Fund Manager Survey: Investors are fleeing tech stocks

Traders on the New York Stock Exchange

The rotation from growth to value stocks is in full swing on the stock exchanges.

(Photo: AP)

Frankfurt The euphoria surrounding technology stocks is fading noticeably. That’s according to Bank of America’s (BofA) monthly survey of international fund managers. Over the past four weeks, the 329 portfolio managers surveyed, who collectively manage $1.05 trillion, have significantly reduced their holdings in technology stocks.

Only one percent of investors have tech stocks overweight in their portfolios. The last time the overweight was so low was in the middle of the great financial crisis in December 2008.

A month ago, 21 percent of portfolio managers at fund companies, insurers, pension funds, companies and hedge funds held more money in tech stocks than the benchmark indices for their respective companies. In the terminology of the survey, net means that there are one percent more investors who are overweight in tech stocks than those who are not.

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