Tech Stocks Surge as Hedge Funds Bail Out
- As the trio rallied, they missed almost $600 million in profit
- The misfortune may add pressure on manager performance
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The rally in America’s biggest technology companies is making the smart money look dumb.
In a quarter when Apple Inc., Amazon.com Inc. and Alphabet Inc. rose three times as fast as the market, regulatory filings show hedge funds were net sellers of a combined 7.5 million shares. On paper, that’s $600 million of lost upside since March 31, since each stock has kept rising.