STORY: Asset managers have upped their bets on the “Magnificent 7” tech shares which have juiced up portfolio returns this 12 months, Goldman Sachs stated in a report.
Megacap development and know-how shares accounted for 13% of the combination hedge fund lengthy portfolio, twice their weight firstly of 2023, with firms like Microsoft and Amazon.com remaining well-liked lengthy positions.
“UBS was truly impartial by way of sectors on know-how this 12 months. We solely upgraded know-how a few months in the past to purchase,” stated Bernstein. “We’re sturdy believers that AI goes to be an enormous proponent of development.”
