Institutional investors are doubling down on tech stocks:
37% of global fund managers are now overweight technology stocks, up from 30% in September, and the highest reading since August 2020, according to a BofA survey of 161 participants overseeing $453 billion in assets.
Technology also has the largest overweight positioning of all sectors.
Pharmaceuticals and Industrials follow, with 23% and 22% overweight, respectively.
On the other hand, 34% of institutional investors are underweight Consumer Discretionary, the sector's most bearish positioning since the 2008 Financial Crisis.
Consumer Staples has the 2nd-most bearish positioning, with 32% of managers underweight.
Institutional investors are doubling down on tech and turning against consumer stocks.