Hedge funds cut tech exposure at near-record pace as Nasdaq drops 6.4%

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Investing.com -- Hedge funds ran for the exits last week, and then the market bounced anyway. Tech was by far the most heavily net-sold sector, both globally and in the US, at a pace that roughly matched the record in Goldman Sachs prime brokerage data going back to 2016. Still guessing which stocks will beat the market? Our AI portfolio updates monthly and is outperforming the S&P 500 by 118%. See this month's list » The great de-grossing: hedge funds dump tech Tech was by far the most heavily net-sold sector, both globally and in the US. The pace roughly matched the record in Goldman Sachs prime brokerage data going back to 2016. Hedge funds also sold US industrials at the fastest pace since April 2020, and the data runs through Nov 6.