BofA analysts, led by Vivek Arya, observed that Nvidia (NVDA) and other popular chip stocks are often underrepresented in funds compared to their weightings in the S&P 500 (SPX).

For instance, Nvidia was owned by 68.4% of active managers, but its weighting was “relatively low” at 0.99x in June, despite confidence in the company’s long-term outlook, Arya noted. This is a decline from a 1.08x relative weighting the previous year.

See also: Nvidia faces an ever-higher bar. How Morgan Stanley suggests playing its stock.

Additionally, while Broadcom appears to have a higher relative weighting at 1.68x, this figure drops to 0.58x when excluding the company’s largest shareholder, according to Arya.

It’s also important to note some of the underperformers from the BofA data: ON Semiconductor Corp. (ON), Analog Devices Inc. (ADI), and Intel Corp. (INTC).