). This stock, once a 6.91% component of his portfolio, sustained an average quarterly trading price of $66.97.Contrary to Burry, hedge funds bought up prominent technology giants during the quarter, aiming to capitalize on the sector's surging rally and the widespread AI buzz.
According to Bloomberg, institutional investors boosted their holdings in Meta Platforms by 5.7 million shares during the quarter, amounting to a significant market value of $6.7 billion -- by far the most acquired stock by hedge funds during the period. Additionally, in a move contrary to Michael Burry's, institutional investors reinforced their positions in Microsoft and Apple, adding fuel to the rally that overtook the market by storm in the reported period.
In terms of sectors, technology held the most substantial weighting in institutional investors' portfolios, standing at a hefty 28%, closely followed by healthcare at 16%. Notably, investments in the energy sector experienced the most significant decline across all industries, displaying that hedge fund managers did not anticipate the rise in oil prices that followed.
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