NEW YORK - Global hedge funds' exposure to software stocks in the U.S. reached "new multi-year lows" last week after a broader sell-off in the technology sector, Morgan Stanley said in a note.
Morgan Stanley, which tracks hedge funds' flows through clients of its prime brokerage unit, said that overall portfolio managers were net sellers of equities last week in the U.S., Europe and Asia, ex-Japan.Despite some volatility on Thursday, when data showed U.S. consumer prices fell in June for the first time in four years, hedge funds net-sold equities every day in the week ended on June 11.
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