Investment bank Goldman Sachs announced that net sales of US technology stocks will reach a record level in June, according to Bloomberg.
The bank said, based on its own data, that hedge or risk management funds have been "aggressively" selling technology stocks this month. The most active are companies selling chips and suppliers of equipment for their production. Next in line were companies selling software and operating on the Internet.
Bloomberg points out that the recent decline in hedge fund involvement is in stark contrast to the record inflow of money into tech funds last week. At the same time, it is recalled that the "weight" of the technology segment in the S&P500 index reached 33 percent last week and was the highest in about twenty-four years.
Goldman Sachs points out that hedge funds have not only been selling equity securities in technology companies. In general, they are currently more defensive than usual, and their overall leverage, a measure of risk appetite, is falling. North America and Europe are by far the best-selling regions in June.
"Portfolios have been risk-adjusted almost every week this year, but trade flows in recent sessions have shown some risk mitigation, driven by selling of long positions and, to a lesser extent, covering of short positions," Goldman Sachs said in a report.
