Shares of the Internet search giant are up nearly 17 percent over the last three months, outpacing a broader rally in the S&P 500 index over the same period by six percentage points.

Alphabet’s shares are among a small group of stocks found in the top holdings of both mutual funds and hedge funds, two types of institutions whose investing styles tend to be markedly different, a Goldman Sachs analysis showed. That could leave it exposed to volatile price swings if sentiment suddenly changes.

Bearish investors, however, can point to Amazon.com, which saw its market value fall below $1 trillion after its streak of record profits ended in July. Shares of the company are down nearly seven percent over the last six months, compared with a 10 per cent gain in the S&P 500 overall.