Facebook's stock plummet in May wasn't enough to push away fund managers, according to a new report.
The Wall Street Journal said yesterday that it commissioned Morningstar to compile information on purchases made by U.S.-based mutual funds and exchange-traded funds in May. Among the findings was the revelation that "at least" 160 of those funds bought Facebook shares in May.
According to the Journal, some of the funds that acquired Facebook shares on the month were so enamored with the social network that they disregarded their focus and went after a risky bet. In one instance, a fund for companies that dole out dividends or come in at a low price and offer value invested in Facebook. The social network started trading at $38, pushing it far beyond the low-price range. The company also has no plans to issue dividends.
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