Business

Large-cap growth fund managers are underweight tech by the most on record

Abstract Technology Background, Big Data Digital Line Wave Business Concept

watchara_tongnoi/iStock via Getty Images

Large-cap growth fund managers have largely avoided the technology sector, according to Jefferies’ analysis of Q2-13 F filings.

Managers are underweight Info Tech (NYSEARCA:XLK) at -9.1%, the largest on record. They are also overweight materials (XLB) by 0.7%, the strongest ever.

They reduced the overweight in Communication Services (XLC) to 3.9% from 5.3%. The overweight in consumer discretionary (XLY) increased to 0.8% from 0.4%.

Within cyclicals, energy (XLE) rose from 0.4% to 1%, financials (XLF) moved from 2.5% to 3.3% and industrials (XLI) fell from -0.9% to -1% .

On the defensive side, consumer staples (XLP) moved from -1.7% to an underweight of -1.8%, the overweight in health care (XLV) increased to 3.1% from 2.5%, real estate (XLRE) and Utilities (XLU) held steady at -1% and 0.1% and -1% respectively

Only 24.7% of large-cap growth managers beat the Russell 1000 Growth (NYSEARCA:IMF), with the average fund lagging by 2.2%.

The top 10 holdings are dominated by FAANG:

  1. Microsoft (MSFT), owned by 93.2% of the funds
  2. Amazon (AMZN), 92%
  3. Nvidia (NVDA), 84.5%
  4. Metaplatforms (META), 76.9%
  5. Apple (AAPL), 76.3%
  6. Visa (V), 73.7%
  7. Alphabet (GOOG), 70.2%
  8. Alphabet (GOOGL), 70%
  9. Adobe (ADBE), 68.8%
  10. Mastercard (MA), 67.2%

See Citi’s latest North American focus list.

https://seekingalpha.com/news/3852161-large-cap-growth-fund-managers-are-underweight-tech-by-the-most-on-record?utm_source=feed_news_all&utm_medium=referral Large-cap growth fund managers are underweight tech by the most on record

Russell Falcon

Pechip.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@pechip.com. The content will be deleted within 24 hours.

Related Articles

Back to top button