According to the latest quarterly filings, Wall Street's largest hedge funds shifted their stance on tech giants in the third quarter, reducing their holdings in some of the "Big Seven" stocks, including Nvidia, Amazon, Alphabet, and Meta, while placing new bets in areas such as application software, e-commerce, and payments.
In the quarter ending September 30, several funds also reduced their holdings in well-known companies in the healthcare and energy sectors. The market as a whole rose in the third quarter, with the S&P 500 index rising nearly 8% and the Nasdaq 100 index, which has a high weighting in tech stocks, rising approximately 9% in the quarter.