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.
By Senad Karaahmetovic