Record Percentage of Fund Managers Call U.S. Tech Stocks the ‘Most Crowded’ Trade

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The highest portion of fund managers ever believe U.S. technology stocks are the most crowded trade, as investor sentiment remains cautious amid the pandemic, according to Bank of America Corp.’s latest monthly survey.

A majority of fund managers believe the stock market is overvalued, with a record 74 percent citing tech as the most crowded position, Bank of America investment strategists said in a report Tuesday. The strategists suggested shorting tech stocks “given positioning and stretched performance.”

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