Hedge funds trimmed Magnificent 7 and Nvidia exposure in Q2 and Q3: JPM
) and the broader"Magnificent 7" group of tech stocks during the second and third quarters of 2024, according to a recent analysis by JPMorgan.
JPMorgan's analysts highlighted a cautious approach by hedge funds and active equity mutual funds toward U.S. tech stocks, particularly Nvidia."A lower Nvidia exposure may have been a factor behind Equity Long/Short hedge funds' positive performance in July despite the significant Nvidia stock price correction during that month," said JPMorgan.
The lower exposure to Nvidia is said to have proved beneficial for Equity Long/Short hedge funds in July, helping them achieve positive returns even as Nvidia's stock faced downward pressure. The popularity of single-stock Nvidia ETFs, which often provide leveraged exposure, is also said to underscore this retail optimism.
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