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Hedge Funds Are Ditching Big Tech Names As Sector Gets Slammed

(CNBC) Hedge funds bailed on tech stocks just in time, getting out of the battered sector and into a more defensive stance just as the market started its fourth-quarter slide. Managers rotated out of both information technology and its new related sector, communication services, as the fourth quarter began in October, according to a Goldman Sachs analysis. The funds in Goldman’s coverage universe slightly lowered their infotech underweight and made communication services, which features such industry luminaries as Facebook, Netflix and Alphabet, its biggest underweight.

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