(Bloomberg) A favorite strategy of hedge funds that splits technology stocks into hardware and software makers has been sputtering for months. It finally blew up. The smart money piled into software shares such as Microsoft and Atlassian while cutting stakes in the likes of AMD and Intel for almost two years. The split created a dichotomy in exposure not seen since at least 2010, according to primary brokerage data from Morgan Stanley.
Fresh Blow to Hedge Funds as Software Darlings Start to Crumble
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