Reuters
Global hedge funds in June sold U.S. shares of technology, media and telecommunications (TMT) 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.