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Hedge Funds Dump Tech Stocks at Fastest Pace Since 2016, Bank Shows
By Carolina Mandl NEW YORK, July 1 - Global hedge funds in June sold U.S. shares of technology, media and telecommunications companies at the fastest pace since 2016, mainly driven by semiconductor stocks, Goldman Sachs said in note. The sales could indicate that portfolio managers have become more bearish on tech stocks, after the sector's powerful rally in the first half of the year, although the note does not provide any reason behind the trend. The bank, which compiles its clients' positioning for the data, said semiconductor and software were the top two most sold sectors in June, while hedge funds increased their allocation to tech hardware and electronic equipment. Tech stocks led the S&P 500 index's strong performance in the first half of the year, with artificial intelligence chipmaker Nvidia up 150% and generating 30% of the index's 15% return. Overall, Goldman Sachs said hedge funds net sold global equities for a third straight month, almost entirely dri
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