Hedge funds trim exposure to megacap tech stocks, banks say

NEW YORK - Global hedge funds reduced their exposure to mega cap tech stocks in recent days, ahead of the companies' third-quarter earnings, two Wall Street banks said.

"We’d note that hedge funds have trimmed a bit of megacap tech risk recently. We’ve seen some long selling and short additions among the group," JPMorgan Chase's positioning intelligence unit wrote in a note, taking into account how its clients rotated portfolios. Goldman Sachs said megacaps account for almost 20% of its hedge funds' clients total U.S. single stock net exposure, versus around 8% in January. " is still near record highs, as managers have been selling other stocks at a much more rapid pace," Vincent Lin, Goldman's co-head of prime insights.

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