The highly awaited latest round of 13F filings reports are out showing that
the high-profile hedge funds have been on a buying spree in the previous
quarter. The F13 disclosures indicated increased institutional investors
exposure in the first quarter of 2023 to solid and oversold major tech
companies, discretionaries, and semiconductors.
For those not familiar with the 13F fillings, the Securities and Exchange
Commission requires that hedge funds submit a report of their holdings of
publicly traded securities and other investments each quarter, including
stocks, exchange-traded funds (ETFs), options, American Depository Receipts
(ADRs), and convertible notes.
Some of the prominent acquisitions in the last quarter are Alphabet (
+3x Long Alphabet
and
-3x Short Alphabet),
Advanced Micro Devices (
+3x Long AMD
and
-1x Short AMD
), Amazon (
+3x Long Amazon
and
-3x Short Amazon
), Berkshire Hathaway
(+2x
Long Berkshire), Bank of America, Citigroup
(+2x
Long Citigroup), JD.com (
+3x Long JD.Com
and
-1x Short JD.Com
), Alibaba Group Holdings (
+3x Long Alibaba
and
-3x Sort Alibaba
), Zoom Video, and NVIDIA (
+3x Long NVIDA
and
-3x Short NVIDIA
).
Source: Tradingview
The Nasdaq 100 continues to be the outperforming U.S. index by quite some
margin in 2023, having gained 26% for the year to date. Overall U.S. equity
markets have been trading sideways over the past month with the exception
of the tech index which extended its rally higher.
Much of the outperformance of the Nasdaq has been driven by
better-than-expected earnings from major U.S. technology stocks such as
Apple, Microsoft, and Alphabet, while banking stocks which took a hit were
weighing on its U.S. index peers.
According to Bank of America, investors have been loading up on mega-cap
tech stocks. Tech is the most crowded trade on Wall Street as stock market
bearishness rises amid debt ceiling concerns and deteriorating economic
data, followed by shorting banks and shorting the U.S. dollar.
After a poor 2022 the mega-cap technology stocks regained its lustre while
sentiment about the outlook for the broader markets has been bearish. This
suggests that the fallen stars of 2022 have regained their safe haven
status.
The rally of the NASDAQ 100 index is still in progress with the current
price action approaching its key resistance of 13,508. This level is
extremely important as a break or a failure to break it could provide clues
if the primary down trend would reverse course and continue to trade higher
or prove the current run is a bear market rally within the overall down
trend.
Active tr4aders looking for magnified exposure to the tech index may
consider our
+3x Long US Tech 100
and
-3x Short US Tech 100
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