Citi: Long-only investors slow tech buying, while hedge funds increase exposure
Citi strategists observed net selling from long-only managers over the past week, with buying primarily concentrated in consumer discretionary and industrials, while their buying in the technology sector slowed.
The recent sector performance aligns with a shift from reflation trades toward stagflation and Goldilocks scenarios, where tech outperforms, Citi noted. By late May and early June, equity sectors “showed a market with a lack of conviction through a regime investing lens,” strategists said.
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