HEDGE FUNDS CUT TECH AT FASTEST PACE IN A DECADE

Hedge funds trimmed their technology holdings at the fastest pace in at least a decade during the five trading sessions through October 15, according to Goldman Sachs' Prime Services desk. The retreat came as the Nasdaq 100 ($QQQ) sank 5.5% that week, its worst stretch since April 2025, with semiconductors absorbing the biggest dollar losses. Even after the selling spree, funds still hold 23.5% of their global portfolios in tech, the 90th percentile versus the last five years. Net leverage fell to a one-year low of 48.6%. Funds are cutting fast, but they remain far from underweight.