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.