Hedge fund clients are selling out of semiconductors and commodity stocks even as technology stocks rise sharply, according to Goldman Sachs Prime Services.
Semiconductors and related materials were the best-selling sector in the US last month and are now the slowest for the year, according to Goldman Sachs Global Banking and Markets. reports.
Vincent Lin, head of Prime Insights and Analytics, says the move reflects a focus on risk management and profit-taking rather than a shift away from the topic of artificial intelligence, which remains a key factor in the capital market.
According to Vincent Lin:
“In the middle of the group’s price rally, hedge funds have been chasing. They have been selling their products. This shows that hedge funds take profits, minus the small chips.”
Despite the recent sell-off, the hedge fund’s exposure to semiconductors since the start of last year remains the middle of any US sector. Lin says more hedging is also underway, with short-term exposure to US indexes and major ETFs rising to 10 years. Inflows among Goldman Sachs Prime Services clients have reached record levels, but overall profits remain flat.
According to Lin,
“It shows the restraint of hedge funds.
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