Avoiding chips has burned fund managers since January as the group rallied 38%.Īnd now, the outsize bet on software firms has stopped working, with some erstwhile high-flyers mired in declines exceeding 20%. The split created a dichotomy in exposure not seen since at least 2010, according to primary brokerage data from Morgan Stanley. The smart money piled into software shares such as Microsoft and Atlassian while cutting stakes in the likes of AMD and Intel for almost two years. A favourite strategy of hedge funds that splits technology stocks into hardware and software makers has been sputtering for months.
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