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Overall, investors cut their tech exposure by 1.4%, according to the data provided by Bloomberg. Microsoft (NASDAQ:MSFT), PayPal (NASDAQ:PYPL), and Shopify (NYSE:SHOP) were the three biggest “victims.”
Elsewhere, fund managers were selling a lot of Consumer Discretionary stocks, including Nike (NYSE:NKE), Starbucks (NASDAQ:SBUX), and Home Depot (NYSE:HD). For instance, Polen Capital Management sold 12.3 million shares of Starbucks in Q1.
In the Communications sector, investors were selling Meta Platforms (NASDAQ:FB) with Edgewood Management offloading 8.4 million shares of the social media giant.
These sales paved the way for investors to generate more cash that was invested in companies like Exxon Mobil (NYSE:XOM), Schlumberger (NYSE:SLB), and Baker Hughes (NASDAQ:BKR). Occidental Petroleum (NYSE:OXY) has already made headlines after Warren Buffett bought a lot of stock.
When it comes to individual hedge funds, Soros Fund Management was selling shares of General Motors (NYSE:GM) and Uber (NYSE:UBER), but it didn’t sell a single share of Rivian (NASDAQ:RIVN).
This is not the case with Tiger Global, which excited its position in Rivian. Tiger also cut its Amazon (NASDAQ:AMZN) position by 58%, Peloton (NASDAQ:PTON) by 88%, and Uber by 93%.
On the other hand, Tiger was buying shares of Sea Ltd. (NYSE:SE), CrowdStrike (NASDAQ:CRWD), and Block (NYSE:SQ).
By Senad Karaahmetovic
