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

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

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