their specific business lines, are very liquid and look to continue to maintain their growth trajectory for the foreseeable future.