Tech managers shift into blue chips after 'wave of selling'

Technology fund managers have been rotating from smaller companies into mega caps following the sell-off seen across the sector over recent weeks.

Stocks fell in January and March this year as the US bull market’s biggest winners were hit by heavy selling pressure, some shares having climbed to multi-year or all-time highs. The Nasdaq has been particularly volatile this year, suffering its worst one-day fall since 2011 last month after it closed down 3.1%. It has already experienced two slumps so far this year, and in total the index has retreated around 8% from its year-high in the space of a month. Fund managers have been dropping smaller growth names and switching in to mega caps. AXA Framlington Global Technology fund man...