Goldman Sachs: Hedge funds reduced positions in seven US tech giants in the first quarter and increased positions in Chinese concept stocks.

Goldman Sachs strategist said that hedge funds reduced their holdings of the "big seven technology giants" in the first quarter, while increasing their positions in Chinese concept stocks. The team led by Ben Snider stated that despite escalating trade tensions at the end of the quarter, hedge funds gradually increased their exposure to Chinese ADRs while reducing their net exposure to most companies in the "big seven technology giants." These strategists wrote in a report on May 20 that the most popular Chinese concept stocks held by American hedge funds include Alibaba, Pinduoduo, Baidu, and JD.com.