Hedge funds are hating on tech stocks

Hedge funds are hating on tech stocks

The momentum-chasing hedgies are hating on tech stocks, according to new data from Goldman Sachs analysts on a fresh round of 13F filings.

"The latest filings show hedge funds positioning for a different equity market environment than the one that has characterized most of the last several years. Funds continued to rotate away from growth stocks and are now more tilted to value than they have been since 2011. At the sector level, hedge funds slashed positions in tech in favor of energy and financials," said Goldman Sachs strategist Ben Snider.

Goldman analyzed 788 hedge funds with $2.6 trillion of gross equity positions.