The tech stock sell-off by global hedge funds continued for the third week running last week with mangers with managers cutting their long wagers in the sector at the highest level seen in 11 weeks, according to a report by Reuters.
The report cites a Goldman Sachs client note as revealing that as well as reducing their long positions, hedge funds also ramped up their tech stock short bet.
The sell-off included all types of shares including communications devices, software companies, semi conductors, tech hardware and storage companies related to the technology industry, making tech stock the most net sold sector in the week to 6 January.
According to the Golman Sachs note, hedge funds also dumped consumer discretionary companies that make products or provide services that consumers typically like to buy but do not necessarily need.
