Selloff in Highly Priced Tech Stocks Is Pressuring Hedge Funds That Piled In

Bloomberg2021-11-23

Exposure to expensive tech stocks increased to two-decade high Rising yields are weighing on richly valued tech shares Losses are picking up in very-high-priced technology stocks that had recently ...

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Bull1973
2021-11-23
Bull1973
Thanks
SSVC
2021-11-23
SSVC
Yup Appreciate your response and comments Thanks
- Bull1973:
  Great!
Ken3888
2021-11-23
Ken3888
K
- MJ2317:
  Ok
- Ken3888:
  K
AndrinaAu
2021-11-23
AndrinaAu
Ok
oypsamuel
2021-11-23
oypsamuel
:)
- PowerTrade:
  like
SeanSak
2021-11-23
SeanSak
Like n comment
- ahjo79:
  👍
- edelyu:
  Ok

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Now as the bond market has started to price in higher odds of rate hikes next year after President Joe Biden picked Jerome Powell for a second term at the head of the Federal Reserve, investors may be reconsidering their appetite.\n“While many of these high-growth, low-profit companies have attractive outlooks, the dependence of their current valuations on long-term future cash flows makes them particularly vulnerable to the risks of rising interest rates or disappointing revenues,” Goldman strategists led by David Kostin, wrote in a Friday note.\nIt could be bad timing or it could be a case of selling begetting selling, considering the growing concentration of these stocks in the portfolios of professional speculators. Notable losses in a few companies that don’t fit the high-priced tech definition but are also hedge-fund favorites -- Visa Inc. and Mastercard Inc., for instance -- could be evidence that positions are being unwound.\nThe pain is not limited to hedge funds. Another devotee of growth stocks, the famed money manager Cathie Wood, saw her flagship ARK Innovation ETF (ARKK) drop more than 4%, extending its monthly slide to 11%. Another fund, ARK Genomic Revolution ETF (ARKG), sank 5% to a one-year low.\n\nHedge funds might have doubled down on super-growth stocks, seeking to catch up with the market amid favorable year-end trends, according to Michael Purves, founder of Tallbacken Capital Advisors. Thanks to the drag from bearish bets and spotty stock picking, the industry has struggled to keep up with the market, with those tracked by Hedge Fund Research Inc. returning 12% this year. That’s less than half the gain of the S&P 500.\nWith their concentrated bets going awry, fund managers could be forced to unwind the positions as the window for the annual book is quickly closing.\n“I’m guessing they figured a big broad equity gain would lift all boats into year end, and that you would get outperormance from higher volatility/higher beta stocks,” said Purves. “If hedge funds were really bulled up, they have to suddenly de-risk that exposure that will exacerbate” the selloff, he added.\nTo Dennis DeBusschere, founder of 22V Research, the retreat coinciding with a selloff in the cryptocurrency market may hurt sentiment of the retail crowd, whose wealth has appreciated significantly amid a rally in some of the riskiest corners of financial markets.\n“A puke in unprofitable Tech will worry some people, especially if it translates into further drawdown of Bitcoin/other crypto,” he said. “Just about all investors I talk to are worried about the consequences of a large move lower in the crypto related” 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