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Hedge funds pivot to banking and healthcare from tech stocks

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Stock-picking hedge funds have switched their attention from technology stocks – the mainstay of much of this year’s returns – to other sectors including banking and healthcare, according to a report by Reuters.

The report cites new research from Goldman Sachs’ prime brokerage unit as showing that none of the so-called Magnificent Seven tech titans that have come to dominate the S&P 500 index, feature in the top ten stocks currently most favoured by hedge funds.

The top picks identified by Goldman are mostly in financial and medical-related sectors including Mastercard, and Visa, as well as US healthcare groups United Health, Kenvue, and Humana.

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