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Hedge funds increase Nasdaq 100 exposure as tech rally hits records
Tech ETF inflows totaled about $22.0 billion in the third quarter, versus $4.6 billion into ETFs focused on the rest of the US equity market.
Hedge funds have increased exposure to US technology stocks as the Nasdaq 100 has returned to record territory, with investors leaning on the idea that the AI-led rally can continue, according to Hedgeweek citing a Bloomberg report. The Nasdaq 100 rose 0.8% on Tuesday to close at a record, after earlier this year the index had fallen more than 10% below its previous peak. Flows into technology-focused US exchange-traded funds have also accelerated, with investors committing around $22.0 billion to tech ETFs in the third quarter, compared with $4.6 billion flowing into ETFs focused on the remainder of the US equity market, Bloomberg Intelligence data showed. Hedge funds also lifted their net-long exposure to Nasdaq 100 futures to its highest level since December, based on the latest Commodity Futures Trading Commission data. Hedgeweek noted the positioning reflects confidence in the earnings outlook for large technology companies, even as investors remain attentive to risks tied to inflation, monetary policy, and geopolitical tensions. Broader fund and positioning signals have turned more supportive of risk assets, with Goldman Sachs Prime Services data showing the strongest net buying of US stocks in five weeks, led by software. US equity funds drew nearly $64.0 billion in weekly inflows through 16 September, while cash funds had their largest outflow in nine weeks, though some strategists questioned whether positioning has moved ahead of the underlying earnings backdrop.
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