Analysts continue to sort, sift and break down the latest round of quarterly filings from some of the market’s most prominent investors that were due last week.

On Thursday, Goldman Sachs weighed with a note looking at the 50 stocks that they say “matter most” to hedge funds.

These are the stocks that fundamentally driven hedge funds have big positions. Specifically, Goldman’s criteria are the stocks that appear most frequently among the top 10 holdings of those funds.

Also read: ‘Smart money’ cools on Alibaba, other themes from hedge-fund portfolios.

Why is it worth looking at? Goldman says its’s an efficient vehicle for investors who want to “follow the smart money” based on the 13F filings that investors with $100 million or more under management have to file with the Securities and Exchange Commission. Big investors must tell the SEC their long stock positions as of the end of each quarter, with filings due 45 days after the end of the period.

Of course, caveats apply when it comes to tracking the holdings of heavyweight investors.

Goldman says the most widely held stocks have outperformed the S&P 500 SPX, -1.11% on a quarterly basis two-thirds of the times since 2001. The basket, however, has lagged behind the benchmark index by 9 basis points year-to-date through May 15—returning 3.8% versus the S&P’s 3.9%—after outperforming the index 16.3% to 13.7% in 2014.

Pharmaceutical Actavis PLC ACT, -0.89% , which in March completed a buyout of Allergan, tops the list, followed by Apple Inc. AAPL, -3.17% , FacebookInc. FB, -0.89% . Those names are followed by Valeant Pharmaceuticals International Inc US:VRX, the pharmaceutical whose high-profile bid—backed by hedge-fund manager William Ackman—for Allergan was trumped by Actavis.

Here’s the full breakdown: