Hedge Funds Remain Very Bullish on Tech, Morgan Stanley Says
(Bloomberg) -- A survey of Morgan Stanley prime brokerage clients shows that U.S. equity long-short gross leverage on a weighted average basis is back to post-crisis highs and at the highest levels since technology, media and telecommunications growth stocks tanked in March 2014.
Net exposures remain higher than the beginning of the year at 51 percent. The technology sector is still 37 percent of that total. Data shows that there has been some aggregate selling of technology stocks since the middle of March, but the magnitude has been relatively in line with other sectors.
Away from hedge funds, total technology exposure by exchange-traded funds is about 31 percent, the highest since September 2014, and the over-weighting of technology increased recently.
To contact the reporter on this story: Gregory Calderone in New York at gcalderone7@bloomberg.net.
To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net, Eric J. Weiner, Joanna Ossinger
©2018 Bloomberg L.P.
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