Large-cap growth fund managers are underweight tech by the most on record
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Managers of large-cap growth funds mostly eschewed the tech sector, according to Jefferies' analysis of Q2 13-F filings.
Managers are underweight Info Tech (NYSEARCA:XLK) at -9.1%, the largest on record. They are also overweight Materials (XLB) by 0.7%, the most ever.
They brought down the overweight in Communication Services (XLC) t0 3.9% from 5.3%. The Consumer Discretionary (XLY) overweight moved up to 0.8% from 0.4%.
In cyclicals, the Energy (XLE) rose to 1% from 0.4%, Financials (XLF) moved to 3.3% from 2.5% and Industrials (XLI) dropped to -1% from -0.9%.
In defensives, Consumer Staples (XLP) moved to a -1.8% underweight from -1.7%, Healthcare (XLV) overweight rose to 3.1% from 2.5%, Real Estate (XLRE) and Utilities (XLU) held steady at -1% and 0.1% respectively.
Only 24.7% of large-cap growth managers are beating the Russell 1000 Growth (NYSEARCA:IWF), with the average fund behind by 2.2%.
The top 10 holdings are dominated by FAANG:

Microsoft (MSFT), held by 93.2% of funds
Amazon (AMZN), 92%
Nvidia (NVDA), 84.5%
Meta Platforms (META), 76.9%
Apple (AAPL), 76.3%
Visa (V), 73.7%
Alphabet (GOOG), 70.2%
Alphabet (GOOGL), 70%
Adobe (ADBE), 68.8%
Mastercard (MA), 67.2%

See Citi's latest North American Focus List.