Hedge funds executed largest tech equity selloff since 2016 and largest equity exposure reduction since November 2022, driven by macro product unwinding.
Macro & Markets ·
Hedge funds dumped global information technology equities at their fastest pace in the 3-day period ending July 28th since tracking began in 2016, while simultaneously cutting total equity exposure at levels not seen since November 2022. The pullback, concentrated in North America with secondary activity in Europe, stemmed chiefly from unwinding in macro products including index futures and ETFs. Single-stock sales marked the fifth-highest volume for any 3-day stretch over the past 5 years, with selling pressure extending across all sector groups.