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Hedge funds keep bets mixed on US tech as 13F filings show selectivity
Among the Magnificent Seven, about 44% of investors reduced holdings in Q2, while 48% were net buyers of semiconductor stocks.
Hedge funds and other institutional investors took a cautious, selective approach to several US technology trades during the second quarter, according to Reuters, based on analysis of quarterly 13F filings.
The review covered portfolios as of June 30 for 6,371 pension funds, hedge funds, wealth managers and other institutions, and found little sign of a clear consensus on megacap technology, AI infrastructure, or software stocks.
Among the Magnificent Seven, including Microsoft and Meta Platforms, nearly 44% of investors cut their holdings during the quarter, compared with 42% that increased or initiated positions, a narrow split that suggested interest in the theme but more selectivity about adding new exposure.
The filings showed stronger institutional support for semiconductor names, with 48% of investors in the analysis net buyers versus 34.5% net sellers. Software was more divided, with about 28.2% of institutions net sellers versus 26.3% net buyers, while AI-related stocks saw 36% of institutions emerging as net buyers of names including CoreWeave, Arista Networks and Broadcom, though the buying appeared tempered by concerns that the AI trade had become crowded.