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image: AP photo/ted. s warren

Investors have a new favorite sector as tech is dethroned

March 5, 2018

Via: CNBC

Move over, tech. Wall Street has a new favorite sector, according to fund holdings data compiled by Bank of America Merrill Lynch: consumer discretionary.

The sector overtook tech as the most crowded last month, the data shows. Funds increased their relative weight (compared to the S&P 500) in consumer discretionary slightly in February, while strong selling of semiconductor stocks pushed tech to its lowest relative weight in 15 months, according to the holdings data. The data reported by Bank of America Merrill Lynch were as of Feb. 22 and were compiled using FactSet Ownership Database numbers.

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