Stock-market investors face changes in sector classifications this month, with shifts expected in areas such as information technology and financials, according to Wall Street analysts.
“On March 17, equity sector classifications will evolve as a result of Global Industry Classification Standard changes,” Wells Fargo Investment Institute said in a March 6 note. “As a reminder, this is the third significant reorganization of the past decade.” Meanwhile, long-only funds will “shift to an underweight in information technology” while hedge funds will “deepen their underweight,” the strategists said.
Read: ‘Slim majority’ of actively managed U.S. large-cap equity mutual funds fail to beat S&P 500 in 2022
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