Economics
Megacap Algo Trade Taking Lumps Right After Everyone Piled In
- Declines in Facebook, Apple counter gains in broad market
- Fund exposure in megacap growth hovers near a decade high
Photographer: Brendon Thorne/Bloomberg
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If there was one thing money managers believed heading into Memorial Day, it was that owning America’s algorithmically powered tech superstars was the surest bet for navigating the crisis.
A week later, the strategy is showing signs of wavering.