B[Goldman Sachs: Hedge funds are reducing their holdings of technology stocks at the fastest rate in at least a decade] On October 20, data from Goldman Sachs’ prime brokerage business unit showed that hedge funds were reducing their holdings of technology stocks at the fastest rate in at least a decade.截至10月15日的五个交易日，对冲基金削减科技股仓位的幅度创高盛2016年开始统计以来最大。与此同时，高盛全球银行与市场部门的一份报告显示，总交易活动下降速度创近三个月来最快。 Hedge funds sold off amid a global rout in technology stocks. . As AI-themed trading ebbs globally, the Nasdaq 100 fell 5.5% last week, its biggest drop since April 2025. Technology stocks were the worst-performing sector in the MSCI World Index over the five trading days covered by Goldman Sachs data. Goldman Sachs data shows that global equity net selling flows have reached two standard deviations of flows over the past year. The information technology sector's net sales were far ahead, with the information technology sector's net sales being the most prominent, and the semiconductor sector's sales being the largest. However, hedge funds still hold large positions in technology stocks. According to the report, the technology sector accounts for 23.5% of global Prime holdings, and net allocation to the sector is still at the 90th percentile over the past five years. But hedge funds have become more cautious. Net leverage, a measure of the extent to which long positions outnumber short positions, fell to a one-year low of 48.6%. B[As the yen surges, Japanese retail investors buck the trend and increase their short positions, with net short positions reaching 3.6 trillion yen] On September 9, Japanese retail investors are betting that the surge in the yen will not be sustainable. Even though the yen has risen to its highest level in months, they continue to increase their short positions. Bloomberg compiled data from the Japan Financial Futures Association and the Tokyo Financial Exchange. Japanese individual investors held an estimated net short position in the yen last week of 3.61 trillion yen ($23.5 billion), higher than in August. Bearish positions on the yen once reached 4.41 trillion yen in July, the highest level since 2015.
Japanese retail investors have always preferred to operate against the trend, selling when the yen is strong and buying when it is weak. That's in stark contrast to foreign investors, who have unwinded yen-financed carry trades as the yen surged. Hedge funds have also established positions for further appreciation of the yen, and some funds are even betting that the dollar against the yen will fall below 150 before the end of the year. The Japanese yen has appreciated about 4% against the US dollar this month, once exceeding the 153 mark. Market expectations that the Bank of Japan will further tighten monetary policy, coupled with speculation that Japan's domestic pension funds may adjust their asset allocation, have driven demand for the yen. The yen triggered large stop-loss orders after breaking through several key price levels, further accelerating the rally.
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