Momentum shift? US equity managers cut tech as sell-off continues

US equity fund managers have begun cutting their exposure to technology stocks as the highly-rated sector falls out of favour with some investors following a long winning streak.

Home to many of America's most high-profile companies, the US technology sector has been a firm favourite for fund managers in recent years, and the vast majority remain overweight. However, some managers now believe recent falls are the sign of a more significant shift in its fortunes, the sector having risen more than 250% since the lows of March 2009, according to figures from Deutsche Bank. Nick Ford and Hugh Grieves (pictured), managers of the Miton US Opportunities fund, have cut their exposure to technology stocks in the belief valuations became too rich as of the start of this...