Hedge funds are selling growth-focused tech stocks at the fastest rate in a decade due to rising bond yields, according to a report by CNBC.
In the four sessions between 30 December and 4 January, hedge funds sold off tech stocks as interest rates spiked in what was the the biggest sale in dollar terms in more than 10 years.
Goldman Sachs says that hedge fund sales of technology stocks were driven almost entirely by long sales, as opposed to mostly short sales in the final two months of 2021, with sales driven by software and semiconductor stocks.
