Hedge Funds Shift Out Of Tech And Into Financials Stocks: BAML
Hedge funds are tilting towards Financials and reducing exposure in Technology, according to BAML's analysis. This does not mean that technology has been removed from the top holdings, the conclusion is only comparative.
Exposure in the Energy sector was increased to some degree as well, while Healthcare stocks took a slice. The most sold stocks in the tech sector were Apple Inc. (NASDAQ:AAPL), Intel Corporation (NASDAQ:INTC), Hewlett-Packard Company (NYSE:HPQ), Citrix Systems, Inc. (NASDAQ:CTXS), and VMware, Inc. (NYSE:VMW). Overall holdings in the tech stocks were cut by 3.2 percent. The most favored stocks among financials were, American International Group, Inc. (NYSE:AIG), Capital One Financial Corp. (NYSE:COF), Citigroup Inc. (NYSE:C), Wells Fargo & Company (NYSE:WFC), and Nationstar Mortgage Holdings Inc (NYSE:NSM). Overall exposure in financials was increased by 3.3 percent.
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