Trump has begun another trade war. Here's a timeline of how we got here
Canada's leader laments lost friendship with US in town that sheltered stranded Americans after 9/11
Chinese EV giant BYD's fourth-quarter profit leaps 73%
You're an American in another land? Prepare to talk about the why and how of Trump 2.0
Chalk talk: Star power, top teams and No. 5 seeds headline the women's March Madness Sweet 16
Purdue returns to Sweet 16 with 76-62 win over McNeese in March Madness
By Carolina Mandl
NEW YORK (Reuters) - Global hedge funds in June sold U.S. shares of technology, media and telecommunications (TMT) companies at the fastest pace since 2016, mainly driven by semiconductor stocks, Goldman Sachs said in note.
The sales could indicate that portfolio managers have become more bearish on tech stocks, after the sector's powerful rally in the first half of the year, although the note does not provide any reason behind the trend.
The bank, which compiles its clients' positioning for the data, said semiconductor and software were the top two most sold sectors in June, while hedge funds increased their allocation to tech hardware and electronic equipment.
Tech stocks led the S&P 500 index's strong performance in the first half of the year, with artificial intelligence chipmaker Nvidia up 150% and generating 30% of the index's 15% return.
Overall, Goldman Sachs said hedge funds net sold global equities for a third straight month, almost entirely driven by short sellers who borrowed shares to sell on bets that the price will decline, enabling them to buy them back for less.
"This month's notional net selling was the largest since June 2022," the bank said in the note.
(Reporting by Carolina Mandl in New York; Editing by Richard Chang)
