Data: Hedge funds sell off global tech stocks at highest level since 2016 within three days
Odaily reported that The Kobeissi Letter posted on X that during the three days ending on July 28, hedge funds sold the largest amount of global information technology stocks since data became available in 2016. At the same time, hedge funds recorded the largest three-day total equity exposure reduction since November 2022, with selling pressure spreading across all sectors. This round of closing positions was mainly driven by short covering in macro products such as index futures and ETFs. In addition, single stocks saw the fifth-largest three-day selling volume in the past five years. Regionally, North America accounted for the majority of the selling volume, followed by Europe. Hedge funds are significantly reducing their equity exposure.
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