Multiple U.S. hedge funds reduced holdings in the "Tech Magnificent Seven" in Q3
According to Jinse Finance, the latest quarterly disclosure documents show that Wall Street's largest hedge funds shifted their stance on tech giants in the third quarter, reducing their holdings in some of the "Tech Magnificent Seven" stocks, including Nvidia, Amazon, Alphabet, and Meta, while placing new bets in areas such as application software, e-commerce, and payments. During the quarter ending September 30, several funds also cut their positions in well-known companies in the healthcare and energy sectors. The overall market rose in the third quarter, with the S&P 500 index up nearly 8%, and the tech-heavy Nasdaq 100 index gaining about 9% for the season.
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