By Carolina Mandl
NEW YORK (Reuters) – Global hedge funds this week bought U.S. information technology stocks such as semiconductors and hardware at the fastest level in five months as the start of third-quarter earnings season, Goldman Sachs said on Friday.
Outside the US, mixed reports from chipmaker Taiwan Semiconductor Manufacturing and chip equipment supplier ASML Holding (AS:) have sent stocks moving in opposite directions, as investors wait for semiconductor companies such as Advanced Micro Devices (NASDAQ:) and Nvidia (NASDAQ:) to step up their game. announce income. while they are looking for a trend.
Goldman Sachs’ prime brokerage unit, which provides services to hedge funds and tracks their positioning, said portfolio managers made net purchases of U.S. information technology stocks for the third week in a row. Hedge funds covered both short positions (the expectation is that shares will fall) and long positions.
The bank said the only hedge fund sold in the information technology subsector was software.
Overall, information technology accounts for 16.1% of hedge funds’ U.S. exposure, up from the roughly 22% reached earlier this year.
On the other hand, hedge funds sold off stocks in U.S. consumer sectors from food to beverages and restaurants for the fifth week in a row, the bank said.
