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The best hedge funds for technology stock picking are betting on China, social media and gaming.
Technology is by far the best-performing S&P 500 sector this year, up 23 percent and raising worries for some that the sector may have gotten ahead of itself. Some hedge funds, however, have outperformed those stellar gains and expect a few high-profile names to rise further.
Hedge funds such as S Squared and Contour scored high in technology stock picking using research firm Symmetric.io's proprietary indicator called StockAlpha. The measure compares the performance of equities found in more than a thousand hedge funds' quarterly filings with that of a sector exchange-traded fund, in this case the technology sector ETF.
Filings for second-quarter holdings released in the last week showed that the hedge funds' top picks included Chinese e-commerce giant Alibaba, Facebook, Microsoft, Activision Blizzard and Liberty Broadband.
Here's the full list of the funds 10 favorite stocks:
Alibaba shares are up 10 percent this quarter. The company is set to report earnings before the open Thursday.
Four major hedge funds disclosed new stakes in the Chinese company in the second quarter, including Dan Loeb's Third Point and David Tepper's Appaloosa Management. The two hedge funds alone bought a combined 8.2 million shares of Alibaba.