LONDON : High-flying tech stocks, the darling of the pandemic, are the top shunned counters in the opening weeks of 2022 as investors see a flurry of rate hikes from central banks as the top risk to markets, investor surveys said on Tuesday.
A BofA survey conducted from Jan 7-13 among investors with a combined assets under management of more than $1.2 trillion showed fund managers had cut their overweight positions to their lowest levels since December 2008. A separate monthly survey conducted by Deutsche Bank pointed out that an overwhelming majority of respondents believed U.S. technology shares are in a bubble territory as investors remained more bearish on hawkish policy moves and higher yields.
"Higher-than-expected inflation continued to be the predominant driver of those bearish fears, but its counterpart, a more aggressive Fed, drew much more concern from respondents this month," Deutsche Bank strategists said in a monthly note. In response to likely more central bank rate hikes this year, investors have ramped up their positions in equities, particularly in Europe, cyclical banks, commodities and industrials - sectors perceived to benefit from higher rates.
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