Meta, Netflix move up list of crowded trades, even as funds dump tech: At the Open
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The latest list of crowded and uncrowded trades has plenty of Big Tech representation, but hedge funds are bailing out of tech positions at the fastest pace in a decade.
"Essentially, we sum up all of the holdings in dollar value across all of the active managers and calculate the weights of stocks in this active trading portfolio," UBS' global team of analysts writes in their analysis of most-crowded and least-crowded trades.

"We then compare this weight with the relevant equity index benchmark to form the active weight."
Meta Platforms (NASDAQ:FB), which recently entered the list of most crowded U.S. stocks, moves up to fourth-most-crowded. Netflix (NASDAQ:NFLX) moves up to No. 5 from No. 10.
The list of least crowded trades remains relatively the same as last reported, although the active weights of Apple (NASDAQ:AAPL) and Tesla (NASDAQ:TSLA) fell further.
Microsoft (NASDAQ:MSFT) and Nvidia (NASDAQ:NVDA) are also in the top 5 of least crowded. But at the same time, hedge funds are rapidly selling high-valuation software and semiconductor stocks at a very fast pace, continuing a trend that started in December.
Sales have reached the highest level in dollar terms in more than 10 years, Bloomberg reports, citing data from Goldman Sachs.

Most crowded U.S. large caps:


Visa (NYSE:V), active weight 0.24%
UnitedHealth (NYSE:UNH), 0.2%
Charles Schwab (NYSE:SCHW), 0.16%
Thermo Fisher (NYSE:TMO), 0.14%
Meta Platforms (FB), 0.13%
Netflix (NFLX), 0.11%
American Express (NYSE:AXP), 0.11%
Mastercard (NYSE:MA), 0.09%
Danaher (NYSE:DHR), 0.09%
Charter Communications (NASDAQ:CHTR), 0.09%


Least crowded U.S. large caps:

Apple (AAPL), active weight -2.23%
Tesla (TSLA), -0.92%
Amazon (NASDAQ:AMZN), -0.55%
Microsoft (MSFT), -0.37%
Nvidia (NVDA), -0.33%
Berkshire Hathaway (NYSE:BRK.B), -0.28%
Exxon Mobil (NYSE:XOM), -0.28%
Procter & Gamble (NYSE:PG), -0.24%
Johnson & Johnson (NYSE:JNJ), -0.21%
Walmart (NYSE:WMT), -0.18%


Bespoke Investment Group notes that the decile of Russell 1000 (NYSEARCA:IWB) stocks with the highest price-to-sales ratios is already down 7.8% for 2022.
Cathie Wood's Innovation ETF (NYSEARCA:ARKK) is off 9% so far this year.
See Goldman Sachs' list of stocks with the biggest analyst disparity.