Market Overview

2 Mutual Funds Loving GoPro

2 Mutual Funds Loving GoPro
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If it seems like GoPro Inc (NASDAQ: GPRO) is everywhere these days, that's because it is.

The maker of action-sports cameras was in rally mode for most of last week, as analysts projected solid holiday-season sales growth.

In late October, the company handily beat consensus sales and earnings estimates. The company's line of Hero cameras are poised to fly off the shelves at retailers such as Target, Wal-Mart and Best Buy, as well as digital shelves of online retailers such as

As if that weren't enough, the company's founder and CEO Nick Woodman made his debut on ABC's “Shark Tank” recently, making deals with some of the entrepreneurs who pitched.

Related Link: At $700 Billion, Apple Is A Top Mutual Fund Holding

Since its June initial public offering, GoPro's stock price has risen 229 percent, closing at $77.97 last Friday.

What Mutual Funds Are Doing

Because GoPro has such a short trading history, there's not yet much available information on institutional owners. However, mutual funds known to have purchased shares include the Lord Abbett Developing Growth Fund (MUTF: LAGWX).

This fund specializes in newly public startups.

It had a rough go in 2008, skidding 47 percent, but has rallied back. The bulk of its holdings are in U.S. companies, with smaller representations in Europe, Latin America and Asia. As one might imagine, technology is the most heavily weighted sector, followed by health care, industrials and consumer cyclical.

Another reported GoPro owner is the Oppenheimer Discovery Fund (MUTF: OPOCX).

This fund concentrates on U.S. companies with favorable prospects for growth. Its focus, historically speaking, has been on small caps, but the portfolio contains stocks with larger market capitalizations.

This fund also features technology as its largest sector holding.

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